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BLACKROCK, INC.

(BLK)
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BlackRock outlines investment push into private markets

06/10/2021 | 02:10pm EDT
FILE PHOTO: Larry Fink, Chief Executive Officer of BlackRock, takes part in the Yahoo Finance All Markets Summit in New York

NEW YORK (Reuters) - BlackRock Inc, the world's largest asset manager, is pushing more aggressively into private market investments, the firm detailed at an investor presentation on Thursday.

Since interest rates were slashed to near-zero across the globe at the start of the coronavirus pandemic, investors have sought out other sources of yield. BlackRock, in its investor day presentation on Thursday, said alternative investments - including private equity, real estate, hedge funds and venture capital - can offer a market-beating edge. Private market investments recorded 18% revenue growth for the company last year, twice the rate of the broader industry.

BlackRock, which manages $279 billion in alternative assets, said its portfolio advisory business is moving away from the traditional model of a 60% equity, 40% fixed income breakdown in portfolios in favour of a 50% public equity, 30% bonds and 20% private markets split.

The firm also outlined the opportunities for growth it sees in China. A spokesperson for BlackRock said this has picked up momentum since the firm in May received a license in China for a majority-owned wealth management venture, the country's fast-growing asset management market.

BlackRock's chief executive Larry Fink told investors on Thursday that he has no plans to leave the firm anytime soon, but is confident that when he does it will be "in good hands." CNBC among other media outlets reported last year that top donors to then-candidate Joe Biden's campaign were floating Fink's name for possible roles in the administration.

Fink founded BlackRock in 1988 along with seven partners, according to the firm's website.

(Reporting by Kate Duguid; Editing by Chizu Nomiyama and David Gregorio)

By Kate Duguid


ę Reuters 2021
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Financials (USD)
Sales 2021 18 848 M - -
Net income 2021 5 750 M - -
Net cash 2021 3 596 M - -
P/E ratio 2021 23,2x
Yield 2021 1,88%
Capitalization 132 B 132 B -
EV / Sales 2021 6,83x
EV / Sales 2022 6,18x
Nbr of Employees 16 700
Free-Float 87,6%
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Mean consensus BUY
Number of Analysts 16
Last Close Price 867,34 $
Average target price 927,13 $
Spread / Average Target 6,89%
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Managers and Directors
Laurence Douglas Fink Chairman & Chief Executive Officer
Robert Steven Kapito President & Non-Independent Director
Gary S. Shedlin Chief Financial Officer & Senior Managing Director
Derek N. Stein Global Head-Business Operations & Technology
Robert L. Goldstein Chief Operating Officer & Senior Managing Director
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