Given this reach, Fink’s annual missives about corporate purpose and serving stakeholders beyond just shareholders are required reading for almost every chief executive. Moreover, institutional and corporate investment managers responsible for perhaps $30 trillion of assets – a figure 50% larger than U.S. GDP – use risk-management software called Aladdin that BlackRock developed, uses in-house. Politicians have raised questions about the $80 billion firm’s many tentacles as recently as last month. Things like running mutual funds, for example, are regulated by the U.S. Securities and Exchange Commission and others. But the recent sale by lender PNC Financial Services of its 22% stake in the asset manager means there should be fewer limitations on BlackRock’s activities, and this also removed one potential source of more intrusive oversight.

https://www.reuters.com/article/us-blackrock-goldman-sachs-breakingviews/breakingviews-blackrock-is-becoming-the-new-old-goldman-sachs-idUSKBN23B36U