Meet Larry Fink, Mukesh Ambani’s future partner in Rs 1.66 lakh crore firm who founded 9.43 trillion-dollar company

Blackrock Inc, world’s largest asset management company, had in 2018 bid farewell to India. The American firm, however, is making a comeback. They have partnered with Mukesh Ambani’s Reliance Industries. They are about to enter a 50:50 partnership. Ambani’s company, Reliance Jio Financial, will benefit from Blackrock’s investment management, Risk Management, Operations and scaling prowess.

Blackrock has 9.43 trillion dollars’ worth of assets under its management, in June. This is around three times India’s GDP. It handles nearly 10 percent of world’s stocks. It is the world’s biggest shadow bank.

The company also holds 6.5 percent stakes in Apple. It holds 6.5 percent stakes in Meta as well. It has 4.5 percent stake in Alphabet Inc.

The company was founded by Larry Fink in 1988. He is the chairman and CEO. He graduated in political science. He started working with a bank at 23. By the age of 31, he became the managing director of the firm. He was reportedly sacked by the bank for losing around 10 crore dollars. At the age of 35, in 1988, he launched his own company.

GE gave Fink some assets for the fist time. As he performed well, he got many other deals. Within 5 years, assets under management rose to 20 billion dollars.

Blackrock current manages fund of governments as well.

The company had reportedly helped America come out of the 2008 financial crisis. It also helped the country’s bond market during the coronavirus pandemic.

Jio Financials has been recently valued Rs 1.66 lakh crore.

Larry Fink’s reported net worth is Rs 8200 crore, according to Forbes.