Blackrock's Fink says letter to CEOs triggered angry phone calls

Larry Fink, Chairman & CEO of BlackRock
Adam Jeffery | CNBC

Blackrock Chief Executive Larry Fink, who runs the world's largest asset manager, said on Wednesday he has fielded angry phone calls over a letter he sent in March to S&P 500 executives that warned them about the perils of short-term thinking.

"I've had some really angry phone calls," Fink said at a New York investment conference hosted by Sanford Bernstein. He did not name any of the angry callers.

In the March 21 letter, Fink warned against relying too much on dividends and buybacks to produce quick returns at the expense of long-term investment. Blackrock oversees more than $4 trillion in client assets.

By Reuters