Twenty-five million dollars. This is the figure brought home in the calendar year that ended three months ago by the boss of BlackRock, Larry Fink. The Californian manager benefited from the fund's monstrous performance which he heads, which in 2019 was confirmed as the first in the world with 7.500 billion assets under management, the all-time record with an increase of 24% on the previous year. BlackRock and Fink took advantage of a particularly positive year on the financial markets (unlike the current one, evidently devastated by the coronavirus emergency which is also slowing down investments): the increase in funding was 429 billion, setting a record of over 1 billion raised every day.
The turnover has risen by 2,4% to 14,54 billion, with net income rising by 4% to nearly 4,5 billion. Fink's base salary, which is "only" $1,5 million, has soared on bonuses and a stock dividend to $25 million, which is about 182 times the median salary for Blackrock employees. However, the 67-year-old manager isn't rich enough to be the king of Wall Street: in the special classification updated to 2019 he places on the podium but falls behind Jamie Dimon, CEO of JP Morgan, with 31 million, and CEO of Morgan Stanley James P. Gorman with 27 million. Figures incomparable with those of Amundi, for example, which is also the first European fund for managed assets: the patron Yves Perrier received "only" 1 million euros, moreover allocating half of it to a solidarity fund to help the elderly in the emergency coronavirus.
Among other things, Amundi suspended the distribution of the dividend, which BlackRock He did not do. On the other hand, with great power comes great responsibility and for this reason, after helping the Federal Reserve through the 2008 crisis, the fund led by the millionaire Fink was chosen by the US and Canadian central banks to oversee the securities purchase programs, in support of the economy in crisis.
