Ideas, innovations, and growth
Beginning with its founding in 1988, BlackRock’s story over a quarter of a century is about a commitment to putting clients first, innovative thinking, passion for performance and a remarkable collaboration.
Something different: 1988-1994
BlackRock began in 1988 with eight people in a single room who believed they could build a better asset management firm. They shared a determination to put client needs and interests first and a dedication to clear thinking and fact-based, data-driven investing, as well as a passion for understanding and managing risk.
Founded under the umbrella of The Blackstone Group, the firm initially focused primarily on fixed-income. By listening to clients and understanding their unmet needs, the firm was able to develop important early innovations related to closed-end funds, trusts, defined contribution plans and more. One of these was the Blackstone Term Trust, which raised $1 billion and set the business on a path of steady growth and success. Development also began on Aladdin®, the unified investment platform that ultimately combines trading, risk management, and client reporting. Aladdin’s capacity for insight would distinguish BlackRock as an investment and risk manager and become the basis for the BlackRock Solutions business.
In 1992, the firm adopted the name BlackRock. By the end of that year, BlackRock had $17 billion in assets under management; at the end of 1994, the figure was $53 billion.