In the wake of significant volatility across U.S. equities and Treasury markets, BlackRock’s Chairman and CEO, Laurence Fink, maintains a steady outlook. Despite the heightened turbulence following sweeping U.S. tariff announcements, Fink emphasized that BlackRock does not foresee systemic risks within the financial system.
Speaking during the firm’s first-quarter earnings announcement on April 11, Fink acknowledged the widespread anxiety dominating investor sentiment. “Uncertainty about the markets and broader economy is the leading topic in every conversation we’re having with clients,” he said.
A Shifting Market Landscape
Fink, who has spent nearly five decades in finance, reflected on the scale of the latest U.S. tariff measures while traveling in Europe. He noted that the breadth of the announcements exceeded anything he had seen in his 49-year career. The sharp downturn in both equities and Treasuries following the news triggered concerns among investors, but BlackRock’s assessment remains steady.
“The market environment today is distinct from past shocks we’ve experienced since the global financial crisis,” Fink explained. “While volatility has increased, markets are functioning well and absorbing these fluctuations with resilience.”
He acknowledged that there is short-term unpredictability, but stressed that the long-term macroeconomic trends remain unchanged. “The core fundamentals that were in place earlier this year are still intact. I remain very optimistic about long-term capital flows into the markets.”
Confidence in Market Mechanisms
Despite turbulent conditions, Fink made it clear that BlackRock sees no signs of financial system fragility. “We’re not witnessing the kind of dislocation that typically signals systemic risk,” he said. “Trading volumes have increased, but the system has held up impressively well.”
Fink also highlighted that BlackRock clients have not reacted with panic. “We haven’t seen any widespread selling or capitulation,” he stated. “There’s a substantial reserve of capital waiting to be deployed when the time is right.”
Interest in Fixed Income and Equities Remains Strong
As the yield curve continues to steepen, BlackRock is seeing a growing number of conversations around fixed income strategies. Fink noted that many clients are preparing to extend out on the curve, seeking higher returns as conditions evolve.
In equities, there’s a shift in investor psychology. “A lot of investors are questioning whether now is the time to buy the dip,” said Fink. “But there’s also recognition that opportunities still exist, especially for those taking a long-term view.”
Europe: A Growing Focus
Fink also touched on Europe’s rising attractiveness as a potential capital destination. With the region placing renewed emphasis on economic growth, some investors are beginning to explore opportunities outside the U.S.
“We haven’t seen a large-scale reallocation from U.S. assets into other regions yet, but it’s an increasingly relevant question,” he said. “It’s something investors are starting to consider more seriously.”
Record-Breaking Growth in ETFs
BlackRock ended the first quarter with an all-time high in assets under management (AUM), totaling $11.6 trillion. Over the past 12 months, the firm attracted $670 billion in net new assets—representing a 60% increase compared to the previous year.
A significant driver of this growth was the iShares exchange-traded fund (ETF) business. The first quarter saw $107 billion in net inflows into ETFs, the highest ever recorded for that period. These flows were robust across all channels, with $46 billion entering core equity ETFs and $34 billion into fixed income ETFs.
“The European ETF platform crossed $1 trillion in assets under management for the first time,” Fink noted proudly. “We’re capturing close to 40% of the market share in Europe, and demand continues to grow.”
In addition to traditional ETFs, the firm also experienced $9 billion in net inflows into active ETFs and another $3 billion into digital asset exchange-traded products (ETPs).
Digital Assets and Tokenization
As financial innovation continues to evolve, BlackRock is expanding its footprint in digital assets. The firm recently launched a Bitcoin ETF in Europe, following successful rollouts in the United States and Canada.
Fink highlighted the growing opportunities for tokenization and blockchain-based finance. “Digital assets represent a key area for future growth,” he said. “Tokenization, in particular, has the potential to reshape how capital markets operate.”
The momentum in digital finance is not limited to cryptocurrencies. BlackRock’s strategy also includes investments in infrastructure and platforms that enable tokenized asset management, laying the groundwork for a more decentralized financial ecosystem.
Expansion in Private Markets
Fink emphasized that private markets are becoming an increasingly attractive option for investors. As public markets continue to react sharply to policy shifts and macroeconomic uncertainty, more capital is being directed toward private strategies that offer income and diversification.
“Public markets are highly sensitive right now,” Fink said. “That volatility is pushing investors to look for stability and growth in the private space.”
BlackRock has invested heavily in building its private markets capabilities. In late 2024, the firm completed the acquisition of Global Infrastructure Partners (GIP), a major infrastructure fund manager, adding approximately $170 billion in AUM. This was followed by the March 2025 acquisition of Preqin, a premier private markets data and analytics provider.
Integrating Private Markets With Technology
The integration of Preqin with BlackRock’s existing platforms—Aladdin and eFront—marks a significant step forward in offering comprehensive solutions for alternative investments. By combining proprietary data, analytics, and portfolio management tools, BlackRock is streamlining the investment process for clients engaged in private assets.
“The power of integrating data, research, and portfolio execution in one place can’t be overstated,” Fink noted. “This will give our clients unmatched insight and efficiency when managing their private investments.”
Infrastructure Investment Opportunities
BlackRock’s acquisition of GIP is already paying dividends. The partnership has enabled the firm to participate in large-scale infrastructure deals, such as acquiring ports operated by CK Hutchison Holdings in Panama and launching a data center investment initiative with Microsoft and MGX.
“These types of deals are proof of what we can accomplish with GIP under the BlackRock umbrella,” Fink said. “Neither of us alone would have likely participated in these transactions.”
He also stressed the continued demand for infrastructure investments, noting their inflation-hedging characteristics and strong return profiles. “The opportunity in infrastructure today is as compelling as we’ve ever seen,” he said.
A Future-Focused Vision
Despite current market headwinds, Fink is unwavering in his long-term optimism. He believes the current volatility will ultimately lead to more disciplined investing and that BlackRock is well-positioned to guide clients through this transition.
“The long-term trends—like aging populations, sustainability, and technology—are still driving capital allocation,” he said. “Even as we deal with short-term disruptions, the structural themes remain incredibly strong.”
Fink concluded with a forward-looking message: “Markets are adapting. Investors are learning to navigate uncertainty. And we believe that those who stay the course will be rewarded.”
Frequently Asked Questions
Who is Laurence Fink?
Laurence (Larry) Fink is the Chairman and Chief Executive Officer of BlackRock, the world’s largest asset management firm. He co-founded the company in 1988 and has led it to manage over $11 trillion in assets.
What is BlackRock’s stance on current market volatility?
BlackRock, under Fink’s leadership, acknowledges short-term uncertainty caused by global policy changes such as U.S. tariffs. However, the firm does not see systemic risks in the financial system and remains optimistic about long-term capital flows.
What does Fink mean by ‘no systemic risk’?
Despite the downturn in markets, Fink believes the financial infrastructure is resilient. Trading systems are functioning well, liquidity remains stable, and clients are not pulling out of markets in panic—signs that systemic risks (those that could cause a financial collapse) are not present.
How is BlackRock performing financially?
As of the end of Q1 2025, BlackRock reached a record $11.6 trillion in assets under management (AUM). It saw $140 billion in net inflows for the quarter, including $107 billion into ETFs alone.
Why are ETFs so important to BlackRock?
ETFs (Exchange-Traded Funds), particularly through its iShares platform, have become a core growth engine. They offer low-cost, diversified investment options and are in high demand among institutional and retail investors.
What’s driving ETF growth in Europe?
BlackRock’s European ETF platform surpassed $1 trillion AUM for the first time. Net inflows have more than doubled compared to the previous year, driven by investor interest in diversified, liquid investment vehicles.
What role does BlackRock see for digital assets?
BlackRock sees significant growth opportunities in digital assets and blockchain technologies. The company has launched Bitcoin ETFs in multiple markets and is exploring tokenization as a future avenue for asset management.
What is BlackRock doing in private markets?
To meet demand for less volatile, high-return investments, BlackRock has expanded aggressively into private markets, including infrastructure and private equity. Recent acquisitions of Global Infrastructure Partners (GIP) and Preqin support this effort.
Why is infrastructure investment a focus for BlackRock?
Fink sees infrastructure as a resilient, inflation-protected investment category with potential for mid-teen returns. Projects in ports and data centers—some in partnership with Microsoft—highlight this focus.
Is BlackRock concerned about capital moving out of the U.S.?
While no major reallocations have been observed, Fink acknowledges that investors are asking whether regions like Europe—now more focused on growth—might attract more capital in the future.
Conclusion
Laurence Fink’s perspective offers a stabilizing voice amid economic anxiety and market disruption. By reinforcing confidence in the resilience of the financial system, BlackRock is positioning itself as a strategic partner for institutional and individual investors alike. From ETFs to infrastructure, digital assets to private markets, the firm continues to evolve its platform to meet the changing needs of a global investment community.
