What Is BlackRock: Everything You Need to Know About the World’s Largest Asset Manager
BlackRock is a global investment management and financial technology company and one of the world’s largest asset managers.
This article looks at what BlackRock does, how it makes money, its major products such as iShares and Aladdin, and how it differs from Blackstone.
Key Takeaways
- BlackRock is a global asset manager and financial technology provider, serving institutional and individual investors across public and private markets.
- BlackRock managed $15.3 trillion in assets as of June 30, 2026, making scale one of its defining characteristics.
- iShares is BlackRock’s ETF business, while Aladdin provides investment and risk-management technology to institutional clients.
- BlackRock has expanded beyond traditional asset management, with businesses and acquisitions covering private markets, infrastructure, digital assets and financial data.
- BlackRock and Blackstone are not the same company: BlackRock is primarily an asset manager across public and private markets, while Blackstone has a much stronger focus on alternative investments such as private equity and real estate.
What is BlackRock?
BlackRock is an asset management firm. Established in 1988, the company is headquartered in New York City and operates in over 100 countries worldwide. It manages assets for clients that include pension funds, governments, sovereign wealth funds, corporations, and individual investors. As one of the largest asset management firms in the world, BlackRock handles trillions of dollars.
BlackRock earns most of its revenue from fees related to the assets and services it provides to clients. These include investment advisory and administration fees, securities lending, performance fees, technology and subscription revenue, distribution fees, and other advisory services.
The company has also been expanding its technology and private-market businesses, which have become a more visible part of its overall business model.
As of June 30, 2026, BlackRock reported $15.3 trillion in assets under management. Its business now extends beyond traditional investment management, with major operations in ETFs, active and index strategies, private markets, technology and data.
BlackRock at a Glance
| Item | Details |
|---|---|
| Founded | 1988 |
| Headquarters | New York City, U.S. |
| AUM | $15.3 trillion |
| AUM as of | June 30, 2026 |
| Main businesses | Asset management, ETFs, private markets, technology and data |
| ETF brand | iShares |
| Investment technology | Aladdin |
| Private markets data | Preqin |
BlackRock Development History
BlackRock was founded in 1988 by a group of financiers, some of whom remain executives with the firm to this day. Co-founder Larry Fink serves as chairman and CEO, frequently acting as the company’s spokesperson, while another co-founder, Robert S. Kapito, serves as company president. Initially a fixed-income asset management firm, the company focused on helping clients manage risk and optimise their bond portfolios.
BlackRock’s breakthrough came in 1999 when it merged with PNC Financial Services, enabling the company to expand its services to equities, real estate, and other asset classes. BlackRock further expanded its reach in 2006 by acquiring Merrill Lynch Investment Managers, giving it an even greater presence in the global market.
Then, in 2010, BlackRock acquired the Barclays Global Investors unit of Barclays Bank, including the iShares ETF business. By 2014, BlackRock had become the world’s largest asset manager.
In January 2024, the SEC approved spot Bitcoin ETFs in the U.S., including BlackRock’s iShares Bitcoin Trust ETF (IBIT). It is now the largest issuer of crypto-backed ETFs.
In 2025, BlackRock finalised its acquisition of Preqin, a leading provider of private markets data. This acquisition will enhance BlackRock’s ability to offer integrated investment, technology, and data solutions across both public and private markets.
Timeline
- 1988: BlackRock was founded as an investment management firm focused initially on fixed income and risk management.
- 1999: BlackRock went public and expanded its investment management capabilities.
- 2006: The company acquired Merrill Lynch Investment Managers, significantly expanding its global asset management business.
- 2009: BlackRock completed its acquisition of Barclays Global Investors, bringing the iShares ETF business into the company.
- 2014: BlackRock became the world’s largest asset manager by AUM.
- 2024: BlackRock expanded further into digital assets, including the launch of its spot Bitcoin ETF, IBIT.
- 2025: BlackRock completed its acquisition of Preqin, expanding its private-markets data and analytics capabilities.
- 2026: BlackRock continued expanding across ETFs, private markets, technology and digital assets, with AUM reaching $15.3 trillion by June 30, 2026.
BlackRock Products and Services
BlackRock generates revenue from multiple channels, including investment advisory and administration fees for the assets it manages. The company’s offerings are primarily divided into iShares, its investment funds, and Aladdin, its investment management software.
iShares
Since acquiring iShares from Barclays Bank in 2009, BlackRock has grown it into the world’s largest issuer of exchange-traded funds (ETFs). Most of these funds are index-based, meaning they track the performance of an underlying index without active management. This allows investors to access a diverse range of assets at relatively low costs.
iShares offers a broad selection of funds, covering various asset classes. These include stock market ETFs, which are listed on major global exchanges like the New York Stock Exchange, Hong Kong Stock Exchange, London Stock Exchange, and Australian Securities Exchange. In addition to equities, iShares also offers funds based on bond and commodity indices, as well as emerging crypto assets.
BlackRock Crypto ETFs
In 2024, BlackRock emerged as the leading issuer of crypto-backed ETFs after the U.S. Securities and Exchange Commission (SEC) legalized such products.
On January 10, 2024, the SEC approved several applications for spot Bitcoin ETFs, including BlackRock’s. Bitcoin ETFs began trading soon after, with BlackRock’s iShares Bitcoin Trust (IBIT) becoming the first to attract over $1 billion in funds within just a week.
BlackRock also became a major name in the digital asset market after launching the iShares Bitcoin Trust ETF (IBIT) in January 2024. The fund provides investors with exposure to the price of bitcoin through an exchange-traded product rather than requiring them to hold bitcoin directly.
As of August 24, 2026, IBIT had approximately $60.3 billion in net assets, according to iShares.
| Product | What it does | Latest data |
|---|---|---|
| IBIT | Spot Bitcoin exposure | $60.3B net assets, Aug. 24, 2026 |
| ETHA | Spot Ethereum exposure | Update with latest iShares data |
| BUIDL | Tokenized U.S. Treasury/money market exposure | Update with latest BlackRock data |
Aladdin Software
Aladdin is BlackRock’s investment and risk-management technology platform. It helps institutional investors bring portfolio data, risk analysis and investment workflows together in one system.
The platform is used across asset management, banking, insurance, pensions and other financial institutions. BlackRock has continued to expand Aladdin into private markets and data services, including through its integration with Preqin.
Notable institutional clients of Aladdin include asset managers like Franklin Templeton, the Bank of Israel, and Microsoft (for its Treasury division). Aladdin’s ability to integrate data and offer actionable insights has made it an indispensable tool for large-scale investors.
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BlackRock vs. Blackstone
Although BlackRock and Blackstone are both major players in the financial world, they operate in different sectors and have distinct business models. Although their names are very similar, the two companies are very different. Here’s a comparison of the two:
- Business Focus: BlackRock primarily focuses on asset management, providing investment products across various asset classes, including equities, fixed income, and ETFs. On the other hand, Blackstone is more involved in private equity, real estate, and alternative investments. Blackstone specializes in large-scale acquisitions and managing private investment funds.
- Size and Assets Under Management: BlackRock is the world’s largest asset manager with nearly $10 trillion in assets under management (AUM), whereas Blackstone, although large, has a smaller AUM, typically in the range of hundreds of billions.
- Investment Strategy: BlackRock is known for its passive investment strategies, particularly through its iShares ETFs, while Blackstone focuses on more active, hands-on management of assets, particularly in real estate and private equity.
- Client Base: BlackRock serves a broad range of clients, including individuals, corporations, and governments. Blackstone’s clients are typically institutional investors and high-net-worth individuals looking for alternative investments that provide higher returns.
| BlackRock | Blackstone | |
|---|---|---|
| Main focus | Asset management across public and private markets | Alternative asset management |
| Key products | ETFs, mutual funds, active strategies, private markets and technology | Private equity, real estate, private credit and other alternatives |
| Well-known brand/platform | iShares and Aladdin | Blackstone private markets businesses |
| Typical clients | Institutional and individual investors | Mainly institutional and private wealth investors |
| Investment approach | Passive, active and private-market strategies | Primarily active alternative investment strategies |
In summary, although both firms are leaders in the financial sector, BlackRock focuses on traditional and passive investment strategies, whereas Blackstone is renowned for its more aggressive, alternative investment approaches. The simplest distinction is that BlackRock is best known for broad asset management and ETFs, while Blackstone is more closely associated with private equity, real estate and other alternative investments.
BlackRock in Canada
BlackRock also has a significant presence in Canada through BlackRock Canada and its iShares product range.
Canadian investors can access a range of iShares ETFs listed on Canadian exchanges, including funds focused on Canadian equities, global markets, bonds and other asset classes.
Availability, fees and tax treatment vary by product and account type.
Conclusion
BlackRock has grown from a fixed-income investment manager founded in 1988 into a global asset management and financial technology company. Its major businesses now span ETFs, active and index investing, private markets, digital assets and investment technology such as Aladdin.
With $15.3 trillion in AUM as of June 30, 2026, BlackRock remains one of the most influential firms in global asset management. For Canadian investors, its iShares business also provides access to a broad range of ETFs listed in Canada and other markets.
As with any investment product, the suitability of a particular BlackRock fund depends on its objective, fees, risk level and the investor’s circumstances.
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