Larry Fink Has One Big Headache

摘要

Chief Executive Officer Larry Fink said last year that he'd spent "hundreds of millions of dollars rebooting" BlackRock's stockpicking business. He still has work to do. Of the company's 84 actively managed U.S. equity funds, 70 ranked in the bottom half of their categories over the past five years, according to data from research firm Morningstar. Clients have noticed: In 19 of the past 21 quarters they've pulled money from BlackRock's actively managed U.S. and international equity funds, whose assets declined to $292.8 billion at the end of 2014, from $334.5 billion in 2010, a period when the Standard & Poor's 500-stock index soared more than 60 percent. "We've had to make some tough decisions and had quite a lot of pain in outflows," says Quintin Price, head of the company's Alpha Strategies group. "It's not about outperforming every single quarter. It's outperform-ing over time."