BlackRock CEO Larry Fink, speaking to analysts Jan. 15 about the New York-based money management giant’s fourth quarter and full year results, expressed oprtimistic expectations.
“Our record results in 2024 are just the beginning of our next phase of growth,” Fink concluded, with pending acquisitions - including that of global credit manager HPS Investment Partners - marking BlackRock’s continued success in investing in structural growth trends and drivers.
Following record results, including net inflows for the year of $641 billion and margins of 45.5% in the fourth quarter, “we enter 2025 at our strongest inflection point,” with BlackRock’s business – including its efforts to meet client needs for a mix of private and public market exposures, lifetime income in retirement and risk management capabilities – firing on all cylinders, Fink said.
In pre-market trading, BlackRock shares were trading hands at $1,002, up 4% from the prior close. The firm’s shares posted an 8% gain Tuesday, Jan. 14.
On the earnings call, Fink confirmed news that emerged the day before that BlackRock’s global client business head, Mark Wiedman, would be leaving the firm in the spring to “pursue his next chapter.”
Wiedman had widely been seen as a potential successor to Fink, but the long-time industry titan, presiding over his 100th consecutive earnings call as BlackRock CEO, has not publicly suggested he's poised to relinquish the helm. Fink, calling Wiedman both a friend of his and a friend of the firm, said he will stay with BlackRock through the spring to ensure a smooth transition. Wiedman “built a powerful team of leaders prepared to take on new responsibilities and drive our business forward,” Fink said.
Executive moves
In addition, executive ranks were also shuffled. Joe DeVico will become head of the Americas client business, while remaining co-head of U.S. wealth advisory. Jaime Magyera, also co-head of the U.S. wealth group, will take on new responsibilities for the firm’s retirement business, Fink and BlackRock President Rob Kapito said in a memo to employees.
Armando Senra will continue to lead the Americas institutional business and overall business in Canada and Latin America, according to the memo.
The firm is also starting a “global partners office” to oversee business involving the biggest investors, including insurers and sovereign wealth funds, and companies and corporations looking to raise funds in capital markets.
Leading the office will be Charles Hatami, a senior managing director who oversees business in the Middle East, financial markets advisory and global insurance, as well as Stacey Mullin, the firm’s global chief of staff who reports to Fink.
--Bloomberg contributed to this article
