BlackRock (NYSE: BLK) has been opportunistic and exhibited foresight over the past 20 years in building the world's largest investment management company. When BlackRock went public in 1999, it was owned by PNC Financial Services (NYSE: PNC) and was a middling player in the asset management business. That would change with major acquisitions, including the 2006 purchase of Merrill Lynch Investment Management, which immediately raised its profile as a top-10 asset manager. But the biggest move came in 2009 when BlackRock acquired the world's largest asset manager at the time, Barclays Global Investors, or BGI. This transformed a minor player just a few years earlier into the world's largest money manager. It also brought BlackRock BGI's iShares family of exchange-traded funds (ETFs), which transformed how people invested and propelled BlackRock to the market dominance it has enjoyed since. BlackRock anticipated the ETF boom, and now it looks to the next big change in the industry: private markets.
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