Finance History | BlackRock — A Five Million Dollar Loan Under a Blackstone Name
· 1988
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Finance History | BlackRock — A Five Million Dollar Loan Under a Blackstone Name
kevin
People treat BlackRock as the Hudson Yards tower at 50 that always ran an index fund and an Aladdin risk book from an S and P 500 listing.
The first book was a bond desk inside someone else's firm.
In 1988 Larry Fink and seven partners took a five-million-dollar loan from Blackstone and opened Blackstone Financial Management.
Fink had lost about 100 million dollars in 1986 dollars on a First Boston mortgage book when rates moved the wrong way. The new firm was built to measure that risk before the trade.
The unit managed about 23 billion dollars within six years. It split from Blackstone, sold to PNC in 1994, took the BlackRock name, and listed in 1999.
The mechanism is still the first one.
A pension board that would not hire a trader on reputation could hire a desk if the desk showed the interest-rate risk in the same system that booked the bonds.
A visitor at 345 Park Avenue still walks Blackstone's long-time tower. The 1988 rooms were two floors. The risk book is how the firm started.
Walk the sidewalk. This is an active office tower. Do not photograph lobbies past the public line.
Photo: Midtown streetscape, Wikimedia Commons contributors, via Wikimedia Commons.
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