$9.49 Trillion Asset Manager BlackRock CEO Says Company Sees Very Little Demand On

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U.Today 14 July, 2021 - 06:43am 30 views

According to the Bloomberg Terminal, Laurence Fink, the chief of the BlackRock asset management fund—with a whopping $8.7 trillion AUM—has shared with the media that the company does not see any significant demand from institutional investors for digital assets such as Bitcoin, Ethereum or other top 10 cryptocurrencies.

According to CNBC, the amount of assets under the company's management has grown to a mind-blowing $9.49 trillion.

BLACKROCK CEO ON CRYPTOCURRENCIES SAYS "WE SEE VERY LITTLE INVESTOR DEMAND" ON THOSE TYPE OF THINGS

As reported by U.Today previously, Fink stated that Bitcoin may become a store of value; however, there are some issues that may make this unlikely to happen.

As possible barriers to that, he mentioned a small market for Bitcoin: high volatility and the fact that it is still untested.

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.

Disclaimer: Any financial and market information given on U.Today is written for informational purpose only. Conduct your own research by contacting financial experts before making any investment decisions.

Read full article at U.Today

BlackRock Is Raising Base Salaries by 8%, Starting in September

Barron's 14 July, 2021 - 09:26am

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BlackRock will bump up all employees’ base salaries by 8%, effective in September, officials said.

“To recognize your contributions and ensure you’re sharing in our strong growth, we are increasing total compensation by raising base salaries by 8% for all active employees up to and including the Director level,” CEO Larry Fink and BlackRock COO Rob Kapito wrote the staff on Wednesday. “The increase takes effect September 1, 2021 for those actively employed as of today.”

Employees are eligible for an additional salary increase effective in early 2022.

“By investing in you, we are investing in the future of the firm,” Fink and Kapito wrote. “It’s your contributions that are making BlackRock an essential partner for our clients, a leader in our industry and a great place to work. This reflects our approach to stakeholder capitalism – when we deliver for all of our stakeholders, it benefits all of them, including our shareholders.”

Earlier, the investment-management behemoth reported that second-quarter earnings jumped 28% from a year earlier to $10.03 a share, helped by strong fee growth and revenue from technology services. Total assets stood at $9.5 trillion, up from $7.3 trillion a year earlier. BlackRock is the world’s largest investment management company.

For the second quarter, earnings climbed to $1.55 billion on revenue of $4.82 billion. In the corresponding quarter last year, BlackRock earned $1.2 billion, or $7.77 a share, with revenue of $4.39 billion.

Analysts on average had expected BlackRock to report a profit of $1.44 billion, or $9.42 a share, with revenue of $4.58 billion, according to Bloomberg. 

For the second quarter, BlackRock reported that overall employee compensation was up 34%. Demand for workers around the country is heating up as the economy reopen and there are signs that wage growth is increasing.

In BlackRock’s second-quarter conference call, CFO Gary Hedlin said, “We’re hiring a little slower than we anticipated and are making sure we get the employee support to support our growth plans.”

Write to Leslie P. Norton at leslie.norton@barrons.com

BlackRock will bump up all employees’ base salaries by 8%, effective in September, officials said.

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BlackRock CEO Fink does not see inflation as transitory

Reuters 14 July, 2021 - 08:51am

NEW YORK, July 14 (Reuters) - BlackRock Inc (BLK.N) Chief Executive Larry Fink said he does not see inflation as transitory and that the U.S. Federal Reserve will have to react to higher inflation numbers.

"I am not calling for 1970's inflation but I just think we are going to have above 2% inflation .. probably closer to 3.5% to 4.0%," Fink said in an interview with Reuters.

"Does that mean the Federal Reserve will have to change policy? I think so," said Fink who, as head of the world's largest asset manager, is viewed as one of the most influential investors in the world.

A rapid rise in prices has left investors wondering whether inflation is likely to peak soon as economies emerge from the cloud of disruptions caused by the coronavirus pandemic, or if higher inflation is here to stay.

Federal Reserve Chairman Jerome Powell has repeatedly stated that higher inflation will be transitory, noting that he expects supply chains to normalize and adapt.

"Over the next few years we are going to see more focus on jobs, more focus on reshaping our manufacturing platforms, our supply chain delivery. These are going to be a little more inflationary," Fink said.

One major worry facing investors is how an overheating economy amid a faster reopening could force the Fed to pare back its ultra-loose monetary policies, seen as supportive of riskier assets, sooner than expected.

Fink said the Fed raising interest rates 50 or 100 basis would not "be that bad or disrupt the equity market."

"It's really about how they implement changes more than if they now recognize that maybe inflation is a little above their target," he said.

The biggest rise in U.S. consumer prices in 13 years has intensified investorfocus on messaging from the Federal Reserve, with the central bank’s chairman set to speak before Congress on Wednesday.

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Bank of America Corp (BAC.N) offered a sunny forecast for its mainstay lending business on Wednesday as the second-largest U.S. bank blew past analysts' estimates for second-quarter profit.

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BlackRock's CEO is concerned about inflation. But here's why he still sees stocks going higher

CNBC 14 July, 2021 - 08:02am

BlackRock co-founder and CEO Larry Fink believes the long-term trend for the U.S. stock market remains strong, even after a robust rally over the past year since the coronavirus-driven plunge.

"I'm not trying to suggest that it's going to be a straight-line upward and there could be disappointments going forward. But overall, with the amount of fiscal stimulus and monetary stimulus, and more importantly with the amount of cash that is looking to be put to work, I believe the trend line is still going to be upward," Fink said in an interview on CNBC's "Squawk Box" on Wednesday.

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BlackRock CEO Larry Fink Seeing ‘Very Little’ Demand for Crypto Lately

Yahoo Finance 14 July, 2021 - 07:50am

Talking on CNBC’s “Squawk Box” before a call to discuss BlackRock’s second-quarter earnings, Fink said he has been asked about crypto and bitcoin in the past, but not in the last two weeks.

“We see very little demand for those [crypto] types of things,” Fink said.

He had previously said that bitcoin has “caught the attention” of many people and that the cryptocurrency market was still relatively small compared with others.

“If we could improve financial literacy. If we could help more people focus on not just speculating of markets and the ups and downs but translating that into investing in the long run,” Fink said in December, commenting on meme stocks.

BlackRock said Wednesday it has about $10 trillion of assets under management.

Read more: BlackRock’s Fink Says Bitcoin Can Possibly ‘Evolve’ Into Global Asset

NEW YORK (Reuters) -BlackRock Inc, the world's largest asset manager, reported a better-than-expected quarterly profit on Wednesday as investors poured more money into the company's funds, driving robust fee growth and boosting its assets under management to a record high. "More than ever, our voice is resonating deeper and more broadly with our clients worldwide," BlackRock's chief executive, Larry Fink, said in an interview. The company continued to gather assets at a robust pace as investors deployed money across BlackRock's product types and asset classes.

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BlackRock Inc Chief Executive Larry Fink said he does not see inflation as transitory and that the U.S. Federal Reserve will have to react to higher inflation numbers. "I am not calling for 1970's inflation but I just think we are going to have above 2% inflation .. probably closer to 3.5% to 4.0%," Fink said in an interview with Reuters.

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IShares, the world’s largest exchange-traded fund provider, will likely report assets under management of $3-trillion-plus when parent (BLK) unveils second-quarter earnings on Wednesday, says analyst Kyle Sanders of Edward D. Jones. BlackRock (ticker: BLK) told investors in June that iShares had assets of $2.8 trillion. Overall, BlackRock has $9 trillion in assets.

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