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Wednesday, December 05, 2012

Fink Is "Not Leaving This Job"

News summary by MFWire's editors

Larry Fink says that, despite rumors to the contrary, he's not going anywhere.

Aaron Pressman of Reuters reports that yesterday, after at least a year and a half of public speculation, the BlackRock [profile] chief and staunch Democrat insisted that he is not potential candidate to replace Tim Geithner as the U.S. Treasury Secretary for President Barack Obama's second term. Fink gave investors the news at a Goldman Sachs event in New York.

"It's like a myth," Fink reportedly said. "I am happy where I am."

Fink insisted that he's sticking with BlackRock, the company he co-founded 24 years ago that has since grown to be the biggest asset manager in the world. BlackRock is also a large mutual fund shop and the biggest ETF shop.

"I am not leaving this job," Fink said. "I will be at BlackRock as long as my board wants me here."

Buzz about Fink contending for Geithner's job dates back at least to summer 2011. And as recently as a month ago Fink demurred that he "would certainly take the call" if Obama asked him to step up. 

Edited by: Neil Anderson, Managing Editor

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