BlackRock

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Qué buenas son las portadas de The Economist. Del contenido ya ni hablamos. Esta semana nos traen unos reportajes muy interesantes dedicados a BlackRock, impresionante hasta en el nombre. No hace mucho leía que BlackRock es la primera en el IBEX. Por una vez no se aplica eso de Spain is different: basta ver como empieza el artículo The rise of BlackRock:

ASK conspiracy theorists who they think really runs the world, and they will probably point to global banks, such as Citigroup, Bank of America and JPMorgan Chase. Oil giants such as Exxon Mobil and Shell may also earn a mention. Or perhaps they would focus on the consumer-goods firms that hold billions in their thrall: Apple, McDonald’s or Nestlé.

One firm unlikely to feature on their list is BlackRock, an investment manager whose name rings few bells outside financial circles. Yet it is the single biggest shareholder in all the companies listed above. It owns a stake in almost every listed company not just in America but globally. (Indeed, it is the biggest shareholder in Pearson, in turn the biggest shareholder in The Economist.) Its reach extends further: to corporate bonds, sovereign debt, commodities, hedge funds and beyond. It is easily the biggest investor in the world, with $4.1 trillion of directly controlled assets (almost as much as all private-equity and hedge funds put together) and another $11 trillion it oversees through its trading platform, Aladdin.

También tiene mucho interés The monolith and the markets

Hace unos meses, en Dublin en el marco de la European Corporate Governance & Company Law Conference asistí a una presentación de Amra Balic, Head of Corporate Governance & Responsible Investment de BlackRock. Muy interesante, describió los retos a los que se enfrentan como inversores en compañías cotizadas al tiempo que puso el acento en la política general de aportar estabilidad y apoyo pero sin perder nunca el sentido crítico. Me resultó muy convincente.

Una slide de su power point vale más que mil palabras:

As a long-term investor, with significant investment in index-tracking strategies, we’re patient and persistent in working with our portfolio companies to build trust and develop mutual understanding.
As a large investor we are able and feel a responsibility to monitor the companies in which we invest and to engage with them constructively and privately where we believe that would help protect shareholders’ interests.
We don’t try to micro-manage companies; we present our views as a long-term shareholder and listen to companies’ responses.
We don’t discuss company engagements publicly because you don’t need to make headlines to protect shareholder value.
We will vote against management when we judge that direct engagement has failed.

Sacado de este enlace de la ECGI: Slides used on Day 2 of the Conference

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