Black­rock CEO up­beat on how the world is go­ing

The Pak Banker - - 6BUSINESS -

Larry Fink, the Chair­man and CEO of Black­Rock, the world’s largest in­vest­ment man­ager with $3.79 tril­lion (Dh13.93 tril­lion) as­sets un­der man­age­ment and around $9.9 tril­lion ad­di­tion­ally in as­sets on its in­vest­ment man­age­ment plat­form, is sur­pris­ingly up­beat about how the world is mov­ing, com­pared with 10 months ago when he last spoke to me­dia. “The world is a pretty good place when you think about what is go­ing on in China, and in Ja­pan. The sta­bil­i­sa­tion of Europe is far bet­ter than a year ago. The di­rec­tion of the US econ­omy is more un­der­stood to­day and Mex­ico is grow­ing from strength to strength. There is still un­cer­tainty around the Mid­dle East and Gulf re­gion but all in all you can sum­marise the world to­day ver­sus a year ago as feel­ing a lot bet­ter.” The US mar­kets are a lot more con­fi­dent than they were a year ago, in the view of Fink, and even with the cur­rent un­cer­tainty around the po­lit­i­cal process, there is an as­sump­tion that the econ­omy will be put right in the long term. That said, Fink sees con­tin­ued con­cern over how the Obama ad­min­is­tra­tion will move on from its short-term fix of the fis­cal cliff, and un­cer­tainty about how the ad­min­is­tra­tion will de­velop a long term eco­nomic pol­icy.

“The so­lu­tion that was de­signed in Washington [for the fis­cal cliff] was a short term fix. Now we have the whole is­sue of the se­quester, and the ad­di­tional cuts in the deficit that must be ad­dressed. Once that is done, we can have a sen­si­ble long term process.

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