BlackRock CEO Larry Fink is spending about $25 billion to turn the firm into a top-five player in infrastructure and private credit. To ensure his plan pays off, he’s offering significant retention packages to new hires, worth around $1 million each.
The moves come as BlackRock acquires several private credit firms, including HPS Investment Partners and Global Infrastructure Partners, with total expenses exceeding $3.5 billion. Fink aims to integrate new colleagues into the firm from day one, using a combination of bonuses, BlackRock stock, and a say on company strategy.
Fink believes that integration begins with the initial conversation, emphasizing the common value proposition among all parties involved. The acquisitions have brought BlackRock’s alternative assets to almost $600 billion, making it a major player in the market.
The firm is also bolstering its market data capabilities with a £2.55 billion ($3.23 billion) acquisition of Preqin. With these moves, Fink hopes to build a strong team that can drive growth and success for BlackRock’s alternative strategies.
Source: https://finance.yahoo.com/news/blackrock-deals-task-fink-hanging-130343046.html