What Is BlackRock: Everything You Need to Know About the World’s Largest Asset Manager

BlackRock is one of the world’s largest investment management companies by assets under management (AUM). As the world’s largest asset manager, it plays a critical role in the financial markets by managing trillions of dollars in assets.

In this article, we’ll explore BlackRock’s history, products and services, and how it compares to other financial giants such as Blackstone.

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What is BlackRock?

BlackRock is an asset management firm. Established in 1988, the company is headquartered in New York City and operates in over 100 countries worldwide. It manages assets for clients that include pension funds, governments, sovereign wealth funds, corporations, and individual investors. As one of the largest asset management firms in the world, BlackRock handles trillions of dollars.

BlackRock’s massive scale allows it to influence global financial markets significantly, making it an essential player in the world’s financial ecosystem. The firm has five main revenue segments: investment advisory, administration fees, and securities lending revenue; investment advisory performance fees; technology services and subscription revenue; distribution fees; and advisory and other revenue.

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BlackRock Development History

BlackRock was founded in 1988 by a group of financiers, some of whom remain executives with the firm to this day. Co-founder Larry Fink serves as chairman and CEO, frequently acting as the company’s spokesperson, while another co-founder, Robert S. Kapito, serves as company president. Initially a fixed-income asset management firm, the company focused on helping clients manage risk and optimise their bond portfolios.

BlackRock’s breakthrough came in 1999 when it merged with PNC Financial Services, enabling the company to expand its services to equities, real estate, and other asset classes. BlackRock further expanded its reach in 2006 by acquiring Merrill Lynch Investment Managers, giving it an even greater presence in the global market.

Then, in 2010, BlackRock acquired the Barclays Global Investors unit of Barclays Bank, including the iShares ETF business. By 2014, BlackRock had become the world’s largest asset manager.

In 2024, it expanded its offering to include cryptocurrencies by issuing regulated ETFs, following a landmark decision by the US Securities and Exchange Commission to allow such products on US markets. It is now the largest issuer of crypto-backed ETFs.

In 2025, BlackRock finalised its acquisition of Preqin, a leading provider of private markets data. This acquisition will enhance BlackRock’s ability to offer integrated investment, technology, and data solutions across both public and private markets.

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BlackRock Products and Services

BlackRock generates revenue from multiple channels, including investment advisory and administration fees for the assets it manages. The company’s offerings are primarily divided into iShares, its investment funds, and Aladdin, its investment management software.

iShares

Since acquiring iShares from Barclays Bank in 2009, BlackRock has grown it into the world’s largest issuer of exchange-traded funds (ETFs). Most of these funds are index-based, meaning they track the performance of an underlying index without active management. This allows investors to access a diverse range of assets at relatively low costs.

iShares offers a broad selection of funds, covering various asset classes. These include stock market ETFs, which are listed on major global exchanges like the New York Stock Exchange, Hong Kong Stock Exchange, London Stock Exchange, and Australian Securities Exchange. In addition to equities, iShares also offers funds based on bond and commodity indices, as well as emerging crypto assets.

BlackRock Crypto ETFs

In 2024, BlackRock emerged as the leading issuer of crypto-backed ETFs after the U.S. Securities and Exchange Commission (SEC) legalized such products.

On January 10, 2024, the SEC approved several applications for spot Bitcoin ETFs, including BlackRock’s. Bitcoin ETFs began trading soon after, with BlackRock’s iShares Bitcoin Trust (IBIT) becoming the first to attract over $1 billion in funds within just a week.

By December 2024, IBIT had amassed over $48 billion in assets, making it more than twice the size of its nearest competitor, the Grayscale Bitcoin Trust. This success marked IBIT as one of the top ETFs launched in 2024, out of more than 700 products.

In March 2024, BlackRock launched a tokenized U.S. money market fund on Ethereum, the BlackRock USD Institutional Digital Liquidity Fund (BUIDL). Later, in July 2024, the SEC approved the launch of Ethereum ETFs, including BlackRock’s iShares Ethereum Trust ETF (ETHA). By December 2024, ETHA had gathered $2.25 billion in assets.

Aladdin Software

Aladdin is a sophisticated institutional investment management software developed by BlackRock. It offers a unified platform that provides a comprehensive view of an asset portfolio, covering both public and private markets. The software also features advanced risk analytics to aid investment decision-making and includes generative AI tools to streamline the process of finding insights and accessing information.

Notable institutional clients of Aladdin include asset managers like Franklin Templeton, the Bank of Israel, and Microsoft (for its Treasury division). Aladdin’s ability to integrate data and offer actionable insights has made it an indispensable tool for large-scale investors.

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BlackRock vs. Blackstone

Although BlackRock and Blackstone are both major players in the financial world, they operate in different sectors and have distinct business models. Although their names are very similar, the two companies are very different. Here’s a comparison of the two:

• Business Focus: BlackRock primarily focuses on asset management, providing investment products across various asset classes, including equities, fixed income, and ETFs. On the other hand, Blackstone is more involved in private equity, real estate, and alternative investments. Blackstone specializes in large-scale acquisitions and managing private investment funds.
• Size and Assets Under Management: BlackRock is the world’s largest asset manager with nearly $10 trillion in assets under management (AUM), whereas Blackstone, although large, has a smaller AUM, typically in the range of hundreds of billions.
• Investment Strategy: BlackRock is known for its passive investment strategies, particularly through its iShares ETFs, while Blackstone focuses on more active, hands-on management of assets, particularly in real estate and private equity.
• Client Base: BlackRock serves a broad range of clients, including individuals, corporations, and governments. Blackstone’s clients are typically institutional investors and high-net-worth individuals looking for alternative investments that provide higher returns.

In summary, although both firms are leaders in the financial sector, BlackRock focuses on traditional and passive investment strategies, whereas Blackstone is renowned for its more aggressive, alternative investment approaches.

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Conclusion

BlackRock is undeniably a financial powerhouse and a central player in the global asset management industry. With a diverse portfolio of investment products, cutting-edge technology like the Aladdin platform, and a history of strategic growth, BlackRock continues to set the standard for investment management. Whether you’re an individual investor or a large institution, BlackRock provides comprehensive investment solutions to help meet your financial goals.

As the world’s largest asset manager, BlackRock’s influence on global markets and its ability to adapt to changing market conditions make it a vital entity in the financial world. Understanding BlackRock’s history, products, and services is crucial for anyone interested in the world of finance and investment management.

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