BlackRock

BlackRock is founder-led by Larry Fink with a deep bench including President Rob Kapito, COO Rob Goldstein, and CFO Martin Small. The team has repeatedly anticipated structural shifts (ETFs, Aladdin, solutions, now private markets and data).

Governance alignment remains solid, though 2025 brought succession questions after senior departures and Fink’s decision to remain until successors are fully ready. We view disclosure quality and investor communications as strong, and the bench deep; nonetheless, key-person risk at a firm of this scale warrants a small deduction.