10/13/2023 0 Comments Blackrock larry finkFirms try to replicate it as a product, but none have been able to do so at the same scale. The report found some $21.6 trillion in assets sat on the platform from just a third of its 240 clients, the FT reported, citing public documents verified with the companies and first-hand accounts. Apple, Microsoft, and Google's parent firm, Alphabet - the three biggest US public companies - all rely on the system to steward hundreds of billions of dollars in their corporate treasury investment portfolios." "Vanguard and State Street Global Advisors, the largest fund managers after BlackRock, are users, as are half the top 10 insurers by assets, as well as Japan's $1.5tn government pension fund, the world's largest. Meanwhile Michael Pyle, BlackRock's former global chief investment strategist who had worked in the Obama administration before joining the firm, serves as chief economic advisor to Vice President Kamala Harris.īut unlike Goldman Sachs, a household brand name synonymous with executives leaving finance to go shape public policy, BlackRock isn't as well-known to people outside the investment industry. Biden also tapped Adewale "Wally" Adeyemo, a former chief of staff to BlackRock chief executive and longtime Democrat Larry Fink, to serve as a top official at the Treasury Department. The firm has hired notable policy-makers over the years, and at least three leaders with the New York-based asset manager on their resumes now hold prominent roles in President Joe Biden's cabinet.įormer BlackRock investment executive Brian Deese leads Biden's National Economic Council, effectively serving as his top advisor on economic matters. It often indicates a user profile.īlackRock, the world's largest investment manager, has become an increasingly influential Wall Street player in Washington, DC. Account icon An icon in the shape of a person's head and shoulders.
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