By Kirsten Grind
Laurence Fink, chairman and chief executive officer of BlackRock
Inc., earned a pay package of $23.9 million in 2014, an increase of
about 4% from the previous year, according to a regulatory filing
Friday.
Mr. Fink, who runs the world's largest asset manager, earned a
$9.1 million bonus and $13.6 million in stock compensation,
according to the filing. His base salary for the year was $900,000,
up from $500,000 in each of the previous two years.
According to BlackRock's salary calculations, which vary
slightly from those required to be reported by the Securities and
Exchange Commission, Mr. Fink was awarded $26 million for his
performance in 2014, up 8% from the previous year.
BlackRock shares were up about 16% in 2014 and ended the year at
about $364 a share.
A BlackRock spokesman declined to comment.
The filing came a day after New York-based BlackRock reported
that profit increased 8.7% in it's first quarter but missed Wall
Street's revenue expectations as a result of foreign-exchange fees
tied to the strong dollar.
The rising dollar caused BlackRock to lose out on fees paid by
clients in weaker currencies, an impact of $87.6 billion in assets
under management during the first quarter.
First-quarter revenue was $2.72 billion, below analyst
expectations of $2.79 billion. Overall, BlackRock reported earnings
of $822 million, or $4.84 a share, up from $756 million, or $4.40 a
share, in the same period a year earlier.
Still, BlackRock was helped by strong investor inflows of $70.4
billion and saw its assets rise during the quarter to $4.77
trillion.
The company also has been a beneficiary of billions of dollars
that have left rival Pacific Investment Management Co. since the
departure of its star manager Bill Gross last year.
Mr. Fink, who co-founded BlackRock in 1988, doesn't manage money
but is widely regarded by global governments and institutional
clients for his views on the economy. He has lately been sounding
stark warnings on the dangers in the fixed-income market at a time
of low interest rates. In an analyst call Thursday, he said, "the
increasingly desperate search for yield is the single greatest
source of risk in the financial system."
Other BlackRock executives also saw pay raises last year.
President Rob Kapito earned $18.5 million, a 4.5% increase from the
$17.7 million he earned in 2013. Charles Hallac, co-president of
the firm, saw his pay increase about 10% to $11.1 million.
Write to Kirsten Grind at kirsten.grind@wsj.com
Access Investor Kit for BlackRock, Inc.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US09247X1019
Subscribe to WSJ: http://online.wsj.com?mod=djnwires