BlackRock Inc Chief Executive Officer Larry Fink sold nearly 7 per cent of his stake in the asset management giant, netting proceeds of about $25-million.Last week, the New York-based company reported an 18 per cent drop in its first-quarter profit, but trounced analysts’ estimates as investors continued to pour money into its funds.
Turmoil in the markets, like the one sparked by the banking crisis last month, can present “enormous opportunities” for BlackRock, Fink said last week. Shares of BlackRock, which makes most of its money from fees on investment advisory and administration services, gained nearly 3 per cent since the banking turbulence began last month. Stock lost 0.6 per cent on Friday.
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