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Thursday, October 22, 2009

Fink Reveals a Growing, Nine-Figure Ad Budget

Reported by InvestmentWires Staff, 

BlackRock is increasing its nine-figure advertising budget. Larry Fink, CEO of the New York City-based asset manager, told attendees at the MMI 2009 Fall Conference in midtown Manhattan Thursday afternoon that BlackRock is spending a hundred million dollars a year globally on advertising and that the figure is growing.

Larry Fink
BlackRock
CEO
He also confirmed that BlackRock expects to wrap up its purchase of Barclays Global Investors on December 1.

Bobbie Collins, a spokeswoman for BlackRock, subsequently confirmed Fink's remarks, but she declined to comment on the details of BlackRock's advertising and branding plans.

"Clearly, we are investing in our brand, but we're still formulating our plans as they pertain to our ongoing integration with BGI," Collins told The MFWire.

Fink's keynote address opened the two-day confab at the Marriott Marquis. The event drew more than 400 attendees.

Fink discussed the importance of scale, and he also noted the continuing trend of manufacturers separating from distributors, pointing to the Invesco-Morgan Stanley deal as the latest example. 

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