BLK - BlackRock, Inc.

NYSE - NYSE Delayed Price. Currency in USD
494.03
-3.04 (-0.61%)
At close: 4:02PM EST

494.03 0.00 (0.00%)
After hours: 5:24PM EST

Stock chart is not supported by your current browser
Previous Close497.07
Open497.79
Bid490.00 x 1400
Ask495.33 x 900
Day's Range492.85 - 497.92
52 Week Range360.79 - 499.70
Volume342,730
Avg. Volume528,243
Market Cap76.741B
Beta (3Y Monthly)1.55
PE Ratio (TTM)19.08
EPS (TTM)25.90
Earnings DateJan 14, 2020 - Jan 20, 2020
Forward Dividend & Yield13.20 (2.66%)
Ex-Dividend Date2019-12-05
1y Target Est511.21
  • BlackRock terminates Mark Wiseman after failing to disclose relationship
    Yahoo Finance Video

    BlackRock terminates Mark Wiseman after failing to disclose relationship

    Yahoo Finance’s Editor in Chief Andy Serwer, Adam Shapiro, Julie Hyman and Myles Udland break down today’s top headlines.

  • Why BlackRock Is Still Bullish on Munis After Market’s Big Gains
    Bloomberg

    Why BlackRock Is Still Bullish on Munis After Market’s Big Gains

    (Bloomberg) -- Here’s one reason why BlackRock Inc., the world’s largest money manager, doesn’t expect a pullback from the municipal-bond market next year: Google searches for the securities jumped in April, when many Americans first felt the impact of President Donald Trump’s tax-cut law.The $10,000 cap on state and local tax deductions it ushered in helped set off a record-setting municipal-bond buying spree by those hunting for ways to drive down what they owe. And that interest is unlikely to subside anytime soon, Peter Hayes, head of such investments for BlackRock, said on Tuesday.“We think that this demand continues at least into the first half of 2020 at its current pace,” Hayes said at a media event hosted by the company.The influx of cash into municipal-bond mutual funds every week since early January and the Federal Reserve’s interest-rate cuts helped drive the securities to a 7.3% return this year, the biggest annual gain since 2014, according to Bloomberg Barclays indexes. While analysts don’t expect such outsize increases next year, in part because prices have less room to appreciate, they’re still expecting the market to post positive returns.Related Story: ‘Best Days Are Behind Us’: Outlook Dims for Muni Bonds in 2020Hayes, who didn’t offer a forecast for the market’s gains in 2020, said there’s no signs of any of the major factors that could cause demand to dissipate. One, a sharp move higher in interest rates of more than a quarter percentage point, isn’t expected, he said.“You’d have to see a significant move -- which, again, we’re not expecting,” Hayes said.Nor is BlackRock expecting any concerns about defaults or eroding credit ratings to scare investors away, as happened after the recession stoked off-base predictions in 2010 that more governments would renege on their debts.Right now, states and cities are generally enjoying the financial gains reaped from the record-long economic expansion of the past decade. More state and local governments were upgraded in the third quarter than were downgraded, marking the ninth consecutive quarter of such a trend, according to Moody’s Investors Service.The main unknown is the 2020 presidential election, but Hayes said it’s too soon to tell what the impact of that could have on taxes and it would take “well into 2021” for any changes to be enacted. Some investors and analysts have surmised that the race could even bolster the appeal of municipal bonds if investors are forecasting higher taxes under a Democratic president.“We’ll have to see what the election brings,” he said.To contact the reporters on this story: Amanda Albright in New York at aalbright4@bloomberg.net;Danielle Moran in New York at dmoran21@bloomberg.netTo contact the editors responsible for this story: Elizabeth Campbell at ecampbell14@bloomberg.net, William SelwayFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • BlackRock Says Days of ‘Extraordinary’ Market Returns Are Over
    Bloomberg

    BlackRock Says Days of ‘Extraordinary’ Market Returns Are Over

    (Bloomberg) -- BlackRock Inc. is pouring cold water on equity bulls, saying this year’s double-digit returns will be tough to match in 2020 as central banks pause monetary easing.“In 2019, the impact of the shift in monetary policy overwhelmed the actual impact from geopolitics to cause outsized, extraordinary returns -- that’s not what we’re talking about for next year,” Scott Thiel, chief fixed-income strategist at the BlackRock Investment Institute, told reporters in London on Tuesday. “So when we look at mid-single digits, high single-digits, that’s more consistent with the late-cycle returns.”The world’s biggest asset manager is joining a chorus of investors and analysts who believe that while it’s worth sticking with risk assets into 2020, the gains will be far more limited. Monetary easing by major central banks in response to the slowdown fears fueled a powerful rally in stocks this year, with the S&P 500 up 25% and global equities trading near record highs.“We think after central banks pivoted very aggressively in 2019, that this dovish pivot is largely behind us and we’ll most likely see central banks being on pause for much of 2020,” said Elga Bartsch, head of macro research at the BlackRock Investment Institute. “That’s in particular the case for the Federal Reserve.”Following the strong gains, BlackRock has reduced its recommendation for U.S. stocks to neutral and the euro-area to underweight, while raising Japanese and emerging-market stocks to overweight as it sees catch-up potential for their lower valuations.Instead of monetary policy, markets in 2020 will increasingly focus on fiscal spending by key economies, such as Germany, according to BlackRock. Former European Central Bank chief Mario Draghi has warned that euro-area governments should do more to support the central bank’s efforts with fiscal spending -- a message his successor Christine Lagarde has also pushed.\--With assistance from Sid Verma.To contact the reporter on this story: Ksenia Galouchko in London at kgalouchko1@bloomberg.netTo contact the editors responsible for this story: Blaise Robinson at brobinson58@bloomberg.net, Jon Menon, Paul JarvisFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • BlackRock sees growth edging higher in 2020, limiting recession risks
    Reuters

    BlackRock sees growth edging higher in 2020, limiting recession risks

    BlackRock said it expects world stock markets to squeeze out another year of gains and that it was cautiously shifting into more 'cyclical' assets such as Japanese stocks and emerging market and high yield debt. Scott Thiel, chief fixed income strategist for BlackRock Investment Institute, the bank's research arm, cited a nudge higher in growth in the first half of 2020 and an improvement in the "mood music" around protectionism as reasons for the optimism. “We are modestly positive on risk assets," said Scott Thiel, chief fixed income strategist for the BlackRock Investment Institute.

  • Reuters

    UPDATE 1-BlackRock sees growth edging higher in 2020, limiting recession risks

    BlackRock said it expects world stock markets to squeeze out another year of gains and that it was cautiously shifting into more 'cyclical' assets such as Japanese stocks and emerging market and high yield debt. Scott Thiel, chief fixed income strategist for BlackRock Investment Institute, the bank's research arm, cited a nudge higher in growth in the first half of 2020 and an improvement in the "mood music" around protectionism as reasons for the optimism. “We are modestly positive on risk assets," said Scott Thiel, chief fixed income strategist for the BlackRock Investment Institute.

  • BlackRock’s HR Chief Was Fired in July After Office Relationship
    Bloomberg

    BlackRock’s HR Chief Was Fired in July After Office Relationship

    (Bloomberg) -- The BlackRock Inc. human resources executive fired in July over an unspecified policy violation had engaged in a romantic relationship with a colleague, according to a person familiar with the matter.Jeff Smith, who had served as BlackRock’s global head of human resources, was the first of two senior executives to be removed from the world’s largest asset manager this year following a relationship at work. Mark Wiseman, global head of active equities, left last week for failing to report an affair with a person who reported to him.Brian Beades, a spokesman for BlackRock, declined to comment. Messages sent to email addresses listed in public records for Smith bounced back, and no phone number was listed for him.Company CultureBlackRock Vice Chairman Philipp Hildebrand said the decision to dismiss the two men reflected the firm’s commitment to its internal culture. He didn’t comment on details when asked about the two cases Tuesday on Bloomberg TV.“Culture is non-negotiable for a great company,” Hildebrand said. “There is no way you can make compromises. And as we said, the behavior we saw is not who we are, and so irrespective of the times, and the standards of the times, you have to preserve your culture.”Both departures came in the wake of a warning to BlackRock’s senior officials last year. At a meeting, Chief Executive Officer Larry Fink and members of the global executive committee -- a leadership team that included Smith and Wiseman -- discussed how they would be held to higher ethical standards than other employees.The MeToo era has brought heightened awareness across corporate America of the power dynamics in work relationships. McDonald’s Corp.’s CEO Steve Easterbrook left the company last month over an affair with an employee. In June 2018, Intel Corp. removed Brian Krzanich as CEO after the chip-maker learned he had a consensual relationship with an employee.Smith’s dismissal was announced in a July memo by Fink and President Rob Kapito, who said without elaborating that the human resources chief had violated corporate policy.Smith oversaw how BlackRock handled its staff in more than 30 countries around the world and had input into succession planning for Fink, 67. BlackRock tapped Manish Mehta, who previously headed markets and investments for its exchange traded funds and Index Investments group, to replace Smith in October.(Updates with comments from Hildebrand starting in fourth paragraph.)\--With assistance from Benjamin Robertson, Patrick Henry and Francine Lacqua.To contact the reporter on this story: Annie Massa in New York at amassa12@bloomberg.netTo contact the editors responsible for this story: Sam Mamudi at smamudi@bloomberg.net, Alan GoldsteinFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • BlackRock Investment Institute 'modestly positive' on risk assets for 2020
    Reuters

    BlackRock Investment Institute 'modestly positive' on risk assets for 2020

    BlackRock Investment Institute said on Tuesday it was cautiously rotating into cyclical assets, Japanese equities and emerging markets. “We are modestly positive on risk assets," said Scott Thiel, chief fixed income strategist for BlackRock Investment Institute, citing as reasons a nudge higher in growth in the first half of 2020 and an improvement in the "mood music" around protectionism. BlackRock was turning neutral on U.S. equities, was modestly underweight European equities and underweight European government bonds, said the firm at a media briefing.

  • South China Morning Post

    'Relative calm' in US-China trade war could help global economy in 2020, BlackRock Investment Institute says

    A "slight relaxation" of the trade war that has raged between the United States and China for more than a year should benefit the global economy, according to Ben Powell, the Asia-Pacific chief investment strategist at the BlackRock Investment Institute.Powell said investors are expecting the world's two biggest economies will reach some kind of deal, but are anticipating a "very narrow" one. He said issues between the two countries are likely to be "structural and persistent" for years, if not decades."It is in both China's and the US's self-interest to have a period of relative calm in the trade tensions over the next six to nine months," Powell said at a media briefing on Tuesday. "That period of relative calm should feed through " even if it is just a tepid recovery in corporate confidence along with looser financial conditions and still robust demand from the consumer side " into a pickup in [capital expenditure] or manufacturing data."The BlackRock Investment Institute is a research division of BlackRock, the world's biggest asset manager.US President Donald Trump has placed tariffs on hundreds of billions of dollars of Chinese-made goods as he tries to force Beijing to alter decades of industrial and trade policy.Trump announced a "substantial phase one deal" between the two countries in October, but no agreement has been signed and it looks unlikely that a deal will be signed before December 15, when the US has said it would add tariffs on another US$165 billion of Chinese goods. Is globalisation doomed? Business elites mull future as trade war ragesThe president, who said the countries were in the "final throes" of signing a deal last month, spooked markets last week when he said there was "no deadline" for a deal and one could be delayed until after next year's US presidential election.Powell said it would be "reasonable" to expect the Trump administration would want a calmer period ahead of the US elections to help with the economic and market performance."On the Chinese, it would be logical to us for China to benefit from the breathing space that a slight reduction in trade tensions for the short term would allow," Powell said. "[It would] allow China to continue on with its internal reform and opening up process."Charles Dumas, the chief economist at research firm TS Lombard, said the US election presents risks that could weigh on markets next year " no matter whether President Trump is reelected " and may not foreshadow an end to the trade tensions."The risk is that if Trump wins, the trade war gets dialled up again, so we get anxiety in the market for that reason," Dumas said. "If Trump doesn't win the election, some Democrat presumably does. They may have some programmes which are considered unattractive by investors, but also the Democrats are committed to the same sort of contest with China that Mr Trump is." V word rears its head in 2020 as trade war roils global investmentsThe firm, however, sees a positive outlook for US equities over the next three to six months, he said.Powell, the BlackRock strategist, said he expects economic fundamentals to drive markets next year, with risk from trade tensions lessening and less scope for monetary policy easing after several rate cuts this year.He said they are neutral on Asia, in part because of expectations of limited monetary policy support from China, but are more positive on emerging markets. They have downgraded US equities to neutral.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2019 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.

  • America-Style ETF Weapons Come to Europe’s Biggest Credit Trade
    Bloomberg

    America-Style ETF Weapons Come to Europe’s Biggest Credit Trade

    (Bloomberg) -- A key piece in the European ETF jigsaw is falling into place with the listing of derivatives for some of the region’s biggest credit products.Germany’s Eurex introduced options contracts on Monday that give investors the opportunity to buy and sell BlackRock Inc.’s euro investment-grade and high yield exchange-traded funds. The instruments should also help spur short-selling of the multibillion dollar ETFs.Efforts to bring liquidity to Europe’s corporate bond market have been boosted by a record $6.1 billion of inflows to IEAC this year. While the fund’s size relative to its underlying market now rivals its American counterpart LQD, it lacked a listed options market where traders could hedge and enter into more complex transactions.Bringing European products into the fold is “a natural extension,” as Eurex already offers options on U.S. credit ETFs, said Lee Bartholomew, head of fixed income derivatives at the exchange.With the holiday period on the horizon, Bartholomew expects volume on the contracts to pick up in the first quarter of 2020.Options trading on LQD has exploded in recent years, with open interest across calls and puts hitting a record high of almost half a million contracts in the summer, according to data compiled by Bloomberg.In Europe, market participants have sought various ways to ease the cost of buying and selling corporate debt, including via portfolio trading, where dealers can trade a group of bonds resembling the underlying index in a single transaction.Meanwhile, options will help further develop the lending market for European credit ETFs and facilitate short-selling. The lendable value of IEAC shares currently stands at more than 280 million euros ($310 million), according to data from IHS Markit.“All these developments show that we’ve come a long way,” said Vasiliki Pachatouridi, who leads fixed income strategy at BlackRock’s iShares.To contact the reporter on this story: Tasos Vossos in London at tvossos@bloomberg.netTo contact the editors responsible for this story: Hannah Benjamin at hbenjamin1@bloomberg.net, Cecile Gutscher, Yakob PeterseilFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • BlackRock, Vanguard Among Fund Giants Flocking to China
    Bloomberg

    BlackRock, Vanguard Among Fund Giants Flocking to China

    (Bloomberg) -- Global asset managers are embracing China’s invitation to do more business in one of the world’s fastest-growing financial markets.At least six firms, including BlackRock Inc. and Vanguard Group Inc., have told regulators they intend to apply for fully-foreign-owned mutual fund licenses, people familiar with the matter said. In October, the China Securities Regulatory Commission said overseas institutions can apply for total control of onshore ventures starting in 2020: applications for futures firms begin Jan. 1; fund management businesses start April 1.Fidelity International, Van Eck Associates Corp., Neuberger Berman Group LLC and Schroders Plc have also held talks with regulators, the people said, asking not to be identified because the discussions are private.Fidelity said in a statement that the company is “actively preparing” to apply for a mutual fund license at a proper time. Neuberger Berman and Vanguard declined to comment. BlackRock, Van Eck and Schroders didn’t immediately reply to requests for comment.The prospect of unshackled access to Chinese households’ 90 trillion yuan ($12.8 trillion) of investable assets is luring the world’s biggest money managers even as China’s economy slows and its stock market fluctuates amid a trade war with the U.S. China’s mutual fund market, or mass retail market, has ballooned more than sixfold since 2011 to almost 14 trillion yuan.“Global managers’ response has been quite positive to the policy easing, and we expect more to apply,” said Ren Zhiyi, a Shanghai-based partner at law firm Fangda Partners. “It’s a great opportunity for a market they’re bullish on for the long term.”Wealthy ClientsBlackRock Chief Executive Officer Larry Fink said in April he’s seeking to make the firm one of China’s leading asset managers as it expands outside the U.S., citing the potential for organic growth as the nation opens up its financial markets.The company, which owns a minority stake in a fund management joint venture with Bank of China Ltd., launched its first onshore private fund to qualified institutions and high-net-worth individuals last year, after winning a private funds license in 2017.Vanguard’s Asia CEO Charles Lin said in a July 2018 interview with the Chinese-language Securities Times, when he was China head, that the enormous size and significant potential of the Chinese market has led to optimism that the firm’s assets under management in China could grow to $5 trillion one day.Foreign firms have formed 44 fund management joint ventures with Chinese partners, all holding stakes smaller than 50% except JPMorgan Chase & Co., which earlier this year boosted its ownership above that level pending regulatory approval. Twenty-two global money managers, including Fidelity and Neuberger Berman, have also started private fund businesses in China over the past few years.(Updates with quote from law firm in sixth paragraph.)To contact Bloomberg News staff for this story: Haze Fan in Beijing at hfan40@bloomberg.net;Zhang Dingmin in Beijing at dzhang14@bloomberg.netTo contact the editors responsible for this story: Katrina Nicholas at knicholas2@bloomberg.net;Emma O'Brien at eobrien6@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Don’t time the market, but if you do, here’s when the bear might come knocking
    MarketWatch

    Don’t time the market, but if you do, here’s when the bear might come knocking

    The U.S. stock market has been setting new records and the economy is in a record eleventh year of expansion, so one research firm thinks a recession is due in the next two years. What that means for stocks, precisely, is a little less clear.

  • Bloomberg

    Fink Had a Frank Talk With Leaders Before BlackRock Dismissals

    (Bloomberg) -- Not long before the departures began, Larry Fink warned his top lieutenants: Behave or else.BlackRock Inc.’s chief executive officer was speaking last year at a scheduled meeting of his global executive committee, a group of about 20 of the company’s highest-ranking officials. During a conversation about corporate ethics, Fink and others discussed how their behavior would be held to a higher standard than other employees, according to people with knowledge of the meeting.Two of the men in that senior leadership group are now gone from the world’s largest asset manager. Mark Wiseman, once seen as a possible successor to Fink, was terminated this week for having an affair with a subordinate. Jeff Smith, who led global human resources, was dismissed in July for violating an unspecified company policy.A BlackRock spokesman declined to comment on the 2018 meeting.Both departures were announced in bluntly worded memos sent to approximately 16,000 employees worldwide, a sign of how serious Fink and President Rob Kapito are about punishing any misconduct among top officials as the firm seeks to position itself at the forefront of environmental, social and governance issues.Protecting ReputationWith almost $7 trillion under management, mostly in index-linked products, BlackRock is one of the largest shareholders in virtually every major U.S. public company. That’s led to pressure from politicians and activists who’d like to see BlackRock wield its influence for the greater good. It’s also prodding the New York-based firm to take ever greater care of its own reputation, said Kyle Sanders, an analyst at Edward Jones.“They’re at the forefront of conversations on ethical behavior and good management,” he said.It isn’t just a BlackRock issue. The MeToo era, kicked off by the allegations against movie producer Harvey Weinstein in 2017, has put the behavior of executives under a spotlight globally. Last month, McDonald’s Corp. removed its CEO over a relationship with a colleague, following a similar move by Intel Corp. in 2018.Fink’s memo portrayed the misconduct in grave terms.“It is deeply disappointing that two senior executives have departed the firm in the same year because of their personal conduct,” Fink and Kapito, two of the firm’s co-founders, wrote Thursday in announcing Wiseman’s exit. “This is not who BlackRock is. This is not our culture.”Rising StarThe departures stunned employees. Wiseman was seen as a rising star upon joining BlackRock in 2016. He was one of few people on the global executive committee whose career featured investing experience.Wiseman, 49, was also the only one of the group seen as potential Fink successors who’d previously been a CEO, running the Canada Pension Plan Investment Board for four years. At BlackRock he led the $290 billion active equities business and chaired its alternative investment division -- two areas where the firm is making a concerted effort to grow. His wife, Marcia Moffat, is BlackRock’s Canada country head.Day-to-day operations of the alternatives business will remain under the oversight of global head Edwin Conway and Jim Barry, its chief investment officer.The reasons for Smith’s departure were less clear. Fink and Kapito said only at the time that Smith “failed to adhere to company policy,” and BlackRock has declined to comment further.\--With assistance from Melissa Karsh.To contact the reporter on this story: Annie Massa in New York at amassa12@bloomberg.netTo contact the editors responsible for this story: Sam Mamudi at smamudi@bloomberg.net, Alan Goldstein, David ScheerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • BlackRock Shares Are Still Undervalued
    GuruFocus.com

    BlackRock Shares Are Still Undervalued

    The company enjoys competitive advantages and is addressing the developing trends of the industry Continue reading...

  • Poloz to Step Down as Canada Central Bank Governor in June
    Bloomberg

    Poloz to Step Down as Canada Central Bank Governor in June

    (Bloomberg) -- Explore what’s moving the global economy in the new season of the Stephanomics podcast. Subscribe via Apple Podcast, Spotify or Pocket Cast.Stephen Poloz, who resisted this year’s global rush to cut interest rates, won’t seek a second term at the helm of the Bank of Canada when his mandate ends in June.Poloz informed the central bank’s board of directors and Finance Minister Bill Morneau of his decision, according to a statement Friday from the bank.“It has been a privilege to serve as the ninth Governor of the Bank of Canada,” Poloz, 64, said in the statement posted to the bank’s website. He called his job at the bank, which began in 2013, “the most fulfilling of my long career.”The governor is preparing to leave the central bank with its 1.75% benchmark interest rate among the highest in advanced economies. Poloz -- who was among the few central bankers to raise interest rates in 2017 and 2018 as the nation’s economy began to fully recover from the last recession -- has been reluctant to reverse course, citing a relatively robust expansion and concerns that lower borrowing costs could fuel the nation’s already high household debt levels.“The issue of course is we’re at a very delicate point in time for the Canadian economy,” Brian DePratto, senior economist at Toronto-Dominion Bank said by phone. “The Bank of Canada is balancing growth concerns versus financial stability concerns. Certainly they’ve been emphasizing the latter quite a bit in my view in the recent communication.”Since Poloz came to power, Canadian household debt has increased by more than half a trillion Canadian dollars and remains near record high levels as a share of disposable income, which will almost certainly act as a millstone for growth for years to come. Bank of Canada officials cited the nation’s economic resiliency in the face of global uncertainty when they defended their decision this week not to follow the Federal Reserve in cutting rates.Though Poloz wasn’t expected to stay for a second term, he had indicated it was an option. His decision to step down means replacing him becomes one of the first orders of business for Prime Minister Justin Trudeau, whose Liberal Party won a second term in government after a divisive election in October.Early front-runners include the governor’s chief deputy, Carolyn Wilkins, who would be the first woman to take the job. Wilkins would offer the smoothest transition, particularly given how Poloz has elevated her role of Senior Deputy Governor under his watch to one that is more prominent than usual for the job.Wilkins, 55, oversees the central bank’s strategic planning and economic research, is involved in high-level Group of 20 and Financial Stability Board meetings, and is overseeing the review of the central bank’s inflation mandate, which will be renewed in 2021. Wilkins also fills in for Poloz once a year as chair of the Governing Council -- the group of policy makers that decides on interest rates.Jean Boivin, the head of BlackRock Inc.’s research unit, is also being touted as a stronger contender. He was considered an economic whiz kid when Bank of England Governor Mark Carney, then Bank of Canada governor, recruited him from academia as an adviser a decade ago. Boivin, currently based in London, would be the first francophone to run the central bank.Another potential successor is Tiff Macklem, dean of the University of Toronto’s Rotman School of Management, who left the bank after a long tenure after he lost his bid for the top job at the central bank in 2013 to Poloz. Among other names circulating as potential candidates include Paul Beaudry, who joined the Bank of Canada earlier this year as deputy governor; Evan Siddall, head of Canada Mortgage and Housing Corp.; and Paul Rochon, the current deputy minister of finance.Poloz’s announcement comes amid a period of turnover atop the world’s major central banks. Christine Lagarde just replaced Mario Draghi as president of the European Central Bank, while Carney is set to step down from the Bank of England in January.Under Poloz’s watch, borrowing costs were kept near the lowest levels in the central bank’s eight-decade history. That ultimately kept the economy afloat long enough for one of the fastest increases in jobs and probably the largest accumulation of wealth in the nation’s history, as cheap money inflated the value of real estate and financial assets.By some measures, Poloz has been one of Canada’s most successful central bankers ever: the country is closer to a state of full employment and stable prices than at any time since the 1960s.But his efforts to return the economy to full health, where it’s not reliant on low interest rates, housing and debt, ultimately fell short as Canada grappled with the lingering effects of the last recession and wrestled with a litany of new headwinds including a once-in-a-generation collapse in commodity prices and the impacts of global trade tensions.\--With assistance from Cedric Sam.To contact the reporters on this story: Theophilos Argitis in Ottawa at targitis@bloomberg.net;Shelly Hagan in ottawa at shagan9@bloomberg.netTo contact the editors responsible for this story: Theophilos Argitis at targitis@bloomberg.net, Chris Fournier, Stephen WicaryFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Reuters

    INSIGHT-No Riyadh rush as many global investors steer clear of Aramco IPO

    The Saudi Aramco IPO was supposed to be a cornerstone of Crown Prince Mohammed bin Salman's ambitious plan to open the gates to foreign investment in the kingdom. The state oil giant confirmed on Thursday that its initial public offering would be the biggest in history, raising $25.6 billion. The offering will surpass Alibaba's 2014 New York flotation and value Aramco at $1.7 trillion - still short of the prince's $2 trillion goal.

  • Financial Times

    Why you don’t always get what you pay for with wealth managers

    for its active and index tracker funds, arguing that “more work needs to be done to ensure investors understand the impact of costs on investment returns”. Its senior investment planner, James Norton, even did that work. If the investor’s all-in costs are 2 per cent — which many wealth managers charge, and some ask for more — the sum will grow to £210,000 after 30 years.

  • Financial Times

    The latest fad in luxury dealmaking

    One scoop to start: CVC Capital Partners has held talks with Fifa and Real Madrid about funding the creation of ambitious new global football tournaments that will challenge the sport’s most popular leagues. If you’ve spent winters in Aspen or Chamonix, you’re likely to have seen a lot of skiers coming down the slopes kitted out in Moncler. The man behind the luxury skiing brand is Remo Ruffini, below, an Italian mogul who is the creative brains behind puffer jackets that can set you back thousands of dollars.

  • Financial Times

    FirstFT: Today’s top stories

    The programme, known as the Country Partnership Framework, is designed to help Beijing fund green investments, encourage market-oriented reforms and promote early childhood development and healthcare initiatives. There is also a growing sense within the Trump administration, and on Capitol Hill, that China should no longer be treated as a developing economy.

  • Bloomberg

    Larry Fink Sends a Message: Flout BlackRock Rulebook at Your Own Risk

    (Bloomberg) -- BlackRock Inc. fired a top official over a consensual affair, the firm’s second high-profile dismissal this year over misconduct, as Chief Executive Officer Larry Fink cracks down on the behavior of his senior lieutenants.Mark Wiseman, global head of active equities and viewed as a potential successor to Fink, was terminated for violating the company’s policy on work relationships, according to a memo that Fink and President Rob Kapito sent to staff on Thursday. Global head of human resources Jeff Smith was dismissed in a similar way in July for breaking company rules.The dramatic nature of the departures shows how misconduct is being scrutinized and penalized at Wall Street firms in today’s environment. They also underscore Fink’s willingness to make an example of even the top leaders at the world’s largest asset manager.“I definitely think there’s a culture shift,” said Nancy Erika Smith, a lawyer whose clients have sued Wall Street firms for harassment and discrimination.The colleague involved in the affair reported to Wiseman, according to a person familiar with the matter. The Globe and Mail earlier reported that the person was his subordinate.Wiseman had been steadily gaining power at the firm since joining in 2016. He was chair of BlackRock Alternative Investors, in addition to his role at the helm of the active equities business. He was in a group of about seven contenders widely thought to be in the running to replace Fink. His wife, Marcia Moffat, is BlackRock’s Canada country head.Jeff Smith, the firm’s former global head of human resources, left after failing to adhere to company policy, Fink and Kapito announced in a memo in July, without giving more details. Both Smith and Wiseman were on BlackRock’s global executive committee.“This is not who BlackRock is,” Fink and Kapito wrote in a memo Thursday on Wiseman. “This is not our culture. We expect every employee to uphold the highest standards of behavior. This is especially critical for our senior leaders.”Companies worldwide are facing increased scrutiny over the behavior of top executives. The metoo era ushered in by the allegations against movie mogul Harvey Weinstein helped create a zero-tolerance policy for behavior that would have remained hush-hush in the past -- or handled internally. Last month, McDonald’s Corp.’s CEO Steve Easterbrook left the company because of a relationship with a colleague. In June 2018, Intel Corp. removed Brian Krzanich as CEO after the chipmaker learned he had a consensual relationship with an employee.The issue with Wiseman had no impact on any portfolios or client activities, Fink and Kapito said in the memo Thursday. The active equities business that Wiseman oversaw had about $290 billion in assets at the end of June.“I regret my mistake and I accept responsibility,” Wiseman said in a separate memo.Alternative investments has been a major focus for BlackRock, which manages a total of roughly $7 trillion, as it looks to branch beyond indexed products like exchange-traded funds.Speculation about successors to Fink, who turned 67 this year, has increased as investors and analysts look to the company’s future. Fink addressed his strategy over cultivating a select group of proteges in an interview with Bloomberg Markets magazine in 2017, when he said that when he leaves the company he does not expect to stay on as chairman.Wiseman, who has a law degree as well as an MBA, once served as a clerk to Canadian Supreme Court Justice Beverley McLachlin, and spent part of his career in law.He joined the Canada Pension Plan Investment Board in 2005 and was named CEO in 2012. His tenure at Canada’s biggest pension saw it open offices and pursue investments abroad, particularly in South America and Asia.(Updates with reporting line in fifth paragraph)\--With assistance from Paula Sambo, Max Abelson and Josh Friedman.To contact the reporter on this story: Annie Massa in New York at amassa12@bloomberg.netTo contact the editors responsible for this story: Sam Mamudi at smamudi@bloomberg.net, Alan MirabellaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • HR Departments Won’t Stop Harassment by Banning Sex
    Bloomberg

    HR Departments Won’t Stop Harassment by Banning Sex

    (Bloomberg Opinion) -- Mark Wiseman, who was seen by many as a likely heir to BlackRock Inc. Chief Executive Officer Larry Fink, is now out of a job. The details we have are scant. In a memo, Wiseman explained: “I am leaving BlackRock because in recent months I engaged in a consensual relationship with one of our colleagues without reporting it as required by BlackRock’s Relationships at Work Policy.”An additional wrinkle: This consensual relationship was also an extramarital affair. Wiseman is married to Marcia Moffat, head of BlackRock’s Canadian division.Coming on the heels of Steve Easterbrook’s ouster as CEO of McDonald’s Corp. for a consensual relationship with an employee, comparisons are bound to be made. But the two cases are different, and while a line back to the MeToo movement will inevitably be drawn, let’s be clear: Neither of these cases involve allegations of sexual harassment or assault.Both cases are about violating company policy – BlackRock’s rule that relationships must be disclosed, and the McDonald’s rule that no boss can date a subordinate, direct or indirect. Companies can’t let senior leaders get away with violating the rules they’re asking their employees to follow.The question we should be asking, then, is not whether workplace relationships are wrong, but whether HR edicts seeking to control them are a good idea.Such policies seem to have sprung up like mushrooms after the spring rain of MeToo. The problem is that that they seek to do away with the “harassment” part of sexual harassment by controlling the “sexual” part. That’s wrongheaded.In fact, the whole post-MeToo conversation has focused a little too much on sex. (I suppose it’s natural; we’re only human.) In the aftermath of that movement, I fielded somewhat panicked questions from men about whether it was OK to ask a cute co-worker out for coffee or compliment a colleague’s outfit. Such innocent overtures were never the problem.Yet in this overheated environment, corporate HR departments seem to have decided that the best way to protect their firms from liability, and perhaps clarify some matters for a few confused men, would be to draw a bright line: No sex with colleagues. Or: No sex with colleagues less powerful than you. Or: No sex with colleagues, or colleagues less powerful than you, unless you tell HR about it. (And what could have a more libido-deflating effect than imagining that particular meeting?)This all seems needlessly Victorian – and tough to implement besides. When exactly are you supposed to disclose your new paramour to HR? Do you need to ask your boss’s permission before you start flirting? Do you have the “Are we boyfriend and girlfriend?” conversation before or after the “Are we HR official?” chat?The fact is, Americans work long hours, and lots of us are obsessed with our jobs. The more time we spend at work, the less likely it is we’ll meet someone outside corporate HQ. Estimates vary, but a significant number of people meet their spouses at work.With work and sex both being fairly central parts of the human experience, it’s inevitable that they’ll occasionally overlap. And it’s really none of HR’s business, though I realize they always like to have a seat at the table.Moreover, as such assortative mating increases and two-career couples become more common, more companies see recruiting top talent as a double act rather than a solo show. In high-flying careers where relocation is the norm, it’s no longer unusual for organizations to recruit both members of a power couple.That development represents progress for women, who are still much more likely to be the trailing spouse. If HR departments seek to ban sex, I worry it will curtail this promising development.HR departments don’t need to ban sex (impossible) in order to ban harassment (imperative). They should focus less on prurient details and more on punitive tactics. Colleagues shouldn’t bully, coerce or browbeat each other, regardless of whether such behavior has a sexual undercurrent. Company policies that clearly delineate what constitutes harassment and protect employees would have a much better result than attempts to track their sex lives.To contact the author of this story: Sarah Green Carmichael at sgreencarmic@bloomberg.netTo contact the editor responsible for this story: Brooke Sample at bsample1@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Sarah Green Carmichael is an editor with Bloomberg Opinion. She was previously managing editor of ideas and commentary at Barron’s, and an executive editor at Harvard Business Review, where she hosted the HBR Ideacast. For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Barrons.com

    BlackRock Just Fired a Potential Successor to CEO Larry Fink. Here’s Why.

    Mark Wiseman was terminated for failing to disclose a consensual romantic relationship with another BlackRock employee.

  • MarketWatch

    Blackrock ousts executive viewed as possible CEO candidate for failing to disclose relationship: WSJ

    Blackrock Inc. has ousted Mark Wiseman for failing to disclose a romantic relationship with an employee, the Wall Street Journal reported Thursday, citing a person familiar with the matter. Wiseman, who was viewed as a potential successor to Blackrock's Chief Executive Lawrence Fink, breached the company's policy by engaging in the relationship, the paper reported. The executive and his wife Marcia Moffat, head of Blackrock's Canada office, were viewed as a married power couple at the asset manager. The relationship was with another employee. "I engaged in a consensual relationship with one of our colleagues without reporting it," Mr. Wiseman in a memo Thursday, according to the paper. "I regret my mistake and I accept responsibility for my actions." Wiseman came to Blackrock in 2016 from the Canada Pension Plan Investment Board. Blackrock shares were up 0.8% Thursday, and have gained 24% in 2019, matching the S&P 500's gains.

  • BlackRock global active equities chief to leave firm over relationship with colleague
    Reuters

    BlackRock global active equities chief to leave firm over relationship with colleague

    Wiseman, one of several people tipped as BlackRock Chief Executive Larry Fink's possible successors, is a former Canadian pension manager who ran active equities and served as chairman of the $7 trillion indexing behemoth's alternatives unit. "When the firm becomes aware of a breach of policy or conduct that is not in line with our values, we move quickly and decisively to address it," Fink and BlackRock President Rob Kapito said in the memo, which was reviewed by Reuters.

  • BlackRock says global active equities chief Wiseman to leave firm
    Reuters

    BlackRock says global active equities chief Wiseman to leave firm

    Wiseman, one of several people tipped as BlackRock Chief Executive Larry Fink's possible successors, is a former Canadian pension manager who ran active equities and served as chairman of BlackRock's alternatives unit. "When the firm becomes aware of a breach of policy or conduct that is not in line with our values, we move quickly and decisively to address it," CEO Fink and BlackRock President Rob Kapito said in the memo, which was reviewed by Reuters.