It’s not Elon Musk or Jeff Bezos, nor the investor oracle Warren Buffet – “the king of Wall Street” is a completely different guy.
His name is Larry Fink , turns 70 years old next year and is probably unknown to most people except in financial circles and among top politicians.
But it is he and no one else who according to a new book that will be released in a few days is “the king of Wall Street”.
Fink is the CEO, founder and chairman of the world’s largest asset manager Blackrock, who according to Financial Times During the third quarter of the year, the milestone exceeded $ 10 trillion, SEK 10,000 billion, in assets under management.
An abstract and unimaginably large sum, impossible to seize for ordinary mortals.
FT explains that it is about as much money as the entire total hedge fund, private the equity and venture capital industries in the world manage together. If it now helps to increase the understanding of the extremely high sum.
Soros judges the relationship with China
Blackrock, which Larry Fink started with a carefully selected team, manages pensions and capital globally and Larry Fink is described without hesitation as the most powerful player in the financial world.
It should be said that with the increased influence and power also comes increased demands for scrutiny and criticism.
For example, George Soros , a widely known heavyweight in the investor context, has called Blackrock’s approaches to the Chinese Communist regime for a “tragic mistake”, as Dagens PS previously told .
It also appears in an excerpt from Larry Fink’s new book, “Trillions”, reproduced by the Finacial Times – a book by Robin Wigglesworth , the newspaper’s global financial correspondent, is the author of.
Not considered as wise as his big brother
Larry Fink grew up in Los Angeles. His father ran a shoe store, his mother was a professor, and Larry was not considered as academically smart as his older brother. Therefore, he had to harrow in Dad’s shoe store while the older brother let it go.
That assumption that he was not as intelligent as his big brother, has later come to fruition. shame
Eventually Larry Fink trained in real estate economics, which it turned out he had a talent for.
But it was still an MBA (Master of Business Administration) at the School of Business at the University of California, Los Angeles that allowed him to later build up his huge financial empire.
During the journey that led to him now being called “the king of Wall Street”, he has of course gone on a rampage, including cod around 100 million dollars once, but rose again from the crises, including it the bubble and the financial crisis of 2008-2009 which became fuel rather than an accident for his capital business.
He is described as “a phenomenal businessman” but he has also regretted his past a bit cocky appearance, cut by friendliness apsband on the way to some former colleagues.
“Do not be fucking assholes” FT tells from the book about when Blackrock would be listed on the stock exchange, an IPO by the banking giant Merrill Lynch – which was later acquired by the Bank of America – was in charge of advising Advisor. furious, tells the newspaper and refers to the section from the book:
“What the hell are you doing?” he shouted at Fink. “Just do the IPO. If you do your job well over the next four to five years, it will be a distant memory. Just do the fucking IPO now. Do not be a fucking asshole. ”
Larry Fink, along with two other companions, are the only ones left of eight original founders of Blackrock and according to the book that depicts the American life of the financial profile as a businessman, many insiders in the US financial circles are asking themselves the question of what will happen to Blackrock on the day Fink leaves the asset manager’s.
“When he leaves it will be like when Alex Ferguson left Manchester United “, says a reviewer in the book” Trillions: How a Band of Wall StreetRenegades Invented the Index Fund and Changed Finance Forever “, Which will be published by the publisher Penguin Random House on October 12, that is, on Tuesday next week, says the Financial Times.
Larry Fink thus carries the epithet” the king of Wall Street ”, but on Forbes magazine’s real-time list of the world’s richest people, he has several thousand names in front of him. Check this out!
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