Tthe world’s largest asset manager has also been doling out long-term incentive pay to retain its top brass
[NEW YORK] BlackRock chief executive officer Larry Fink received US$30.8 million in compensation for 2024, a 14 per cent increase from a year earlier as the world’s largest asset manager expanded further into private investments.
President Rob Kapito, 68, was awarded US$21.8 million, and chief financial officer Martin Small received US$9.5 million, according to a proxy filing on Friday (Apr 4). Chief operating officer Rob Goldstein was paid US$13.1 million.
The value of Kapito’s share of a retention award tied to private-market funds rose to US$25.3 million at year-end from US$20.3 million at the end of 2023.
In February, BlackRock said it was awarding Fink, 72, additional pay perks known as carried interest tied to its push into private markets. The carry incentive is subject to a multiyear vesting schedule, with the CEO giving up unvested compensation if he leaves the firm.
The additional pay perks reflect BlackRock’s commitment to private markets, as does a trio of recent acquisitions. Over the past 14 months, BlackRock committed US$12.5 billion to buy Global Infrastructure Partners and £2.55 billion (S$4.4 billion) for data firm Preqin. It’s in the process of completing a US$12 billion acquisition of private credit firm HPS Investment Partners.
BlackRock, which has not named a successor to Fink, has also been doling out long-term incentive pay to retain its top brass. BLOOMBERG
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