BlackRock‘s chief investment officer was the highest paid CEO of 2010, which is kind of suiting given that he is also head of the largest exchange traded fund (ETF) provider.
Larry Fink, CEO of BlackRock, stated at the start of 2010 that the company was “very well positioned” for 2010, report Nikolaj Gammeltoft and Laura Marcinek for Bloomberg. Nevertheless, the company’s total share return was down 16% by year’s end, whereas the S&P 500 Asset Management and Custody Bank Index gained 13%. BlackRock has performed spectacularly in the past, with total returns jumping 77% in 2009.
Fink, though, still saw his income increase to$23.8 million during 2010, making him the No. 1 best-paid CEO in the Bloomberg Markets magazine’s Finance 50. BlackRock acquired Barclays Global Investors for $12.5 billion in 2009.
More recently, BlackRock reported first-quarter profits of $568 million, or a 34% jump year-over-year. The iShares ETF business BlackRock acquired has helped boost total assets under management by 2.5% from the previous quarter.
Max Chen contributed to this article.
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