For BlackRock, private asset ownership suddenly seems a lot more attractive than public company agitation. On Tuesday, a consortium that includes the manager of $12tn in client assets acquired control of a pair of Panama Canal ports as part of a $22.8bn deal.
Last year, BlackRock bought Global Infrastructure Partners, a highly regarded operator of airports, roads and such, in an effort to become a powerhouse in alternative asset investing. That move now looks canny. Larry Fink’s company is now well placed as President Donald Trump jawbones foreign players — in this case Hong Kong conglomerate CK Hutchison Holdings — into selling their crown jewels to the US.
That is all the more fortuitous because BlackRock’s core business faces its own challenges. At the moment, managing funds that own small stakes in public debt and equity — while still an enormous, growing and profitable business — is much less fun, also courtesy of Trump.