[Special Leader 44] Architect of the Wall Street Empire, Larry Fink, Founder of BlackRock

[CEONEWS = Chief Reporter Jaehoon Lee] Today in 2025, when asked to name the most influential figure at the heart of the global financial market, there is no hesitation in pointing to Larry Fink, founder and CEO of BlackRock. The assets under his control amount to an astronomical $10 trillion—six times South Korea’s GDP. Yet, his name is not merely recorded as a ‘Wall Street giant.’ Fink has repositioned himself as a leader who is reshaping 21st-century capitalism by pivoting the financial paradigm around two new pillars: ESG (Environmental, Social, and Governance) and AI.

■ An Extraordinary Journey from Humble Beginnings

Born in 1952 in Los Angeles, USA, Larry Fink was raised in a middle-class Jewish family. His father ran a shoe store, and his mother was an English teacher. There was no illustrious financial lineage or massive initial capital. What he learned from an early age was the value of effort and diligence rather than inherited wealth. After studying political science at the University of California, Los Angeles (UCLA), and earning an MBA, he entered the financial industry. Early in his career, Fink showed exceptional talent in the mortgage bond market but suffered a major loss of nearly $100 million in 1986. This failure could have been fatal, but it became the source of his leadership philosophy—"failure is the best teacher." He then identified gaps in asset management and founded BlackRock in 1988. Starting with just about 10 employees, the company grew into the world’s largest asset manager in 37 years.

■ Championing the ‘Democratization of Investment’

Fink’s leadership can be summarized as “responsible capitalism.” Through his annual letters to CEOs worldwide, he has emphasized that companies must exist not solely for profit but for creating social value. A line from his 2018 letter remains famous: “Companies must serve not only their shareholders but all stakeholders. Without a social purpose, companies cannot prosper in the long term.” This was not just rhetoric. BlackRock significantly reduced its portfolio’s exposure to carbon-emitting companies and increased investments in renewable energy and green industries. Coal-fired power companies were excluded, and at shareholder meetings, BlackRock strongly pushed for management reforms in companies with poor ESG ratings. Many global CEOs feared and respected 'Fink’s Letter' alike. BlackRock’s capital essentially acts as the ‘world market’s judge.’

■ Data-Driven Collective Intelligence Leadership

Larry Fink’s management style is characterized by strong data-based decision-making and transparent trust-building. He emphasizes “collective intelligence” within the organization, fostering a culture where the entire team manages risk together rather than relying on a single leader. BlackRock’s flagship system, ‘Aladdin,’ is an AI platform that analyzes global financial data in real time to manage risks—a symbolic embodiment of Fink’s philosophy. Today, Aladdin manages assets worth $25 trillion across more than 200 financial institutions worldwide. Fink consistently urges employees, “Do not hide failures.” This ethos comes from his own experience of turning early failures into stepping stones. BlackRock maintained relatively stable returns even during turbulent periods such as the 2008 global financial crisis and the 2020 COVID-19 pandemic.

■ Architect of ‘Intelligent Capitalism’ in the AI Era

Fink’s gaze is now firmly set on AI. In several recent speeches, he declared, “AI is the technology that will completely transform the structure of capitalism worldwide, not just finance.” At this year’s Davos Forum, he called AI “the biggest inflection point since the Industrial Revolution” and stressed that “businesses and governments must proactively respond to this change.” BlackRock has already taken a leading role in AI-powered asset management automation, risk prediction, and ESG data analysis. Notably, he coolly assesses AI’s impact on investment, employment, and social structures, proposing a new framework called “Intelligent Capitalism.” This paradigm merges data, AI, and capital to build a sustainable future and signals the direction of his future leadership.

■ “Let’s Make Seoul the AI Capital of Asia”

A particularly notable event was a recent meeting in New York. During his visit to the UN General Assembly in September, South Korean President Lee Jae-myung held a special dialogue with Larry Fink. At this meeting, Fink proposed making Korea “the AI capital of Asia.” He said, “Korea has all the conditions necessary to build an AI ecosystem, including semiconductors, 5G infrastructure, and outstanding talent. BlackRock is fully prepared to support Korea’s rise as the AI hub of Asia.” This was not mere diplomatic rhetoric. BlackRock already has strategic partnerships with the National Pension Service, Samsung, SK, among others, and has invested billions of dollars in AI and green tech startups in Korea. Coupled with government initiatives such as the ‘K-Semiconductor Belt’ and ‘AI National Strategy,’ there is growing anticipation that synergy between global capital and national strategy will create new engines of growth.

■ Controversies, Criticism, and Responses

Of course, his actions have not been met with universal praise. Some fear BlackRock’s immense influence has reached the level of a “shadow government,” as it holds stakes in many major global corporations and can effectively sway the world economy. Conservative critics also argue that ESG investing is politically biased. Some Republican-led U.S. states have even moved to terminate their pension fund contracts with BlackRock. Yet Fink consistently responds to such criticism: “We pursue long-term investment returns, not political agendas,” and “ESG is a key element of risk management.” In fact, BlackRock’s ESG funds have shown more stable returns compared to traditional funds.

■ Message to the Korean Economy

During the New York meeting at the UN General Assembly, Fink emphasized not just investment attraction but a “paradigm shift.” He assessed Korea as optimally positioned to transition from a manufacturing base to an AI- and data-driven economy. “Korea is already number one in memory semiconductors and rapidly catching up in system semiconductors. Combined with abundant data and excellent engineering talent, Korea can build an AI ecosystem rivaling Silicon Valley.” He highlighted Korea’s strengths as ‘fast decision-making’ and ‘government-private cooperation,’ noting that regulatory improvements and infrastructure development can happen more swiftly than in the U.S. or Europe.

■ The Philosopher of Capital Designing the Future

Larry Fink is more than just a financier. He built the world’s largest asset empire learning from failure, revolutionized capitalism through ESG, and now advances as a visionary designing the AI era. At 73, his passion remains undiminished. In a recent interview, he stated, “My final challenge is to create a new economic model combining AI and sustainability.” His “AI Capital Seoul” remark to President Lee is no mere slogan but a signal marking the beginning of a new game where global capital and technological hegemony intersect. The message from the heart of finance directly connects to the future strategy of Korea and Asia.

“Capital always looks to the future. And I want Korea to be part of that future.”

This single sentence is why we spotlight him as a Special Leader today. In an era when his choices shape the world economy’s direction, we watch closely to see if his vision for Korea at the center will become reality.