The ten trillion dollar man: how Larry Fink became king of Wall St

On April 16 2009, Rob Kapito went to the newly constructed Yankee Stadium, the place the delight of New York was taking on the Cleveland Indians. The monetary system was in a shambles, after the US mortgage catastrophe had rocked the worldwide financial system, and loads of Wall Streeters have been decided for distractions. Nevertheless the balding former bond vendor was not there to look at a recreation of baseball.

Kapito was on a secret mission that will not solely rework the fortunes of his employer, the funding group BlackRock, nonetheless change the face of the financial enterprise. Bob Diamond, the chief govt of Barclays, was watching the game from his firm subject on the stadium, and Kapito wished an urgent, discreet chat alongside along with his earlier buddy. So he scalped a ticket and made his method to the Bronx.

Barclays had taken a plunge by acquiring the US parts of Lehman Brothers when the funding monetary establishment imploded in 2008, nonetheless the deal quickly grew to grow to be a deadweight dragging the British monetary establishment down as properly. By early 2009, Barclays was scrambling to spice up money and avoid a UK authorities bailout. That meant it was open to selling the family silver, along with its pioneering asset administration arm Barclays Worldwide Patrons. It was even eager to put it up for sale off piecemeal.

In early April, Barclays accepted a $4.2bn offer from CVC, a London-based private equity company, for BGI’s shortly rising exchange-traded fund (ETF) unit, iShares. Crucially, the settlement included a 45-day “go-shop” provision, which permitted Barclays to talk to completely different people who could also be excited by topping CVC’s provide. This gave BlackRock a niche — nonetheless one it wanted to grab quickly.

The Yankees misplaced to Cleveland that evening time, nonetheless Kapito missed the entire recreation. He rushed as a lot as Barclays’ firm subject, knocked on the door and requested Diamond to come back again out for a chat. Diamond agreed, and the two went for a stroll. “Do it’s essential to play checkers, or do it’s essential to play chess?” BlackRock’s president requested Diamond, and launched his proposal.

Three business executives – BlackRock’s Susan Wagner, Larry Fink and Robert Kapito – sitting at table outside in the sunshine in New York
Fink (centre) with Susan Wagner and Robert Kapito in 2009. Every have been members of the group of executives picked by Fink and Ralph Schlosstein in 1998 to help them create the model new funding company that grew to grow to be BlackRock © Mark Peterson/Redux/eyevine

As a substitute of selling iShares to CVC, Barclays ought to advertise all of BGI to BlackRock, talked about Kapito, in return for an unlimited slug of money and stock throughout the blended agency. That method, Barclays would get the capital it wished to avoid a bailout and nonetheless benefit from an curiosity in its money administration arm by a substantial block of possession in BlackRock, which is likely to be reworked into an unlimited of the investing world.

“That’s a very intriguing thought,” Diamond replied. In actuality, he had already obtained board approval to find the sale of the entire enterprise, and thought BlackRock was a pure purchaser. He agreed to convey Barclays’ chairman, John Varley, to go to Kapito and BlackRock’s chief govt, Larry Fink, the next day. Two months later, the deal — worth $13.5bn on the time — was sealed and announced to the world.

No matter some early strife, it has proved phenomenally worthwhile. BlackRock has develop to be crucial asset supervisor on the planet, investing money for everyone from pensioners to wealthy oligarchs and sovereign wealth funds. Within the current day, it’s doubtless one of many largest shareholders in practically every principal agency in America — and pretty plenty of internationally as properly. It’s additionally considered one of many largest lenders to firms and governments all around the world. And its know-how platform Aladdin provides vital wiring for swaths of the worldwide funding enterprise.

The cover of the FT Weekend Magazine shows the number 10 trillion written out in full
This operate appears throughout the October 9/10 model of the FT Weekend Journal

By the tip of June this yr, BlackRock was managing a whopping $9.5tn in assets, a amount which may be barely comprehensible to a variety of the 35 million Americans whose retirement funds have been managed by the company in 2020. Assuming its present tempo of progress has continued, BlackRock could reveal in its third-quarter outcomes on October 13 that the amount has crossed the $10tn mark. By the tip of the yr, it’s vulnerable to have vaulted over that diploma.

To put this in context, it’s roughly equal to the entire world hedge fund, private equity and enterprise capital industries blended, and has catapulted Fink, now 68, from being a extraordinarily regarded finance enterprise chieftain into the rarefied ranks of firm executives referred to by their first title.

Within the current day “Larry” is the undisputed king of Wall Street. Having primarily based a small bond funding residence merely three a few years prior to now, he has managed to assemble it into an unlimited financial empire, the likes of which have in no way been seen sooner than. Nonetheless, with power has come mounting scrutiny. BlackRock has develop to be a lightning rod for criticism for every the political left and correct.

Bar chart showing the rise of BlackRock vs the Hedge fund industry and Private equity and venture capital

Even some fellow Wall Street tycoons quietly categorical disquiet over its gargantuan measurement. BlackRock has simply recently courted controversy in China, with George Soros accusing the company of making a “tragic mistake” by pouring merchants’ money into the nation similtaneously President Xi Jinping’s Communist social gathering takes ever-firmer administration of the monetary system.

Points over BlackRock’s heft are solely going to increase throughout the coming years. That’s the story of how Fink grew to grow to be basically probably the most extremely efficient particular person in world finance, a consigliere to presidents and prime ministers and with clout in just about every principal firm boardroom on this planet.

Titan of finance was hardly written in Fink’s stars. He was born on November 2 1952, and grew up in Van Nuys, a nondescript neighbourhood in Los Angeles’ San Fernando Valley. His father owned a shoe retailer whereas his mother was an English professor at California State School’s Northridge campus. Larry didn’t do as properly academically as his older brother so he needed to help out at his father’s retailer — a chore his further gifted sibling was exempted from.

Fink drifted proper right into a political idea diploma at UCLA. Aside from some elementary economics he did no enterprise analysis until his senior yr, when on a whim he signed up for some graduate classes in precise property and obtained hooked. Nevertheless the property-developer dream pale after an MBA at UCLA’s enterprise school. Like many sensible youthful males of the time with out a company considered what they wished to do moreover earn cash, Fink strutted off to Wall Street, long-haired and sporting a turquoise bracelet given to him by his high-school sweetheart and future partner Lori.

He had plenty of gives from prime funding banks, nonetheless to his chagrin flubbed the last word interview with Goldman Sachs. “I was devastated, nonetheless it ended up being the blessing of blessings,” Fink tells me. As a substitute, he went to First Boston, one different pedigreed company, the place he started working in 1976. He was positioned in its bond-trading division, and, given his precise property data, was primarily shopping for and promoting mortgage-backed bonds. He proved a unusual experience, and by 1978 was working the division. There he constructed a close-knit, hardworking and ferociously loyal unit spherical him.

A number of his workforce have been Jewish, principal some on the company to dub Fink’s desk “Little Israel”. Throughout the Nineteen Seventies and Nineteen Eighties, Italians and Jews have been nonetheless usually held at arm’s measurement at Waspier Wall Street firms like First Boston. He remembers his supervisor telling him to hire a “wop” — a racial slur referring to a person of Italian heritage — to work on the desk when all people else was off for the Jewish holidays.

This turned out to be a working-class Wharton graduate from Monticello named Robert Kapito. Nevertheless when Rosh Hashana arrived, it emerged that Kapito was as Jewish as the rest of the desk. Whatever the horrible, casual xenophobia of the interval, Fink beloved it at First Boston, which was at its core scrappy and meritocratic. The reality was that no one cared who you may have been, as long as you made money. And Fink made money.

Although he was further cerebral than many bond retailers, Fink’s ego grew in tandem alongside along with his success, and his cockiness grated with some colleagues. “I was a jerk,” he as quickly as admitted to Crain’s, the enterprise paper. Nonetheless, Wall Street loves success better than modesty. Fink grew to grow to be the youngest managing director in First Boston’s historic previous. At merely 31, he was made the youngest member of its administration committee. The sky appeared the prohibit.

Nevertheless then the sky obtained right here crashing down. “My workforce and I felt like rock stars. Administration beloved us. I was on observe to develop to be CEO of the company,” Fink later recalled in a speech. “After which . . . properly, I screwed up. And it was unhealthy.”

In 1986, Fink’s desk unexpectedly lost about $100m when charges of curiosity unexpectedly fell and the hedges his workforce had put in place to protect themselves in opposition to such a state of affairs fizzled. Whatever the money Fink had made at First Boston throughout the earlier decade, he went from CEO-in-waiting to outcast, until he in the end cease in early 1988.

Nonetheless, the teachings of that humiliation proved invaluable. Some years earlier, Fink had develop to be cellphone buddies with Ralph Schlosstein, an funding banker at Shearson Lehman Hutton. Every have been early risers, and would normally identify each other spherical 6.30am to talk about financial markets sooner than the morning hubbub started. One evening in March 1987 they occurred to be booked on the equivalent flight from Washington to New York, so that they’d dinner collectively. It proved pivotal.

Every have been Democrats — Schlosstein had been a Treasury official throughout the Carter administration sooner than heading to Wall Street — nonetheless principally they talked about dissatisfaction with their jobs and a hunger to start one factor new. They started sketching out plans for an organization that will model financial securities, combination them proper right into a portfolio, and better analyse the entire risks they contained.

A variety of days after he formally resigned from First Boston, Fink invited a select group to his residence to debate the model new enterprise. From First Boston obtained right here Kapito, Fink’s right-hand man on the mortgage shopping for and promoting desk; Barbara Novick, the formidable head of portfolio merchandise; Ben Golub, a maths wizard who had designed numerous the monetary establishment’s risk- administration devices; and Keith Anderson, one amongst First Boston’s prime bond analysts. From Shearson Lehman, Schlosstein launched Susan Wagner and, later, Hugh Frater, two of its smartest mortgage bond specialists. Collectively, they resolved to start a model new bond funding company constructed on modern know-how and sounder hazard administration.

They nonetheless wished money to launch, so Fink dug out his Rolodex. He obtained in touch with Steve Schwarzman and Pete Peterson, two former Lehman bankers whose company, Blackstone, was on its method to turning right into a rising star of the private equity enterprise. Blackstone agreed to take care of the model new enterprise in its workplaces and bankroll it with a $5m mortgage, in return for a 50 per cent stake. Given Blackstone’s rising mannequin, Fink and Schlosstein decided to hitch their journey to it, naming their new agency Blackstone Financial Administration (BFM).

Up and working, they made their first hire, Charlie Hallac, one amongst Golub’s former colleagues at First Boston, and set about trying to win purchasers, every for a model new mounted earnings fund and the supporting know-how service that Golub and Hallac have been developing. This was envisaged as a cutting-edge reply that will help people avoid the debacle that had befallen Fink at First Boston. It was dubbed the “Asset, Obligation, Debt and Spinoff Funding Neighborhood,” or Aladdin. The first mannequin was coded on a $20,000 Photo voltaic workstation wedged between their office fridge and occasional machine.

BFM cherished a strong start, due to its gold-plated connections. Inside its first six years, the company managed about $23bn, and the eight founding companions had been joined by about 150 employees. The bond market was on a roll, and pension plans have been attracted by the pedigree of Fink and his workforce.

However the company was heading in path of a dramatic rupture with Blackstone. Fink had enticed many new hires by offering slices of equity — one factor that steadily diluted Blackstone’s possession and angered Schwarzman. Irritated, Fink in the end resolved that BFM and Blackstone wished a divorce.

All BFM’s funds had tickers — a code that identifies funding autos in regulatory filings and data suppliers — that started with the letter B. Nevertheless an settlement with Blackstone stipulated that the model new title couldn’t embrace the phrases “black” or “stone”. Bedrock was thought-about, nonetheless made too many people consider The Flintstones. Nonetheless, the founders beloved the title “BlackRock”. They appealed to Schwarzman and Peterson, declaring that Morgan Stanley’s Thirties lower up from JPMorgan burnished every firms. Peterson and Schwarzman have been tickled by the considered BlackRock as an homage to Blackstone, and blessed the model new title.

In 1994, Blackstone lastly purchased its stake in BlackRock for $240m to PNC Monetary establishment in Pittsburgh, which folded all its private money administration operations into BlackRock and in the end listed it on the stock market. A protracted-mooted preliminary public offering lastly arrived on October 1 1999, by which interval BlackRock’s belongings beneath administration had vaulted to a hefty $165bn.

Nevertheless the IPO bombed. The itemizing organized by Merrill Lynch valued BlackRock at just under $900m — quite a bit lower than anticipated. Fink was tempted to scrap all the factor, nonetheless Merrill’s chief govt David Komansky known as and didn’t mince his phrases. “What the fuck are you doing?” he yelled at Fink. “Merely do the IPO. In case you do your job properly over the next 4 to five years, will most likely be a distant memory. Merely do the fucking IPO now. Don’t be a fucking asshole.”

As quickly because the dotcom stock market bubble burst, BlackRock’s bond-oriented enterprise shone brighter, attracting merchants looking for stability and fat, common prices. That meant it might now use its private shares as foreign exchange with which to buy rivals, rising by acquisitions pretty than by merely banging on the doorways of purchasers or starting new teams from scratch. The historic previous of the funding enterprise is riddled with acquisitions gone awry, nonetheless BlackRock used its itemizing to rework itself from a slender bond funding residence into the world’s largest money supervisor.

The first deal obtained right here within the summertime of 2004, when BlackRock bought State Street Research, a money supervisor owned by insurer MetLife, for $375m. Nevertheless the primary really transformational deal arrived plenty of years later.

In 2006, the well-connected Fink learnt that Merrill Lynch’s new CEO Stan O’Neal was open to the considered selling the funding monetary establishment’s sprawling money-management arm. Intrigued, he organized breakfast at 3 Guys, a restaurant on the Larger East Aspect. Inside quarter-hour the two had the contours of a deal, signing the menu to commemorate a provisional settlement. Collectively, BlackRock and Merrill Lynch Funding Managers would signify a colossus with almost $1tn of assets beneath administration.

MLIM executives have been divided on the acquisition. Some have been relieved to be part of a further dynamic, standalone asset administration agency after Merrill’s prolonged neglect. Others chafed at what they perceived as BlackRock’s conceitedness. Although the diplomatic Schlosstein was tasked with principal the blending, Kapito notably rubbed many people up the inaccurate method. Some former executives consider him to Mike “Wags” Wagner, the aggressive nonetheless loyal hatchet man of fictional hedge fund supervisor Bobby Axelrod throughout the TV assortment Billions.

Nonetheless, Fink has remained resolutely loyal to Kapito, for good trigger, in step with even a couple of of his detractors. They highlight his “maniacal” give consideration to effectivity as a key trigger for BlackRock’s rise, and attribute plenty of the animus in path of Kapito to the reality that unpopular alternatives normally fall to him, allowing Fink to rise above the fray. When it boils proper all the way down to it, they’re the inseparable yin and yang on the coronary coronary heart of BlackRock, the tall, bespectacled Fink — who loves schmoozing and grand approach — and the aggressive, uncompromising grasp organiser Kapito.

“An important mistake it’s possible you’ll make at BlackRock is believing you presumably can ever play one off in opposition to the other. There’s not a photon of daylight between them,” observes one former BlackRock govt. “Rob might be wholly unsuccessful with out Larry, nonetheless what people don’t realise is that Larry would most certainly be wholly unsuccessful with out Rob. The two of them are like salt and pepper shakers. They’re very completely completely different, nonetheless they go collectively.”

Larry Fink in side profile. The picture was taken in Paris in 2019
Fink in 2019, after a neighborhood climate movement funding meeting. His former chief funding officer for sustainable investing, Tariq Fancy, argues that BlackRock’s ESG efforts distract from the precise work wished to take care of the native climate catastrophe © Mustafa Yalcin/Anadolu Firm/Getty Images

Fink’s mettle was examined shortly after the MLIM acquisition. He initially downplayed the broader dangers of the subprime housing disadvantage when it started to emerge in early 2007, telling the FT that the market was beneath “a great deal of stress” nonetheless that he didn’t see it exploding into one factor “vital and additional dangerous to the overall housing market”. A BlackRock funding in New York’s Stuyvesant Metropolis-Peter Cooper Village ended up an embarrassing disaster. However the company navigated the next mayhem greater than many various funding groups, thanks partly to the growth of its “Choices” enterprise, which had expanded far previous merely offering Aladdin to exterior purchasers.

Its expertise in analysing superior structured bonds had first been established in 1994, when Regular Electrical requested it to definitely worth the belongings on the soundness sheet of Kidder Peabody, the venerable nonetheless struggling brokerage company it owned. By the purpose the financial catastrophe erupted, the Choices unit was a very fledged financial suggestion group with deep expertise throughout the plumbing of markets.

All people from Wall Street rivals to abroad central banks and the US authorities itself clamoured for help in analysing the toxic securities that had virtually launched the system crashing down. “After we did Kidder Peabody, it was an X-ray machine,” Rob Goldstein, a senior BlackRock govt, as quickly as suggested the FT. “After we had the possibility to work on the latest catastrophe, it was an MRI machine.”

BlackRock’s prestigious mandates to help the US Treasury and the Federal Reserve sort out the detritus of the financial catastrophe prompted complaints in regards to the agency’s proximity to power. The growing attain of Aladdin moreover unnerved some regulators, who would go on to develop to be increasingly more concerned about so many various merchants using the equivalent risk-analysis platform, and whether or not or not which can lead to a dangerous uniformity of views. However it absolutely was the 2009 deal to build up Barclays Worldwide Patrons, and the supercharged progress that adopted, that propelled Fink to the best of Wall Street.

Behind the scenes, the acquisition of BGI was fraught. Over in San Francisco, the place BGI was headquartered, the rank-and-file view was that BlackRock consisted of a bunch of knuckle-­dragging Wall Street bond retailers who had constructed their enterprise by acquisitions, not by the West Coast innovation, collegiality and brilliance that they thought was their hallmark. Making sure that crucial deal in asset administration historic previous didn’t end up a monument to hubris was a daunting job.

“It made us a very world company, nonetheless it moreover crossed a Rubicon throughout the enterprise,” says BlackRock’s Mark Wiedman, who handled the blending, referring to the combination of BlackRock’s typical “vigorous” funding strategies and BGI’s dominant give consideration to “passive” index funds. “This ignited deep, intense theological debates paralleled solely by the wars of religion throughout the sixteenth century,” he jokes.

All suggested, the entire integration took about three difficult years. Insiders estimate that properly over half of BGI’s prime executives have been fired or left over the interval. “It was a uncommon prepare throughout the Machiavellian methodology,” observes one former BGI govt. “The prince [Fink] wished the entire barons to determine to finish loyalty, and principally killed off the entire barons that wouldn’t accomplish that.”

Nonetheless, the BGI purchase has proved a stunning success story in an enterprise that has further M&A debacles than there are vehicle crashes throughout the Fast & Furious movie franchise. Its dominance is mainly due to BlackRock supercharging BGI’s current franchise of index funds — passive funding autos that merely observe a market benchmark such as a result of the FTSE 100 or S&P 500. BlackRock has, in affect, achieved for investing what Henry Ford did for the car, organising a financial assembly line that churns out merchandise for merchants further successfully than practically anyone else.

A suit made out of material that looks like dollar bills
The ‘trillion-dollar swimsuit’ worn by BlackRock’s Mark Wiedman at a celebration in June 2014 to have enjoyable its iShares enterprise crossing the $1tn mark. This month, BlackRock might announce that it’s managing better than $10tn in belongings

In June 2014, the prized iShares ETF enterprise crossed the $1tn mark, which Wiedman celebrated with a celebration in London the place he wore a “trillion-dollar swimsuit” constituted of dollar-bill-patterned cloth, in step with people acquainted with the matter. Even that landmark is now a distant memory. Halfway by 2021, the iShares unit alone was managing more than $3tn.

Within the current day, BlackRock’s income margins are fatter than these of Apple or Google, and its stock market valuation is about $126bn, better than ­Goldman Sachs and higher than the blended values of its rivals TRowe Worth, Franklin Templeton, Invesco, Janus Henderson, Schroders and State Street.

The billionaire property investor Sam Zell has what people in finance usually check with as “fuck-you money” — wealth so big they’ll nearly do and say regardless of they like. In January 2018, Zell took good thing about that to unload on BlackRock’s founder.

“I didn’t know Larry Fink had been made God,” the irascible Zell told CNBC, complaining in regards to the rising power cherished by massive index fund suppliers over swaths of the equity market. “I merely ponder whether or not America is admittedly ready for Vanguard and BlackRock to control the New York Stock Change, because of that’s what’s going down,” he added.

BlackRock, Vanguard and State Street are by far the world’s largest purveyors of passive, index-tracking funding autos, whether or not or not typical benchmark-hugging mutual funds or ETFs which may be bought and purchased all by the day. The inexorable shift in path of such funds has handed the enterprise’s so-called Giant Three enormous sway in many corporate boardrooms.

Lucian Bebchuk of Harvard Regulation School and Scott Hirst of Boston School estimated in a 2019 paper titled “The Spectre of the Giant Three” that the trio’s blended widespread stakes throughout the 500 largest listed US firms had vaulted from about 5 per cent in 1998 to over 20 per cent.

Their precise power is even higher — and rising. Supplied that many shareholders don’t actually trouble to vote at annual conferences, BlackRock, Vanguard and State Street now account for a couple of quarter of all votes solid on widespread, which may rise to 41 per cent over the next twenty years, the academics estimated. John Coates, a Harvard Regulation professor, has known as this rising focus of monetary power “a legitimacy and accountability issue of the first order”.

Genuinely, calling it the Giant Three is a misnomer. State Street’s inclusion is the legacy of its invention of the ETF, and its measurement and progress worth is means further modest than BlackRock or Vanguard’s. In observe, there could also be an rising duopoly, and BlackRock’s pole place — and Fink’s willingness to throw its heft spherical better than Vanguard — has made it a aim all through the political spectrum.

Early ultimate yr, Fink launched that BlackRock would put sustainability on the coronary coronary heart of its funding alternatives, embracing the enterprise sample of taking environmental, social and governance (ESG) factors into consideration. Nevertheless for these on the left, BlackRock’s vows didn’t go far adequate. Even BlackRock’s private former sustainability chief, Tariq Fancy, has lambasted the ESG sample as “marketing ­gobbledegook”. Fancy argues that efforts equal to BlackRock’s are actually harmful, as they distract from the precise work wished to take care of the native climate catastrophe. Within the meantime, some on the right have made it a aim too. US Senator Marco Rubio simply recently proposed a bill aimed towards arresting the wave of ESG-oriented investing.

Fink argues that taking ESG into consideration is simply good stewardship of purchasers’ money, given the native climate catastrophe. He moreover tells me that whatever the scale of BlackRock and its largest rivals, asset administration stays a lot much less concentrated than many industries equal to know-how or retailing. If there was consensus that his company’s measurement was having a deleterious affect on firm governance, he says he could deal with it by divvying up holdings into separate, smaller approved entities, each with their very personal evaluation and stewardship teams. “If society believes that’s going to be an unlimited issue, it’s solvable,” Fink says. “And I could nonetheless current transparency, consolation and [low] pricing.”

However even amongst some fellow financiers there could also be muttering about BlackRock’s rising have an effect on.

A variety of former authorities officers work at BlackRock, and others have departed for plum jobs in the Biden administration. To some critics, BlackRock is the new Goldman Sachs, the funding monetary establishment as quickly as so influential it was usually labelled “Authorities Sachs”.

Does this indicate that Fink’s reign on the prime of the financial ecosystem is in peril? Barring an epic shift throughout the political or financial winds it’s arduous to see what could throw BlackRock’s progress into reverse, and people who know Fink don’t sense he’s slowing down. Now that his dream of someday turning into treasury secretary has pale, given Washington’s bipartisan distaste for Wall Street tycoons, Fink could end up conserving his palms on BlackRock’s tiller for years to come back again.

When he gave a commencement speech to UCLA students in 2016, Fink revealed how the First Boston setback scarred him. “I believed I had discovered the market, nonetheless I was incorrect — because of whereas I wasn’t watching, the world had modified.” The effectively timed acquisition of BGI was a sign that he understood greater than most how the funding enterprise was altering. He’ll need that nous better than ever as BlackRock juggles plenty of interlocking nonetheless disparate challenges throughout the coming decade, from rising US-China tensions to native climate change and the increasingly more polarised sociopolitical panorama throughout the US.

Even a couple of of people who have fallen foul of his empire-building say that Fink is likely to be as a lot because the obligation. Nevertheless of the eight founders, solely Fink, Kapito and Golub now keep in administration, and former and present insiders marvel what’s going to happen as quickly as Fink in the end leaves the company he primarily based merely three a few years prior to now.

“Larry was astonishing on the extent of particulars he knew. I don’t like him, nonetheless he’s an distinctive businessman, and he lives for BlackRock,” observes one former senior govt. “When he leaves will most likely be like when Alex Ferguson left Manchester United . . . It’s unimaginable to overstate how BlackRock’s journey is the journey of a single man.”

Robin Wigglesworth is the FT’s world finance correspondent.

That’s an tailor-made extract from his e e-book “Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Modified Finance With out finish”, printed by Penguin Random Residence on October 12

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