Larry Fink Has One Big Headache

Chief Executive Officer Larry Fink said last year that he’d spent “hundreds of millions of dollars rebooting” BlackRock’s stockpicking business. He still has work to do. Of the company’s 84 actively managed U.S. equity funds, 70 ranked in the bottom half of their categories over the past five years, according to data from research firm Morningstar. Clients have noticed: In 19 of the past 21 quarters they’ve pulled money from BlackRock’s actively managed U.S...