Mr. Fink, head of the world’s largest money manager, is the highest paid investment management CEO among firms that have so far disclosed 2014 compensation information.
Second is Gregory J. Fleming, Morgan Stanley’s president of wealth management and investment management, who earned $17.4 million in total compensation in 2014. Mr. Fleming’s compensation increased 53.3%.
Janus Capital Group CEO Richard Weil got a 72.7% jump in pay last year, the biggest increase of any money management executive. But at $8.1 million, his compensation package is dwarfed by those of Messrs. Fink and Fleming.
Mr. Fink’s package included a $900,000 base salary, a $9.1 million cash bonus and stock compensation of $13.6 million. The remaining $193,750 was “other compensation.”
Mr. Fink’s cash bonus in 2014 was 7.4% lower than the previous year.
BlackRock’s proxy statement said the management development and compensation committee approved a total compensation package for Mr. Fink of $26 million based on fiscal-year 2014 performance. The difference between that number and the $23.9 million is due to equity grants made in January 2015, which will appear in next year’s proxy statement.
BlackRock’s assets under management grew 8% during the year. Its stock returned 15.65%, 200 basis points more than the S&P 500.