BlackRock CEO Laurence Fink Earned $27.95 Million Last Year
World’s largest money manager had banner year with record inflows
The Wall Street Journal, "BlackRock CEO Laurence Fink Earned $27.95 Million Last Year," quoted Russell Reynolds Associates Consultant Debra Brown describing the current asset management landscape and its recent gains. The article is excerpted below.
The boss of the world’s largest money manager made $27.95 million for his 2017 performance, an increase of 10%, after a banner year for the firm.
BlackRock Inc. Chief Executive Laurence Fink was awarded a $10 million cash bonus and stock compensation of $17.05 million in 2017, according to a regulatory filing Friday. His base salary was $900,000, the same as the prior year.
Last year was a strong one both for new client cash at BlackRock and the firm’s stock as markets rose. It pulled in a record net inflows of $367.3 billion, 67% of which went to its iShares exchange-traded fund business.
BlackRock shares climbed 35% in 2017 to $513.71, breaking the $500 mark for the first time.
“Assets under management have been strong,” for publicly traded money managers, said Debra Brown, a member of Russell Reynolds Associates’ investment-management practice. “Margins have been under pressure, but they haven’t succumbed to all of those pressures yet,” she added, referring to the growing popularity of low-cost market mimicking funds.
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