BlackRock names 5 engineers to its top circle of technologists shaping the future of the firm

Core Insights - BlackRock has inducted five new members into its Tech Fellows program, which now consists of 24 senior technologists who play a vital role in the firm's operations and vision within the $13.5 trillion asset management industry [1][7]. Group 1: Tech Fellows Program - The new members underwent a rigorous selection process, including nominations, written evaluations, and interviews, before being voted in by current fellows [2]. - The program aims to combine technical expertise, domain knowledge, and a commercial mindset to enhance the firm's culture and technological capabilities [3]. - The Tech Fellows are expected to mentor other technologists and contribute to the firm's engineering culture through various initiatives [3][6]. Group 2: Technological Influence and Growth - The influence of technologists on Wall Street is increasing as firms, including BlackRock, adopt AI technologies [4]. - BlackRock's technology services and subscription revenue grew by 28% year-on-year in the last quarter, driven by its Aladdin platform and the integration of Preqin's private-markets data business [4]. - As of 2023, one in every three BlackRock employees is a software engineer or technologist, indicating a significant emphasis on technology within the firm [5].