This man is richer than Musk and Ambani – he controls half of America, and is now going to enter India!
Whenever the world’s richest people are mentioned, Elon Musk, Jeff Bezos or Mukesh Ambani are the first names that come to mind. But there is a man who manages much more money than all of them – but is still not a billionaire. This man’s name is Larry Fink, and he is the CEO and Chairman of the world’s largest asset management company BlackRock.
Who is Larry Fink?
Larry Fink is the person who controls the economy of 100+ countries of the world – because his company BlackRock has assets worth more than $11.6 trillion. This amount is half of America’s total GDP ($30 trillion). Although Larry Fink himself is not a billionaire, he has the biggest financial power in the world.
Fink started BlackRock in 1988 with his 7 friends. Today, 37 years later, BlackRock has a presence in every major stock market in the world. Its influence is so much that whenever BlackRock invests in any company, its share price is immediately impacted.
What does BlackRock do?
BlackRock is an Asset Management Company (AMC). It manages people’s money through mutual funds and investments and provides them with better returns. Today, BlackRock holds investment funds from people, companies, and governments around the world – which it smartly invests in the market.
The company’s main business model is to manage others’ money and generate returns. That’s why, even though Larry Fink handles $11.6 trillion in assets, his personal wealth is not that much – that’s why he doesn’t appear on the billionaire list.
BlackRock is going to enter India
Now the big news is that BlackRock is now going to enter the mutual fund market of India. And this entry is not simple – rather it is happening through a partnership with Mukesh Ambani’s company Jio Financial Services Limited.
This partnership can take mutual funds to a new level in the Indian market. Jio has a nationwide network and customer base, and BlackRock’s global experience and market strategy – both together can become a powerful combination.
What does this partnership mean for the common investor?
Indian investors will get the direct benefit of this development. Because now they can get world-class mutual fund products that will be designed based on BlackRock’s global expertise. Also, Jio’s digital outreach will make these funds reach every corner – whether one lives in a tier-3 city or a rural area.
This partnership can revolutionize India’s mutual fund industry, where even today mutual fund penetration is relatively low. BlackRock’s arrival will bring trust and professionalism, while Jio’s platform will make it easily accessible.
BlackRock’s global power
Today, BlackRock invests in tech giants like Apple, Microsoft, Amazon, Google. This firm is a stakeholder in more than half of America’s companies. It is sometimes said that BlackRock is America’s invisible government – because it indirectly influences economic decisions.
Larry Fink has led BlackRock into not just an investment firm but a global powerhouse. Under his leadership, BlackRock has smartly navigated every crisis – be it the financial meltdown of 2008 or the economic impact of COVID-19.
When it comes to money and power in the world, work matters more than name. Larry Fink is a leader who has the largest asset pool in the world, but he still remains low-profile. His company BlackRock is now entering India – and this could be a golden opportunity for Indian investors.
Now it remains to be seen how the combination of Jio and BlackRock changes India’s mutual fund landscape. Will you be a part of this new venture?