BlackRock (BLK) CEO Larry Fink said Thursday that he is not planning to leave the company “anytime soon,” offering no new clarity on who may ultimately succeed him as boss of the world’s largest money manager.
For some time, investors have wondered when the 72-year-old Fink is going to step down. He co-founded the firm in 1988 and built it into a financial giant that now manages more than $11 trillion.
Some potential successors have exited the firm recently, raising more questions about succession.
They include Mark Wiedman, who had been head of BlackRock’s global client business and now has a top job at PNC Financial Services Group (PNC). Another recent high-profile exit was Salim Ramji, who is now the chief executive of BlackRock rival Vanguard Group.
“I’m not planning to leave BlackRock anytime soon,” Fink told an audience at the firm’s annual investor day in New York City, “so you don’t have to have those questions later on.”
But he added that “a top priority” for himself and BlackRock President Rob Kapito is “working with the board” to make sure “we’re developing the next generation of leaders for BlackRock.”
BlackRock under Fink is in the middle of a significant shift towards private markets.
It spent more than $28 billion on related acquisitions last year, including purchases of infrastructure investment firm Global Infrastructure Partners, private markets data provider Preqin and private credit firm HPS Investment Partners.
The question of who might lead the world’s biggest asset manager next is rising in importance given that push into private markets, Cathy Seifert, a CFRA analyst covering BlackRock told Yahoo Finance earlier this week.
BlackRock’s succession plans “need to be a little more buttoned up, particularly in light of some of the shifts going on at the firm,” Seifert said.
Fink and BlackRock outlined some ambitious goals for the firm over the next five years. By 2030 the firm aims to grow its revenue to over $35 billion and to double both its operating income and market capitalization.
Its stock was slight down as of Thursday early afternoon. Its up 29% for the past 12 months.
“We know you’re looking to see if we could execute,” Fink told investors in reference to the new acquisitions.
“I believe it’s very achievable,” he added.
David Hollerith is a senior reporter for Yahoo Finance covering banking, crypto, and other areas in finance.
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