It’s all aimed at guaranteeing that Fink’s record-setting buying spree pays off. The longtime CEO’s major task now is ensuring that dealmakers who built careers at small, private firms see a reason to stick around at the world’s largest asset manager.
Larry Fink is shelling out about US$25 billion ($33.59 billion) in the space of a year to turn BlackRock into a top-five player in infrastructure and private credit. Now he’s focused on enticing the firm’s newest rainmakers to stay on board.
Across the purchases of private credit firm HPS Investment Partners and Global Infrastructure Partners this year, BlackRock set aside US$1.33 billion for retention packages, about US$1 million per new employee. Those teams are also keeping a large chunk of the carried interest from their existing strategies.
