Early Life and Education
Laurence Douglas Fink was born on November 2, 1952, into a Jewish family in Van Nuys, California. His parents were Lila, an English professor, and Frederick, a shoe store owner. Fink earned a BA in political science from UCLA in 1974 and later pursued an MBA in real estate at the UCLA Anderson School of Management, graduating in 1976.
Career Beginnings
Fink commenced his career in 1976 at First Boston, a New York-based investment bank, where he specialized in mortgage-backed securities trading. He quickly rose through the ranks, eventually managing the firm’s bond department and spearheading initiatives such as the Financial Futures and Options Department. However, his tenure at First Boston faced a setback in 1986 when his department incurred losses of $100 million due to an incorrect interest rate prediction.
Founding BlackRock
In 1988, Fink co-founded BlackRock under the umbrella of The Blackstone Group. Despite facing challenges, including a significant loss in his previous role, Fink’s vision for a company that combined investment management with comprehensive risk management propelled BlackRock’s success. The company split from Blackstone in 1994, with Fink assuming the role of director and CEO. Under his leadership, BlackRock went public in 1999, marking a significant milestone in its growth trajectory.
Expansion and Challenges
Throughout the 2000s, Fink navigated BlackRock through periods of expansion and challenges. Notable milestones during this time included the merger with Merrill Lynch Investment Managers in 2006, which doubled BlackRock’s asset management portfolio. However, challenges such as the default of the Stuyvesant Town–Peter Cooper Village housing complex deal in Manhattan led to losses for BlackRock clients.
Influence and Recognition
Fink’s influence extended beyond the financial sector, with his involvement in negotiating the resignation of the CEO of the New York Stock Exchange, Richard Grasso, in 2003. He also played a pivotal role in aiding the U.S. government’s recovery efforts after the 2008 financial crisis. Fink’s leadership garnered recognition, including the ABANA Achievement Award in 2016 and a place on the Forbes list of The World’s Most Powerful People in 2018.
Community Involvement and Advocacy
Beyond his corporate responsibilities, Fink is actively involved in various philanthropic endeavors and serves on the boards of several organizations, including New York University and the Robin Hood Foundation. He has been vocal about corporate responsibility, advocating for corporations to address environmental, social, and political issues. Fink’s calls for action have been met with both praise and criticism, particularly regarding BlackRock’s investments in certain industries.
Personal Life and Public Perception
Fink is married to Lori Weider, his high-school sweetheart, and they have three children. He is a supporter of the Democratic Party and owns properties in New York, Colorado, and North Salem, New York. Despite his philanthropic efforts and advocacy for corporate responsibility, Fink has faced scrutiny, particularly regarding BlackRock’s investments in industries such as defense. However, he remains committed to advocating for positive societal change, including addressing climate change.
