$13.5 trillion BlackRock's latest reinvention is underway

BlackRock 3.0 is starting to take shape — revenues from its private markets businesses are outpacing fees coming in from its fixed-income mainstays. Despite its world-beating iShares ETF line hitting new highs in the third quarter of 2025, managing more than $5 trillion in assets after record net inflows of more than $150 billion, it's not what the firm's leadership is excited about.Instead, CEO Larry Fink and his team are giddy about subscriptions and a business unit that represents less than 3% of its ov ...