Larry Fink

About a quarter of BlackRock’s 14,000 employees work as technologists, the firm’s chief financial officer said Wednesday.
That’s a higher percentage than at JPMorgan.
Like its peers, BlackRock is betting on technology as a growth driver.

BlackRock’s chief financial officer just disclosed a key figure that illustrates the importance of technology to the world’s largest asset manager.

About a quarter of BlackRock’s 14,000 employees, or 3,500 people, work as technologists, BlackRock CFO Gary Shedlin said at an investor conference on Wednesday.

That’s a higher percentage than the 20% of JPMorgan’s 250,000 employees who work in technology functions, but still lags the 30% of Fidelity 40,000 employees who work in tech.

Like its peers, BlackRock, which oversees $6.4 trillion in assets, is betting on technology as a growth driver. BlackRock’s signature technology product is Aladdin, an investment management platform that touches $18 trillion of assets globally. Though technology services makes up just 6% of the firm’s total revenue, which is largely dependent on fees paid for assets under management, the segment jumped 18% year-on-year for the third quarter to $200 million.

The increase reflected “an outsized number of new clients sourced in 2017 and successfully implemented in the current year,” Shedlin said, noting that the firm …read more


Source:: Businessinsider – Finance

      

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