저자: 미상 · 외국인
요약 보기
블랙록(Larry Fink)과 GIP(Bayo Ogunlesi)의 인프라 투자 통합 발표. 12.5억 달러 규모 딜로, 인프라 투자 황금기와 ETF 확장(비트코인 ETF 포함)을 강조. 블랙록의 ETF 사업 확대 방향과 인적 문화 결합을 설명.
다듬은 글
let's start with the big announcement coming from Black Rock on Friday they would make a major move into infrastructure by merging with global infrastructure partners and then going forward it would put its entire business in the ETF rapper right after the announcements we talked with black rock CEO Larry Fin and Gip CEO bio oan Lacy about what drove their 12.5 billion deal I've always looked With Envy uh with admiration to what bio and his team have done we are both uh Refuge G's from first Boston we knew each other at first Boston we have a common um culture um we laugh about what we learned at first Boston over dinners um and and and and and so um with the respect the appreciation uh of of Gip when you think about Gip what what are they known for they are they they they invest in major and larger projects than we did in infrastructure like gatw airport and Sydney airport but they're particularly superb in the operational efficiencies of these Investments they improved the quality of service um and and so if you think about what we have brought at Black Rock over the last eight years in infrastructure what Gip has been doing since 2006 the two organizations look like a perfect match and then you've overlay the cultural connection and we always underestimate the cultural connections and our business our business is a business of people right and if you don't have that cultural connection that friendship that uh continuity it makes it harder to do so I think we have the business strategy down I I'm confident we are in the early part of this infrastructure Revolution and we wanted to to have the scale we wanted to have the expertise the operational expertise of Gip marrying that expertise with black Rock's Global relationships with companies and governments marrying our existing expertise in decarbonization and infrastructure it's a perfect partnership so B I think Larry's laid out the opportunity here which is enormous let me ask you why you need Black Rock and particularly this is your life's work the ey in Gip is infrastructure After all you've built this program why are you willing to give up your life's work and go to work for Black Rock obviously we've been re reasonably successful at what we do and I completely agree with Larry this is going to be the Golden Age of infrastructure investing both in terms of the need for Capital as well as investors who want that capital okay and so the question we asked ourselves was how can we accelerate the pace at which we're getting things done investing in new assets as well as getting uh Pension funds wealth funds uh asset managers to give us additional capital and so if you look at the the the the marriage between our our eles and and and black rock we do large cap transactions they do midcap transactions they have a terrific infrastructure debt business it's primarily investment grade ours is primarily below investment grade they have an infrastructure Solutions business which which we don't have so you put these two businesses together we can go to governments we can go to companies large small medium siiz and offer them an integrated solution so that was very attractive the culture is very very important I mean Larry's right about that okay and the chemistry between our founding partners and Larry's team fantastic and maybe it's the first boss in DNA that all of us have that share maybe that's what what what what does it and then I think the third thing that was very important to us was we actually went and studied what Black Rock has done when they've made Acquisitions okay and the good news is they have grown the businesses they bought the bgi business $300 billion of assets today $10 trillion they bought the first Reserve infrastructure business they've tripled the size of that so I've gotten this subliminal message about from from laras tripling at least tripling what he expects so that's that's that's why we decided to do this and I don't really consider this as you know um giving up this is building a new partnership that allows us to take this business to a much higher level we also talked with Larry fin about his redefining the largest asset manager in the world to put the emphasis on ETFs when we bought bgi in 2009 we were ridiculed by most of the financial Community saying you cannot marry the culture of an active investor that what who we were and a and a passive culture and we said why our clients use both products our job is to be agnostic to our clients to work with our clients to to provide a whole portfolio solution but over time more and more clients started to think about how do I want to get an exposure do I want an exposure in this area or this product and I could do that through actively investing in ETF in 2012 we said ETFs are going to be the new engine for fixed income and boy did that get a lot of ridicule by many people in the business community and today the fixed income markets are totally imbued by ETFs and so at Black Rock when we bought bgi we had $290 billion of ETF today we have 3.5 trillion and and then this week alone just yesterday we launched the ishares Bitcoin ETF and so I would say to you if we could ETF a Bitcoin imagine what we could do with all financial instruments and so what we announced in our architectural change iar was this uh was this business division in itself and we thought that's too in in you know too exclusive we needed to include the e ethos the philosophy the spirituality of what I shares can provide in everything we do at Black Rock because we believe we're we're just halfway there in the ETF Revolution that everything is going to be ETF and we needed to ensure both active products passive products um digital products are going to be used through the vehicle of ETFs at the same time in this architectural change we're elevating the whole concept that we are going to be curating more and more of our performance-based products too so it's a it's a very large architectural change a lot of people have asked me I is the most successful division within Black Rock look what it did why are you doing this now and we believe it's so important to be anticipating the next move take us back to that world that credits first Boston with the young bio oen Lacy and young Larry Fink what are those people looking forward to today those people who are just entering the business how different is it and where is it heading where are the opportunities for people what excites them I I would say for those who have a a passion a passion for investing a passion to grow and learn a passion uh to do the right thing on behalf of your clients the opportunity today is just as great as when bio and I started our our careers at first Boston um obviously the markets are entirely different they're much larger they're much more efficient but my gosh I mean the young people that we're bring on board at Black Rock um those who show that imagination that passion their opportunities are going to be just as great as my opportunity uh that I had and I do believe that is the biggest differentiating between somebody who has this great career and someone who doesn't you need to be in a career where you're passionate about that every day you want to you have a desire to learn something new you have a desire to impart that to your clients and helping your clients and then when you get into leadership your job is to make everybody smarter than you your job as a leader is to lift more people and as a as a big leader your job is hopefully to have more people earning more money than you did so I don't think anything's changed obviously how we live our lives have changed the um you know you think about the role of the capital markets I'm in my mind uh two the two biggest firms that were so instrumental in driving the growth of the global Capital markets is our two founding New York City companies and that's black rock and Bloomberg and I truly believe there's a lot of similarities when when when we started I think Bloomberg started in 84 we started in 88 but the but the knowledge barrier the knowledge information expansion of the capital markets the globalization of the capital markets to me that is what's driving the success
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