BlackRock, the world’s largest investment management firm with about $8.49 trillion in assets, recorded a $1.7 trillion loss in the first half of 2022, according to a new report.
According to Marc Rubenstein, a Bloomberg analyst, this was the biggest sum of money ever lost by a single company in a 6-month span.
In the company’s second-quarter earnings report, BlackRock CEO Larry Fink attributed the immense decline to the collapse in the financial markets, blaming an environment of rampant price inflation, rising interest rates, and market carnage.
“The first half of 2022 brought an investment environment that we have not seen in decades,” Fink stated in an earnings call with analysts last week. “Investors are simultaneously navigating high inflation, rising rates, and the worst start to the year for both stocks and bonds in half a century, with global equity and fixed-income indexes down 20% and 10%, respectively.”…