BlackRock awarded CEO Larry Fink a $27.7 million pay package last year as the firm’s assets under management surpassed $6 trillion, driven by investors continuing to move money into passively managed funds.

BlackRock CEO received a $10 million cash bonus last year. Bloomberg News

The compensation included a $900,000 salary, $10 million cash bonus and $16.6 million of equity awards, according to a regulatory filing Friday. Fink, 65, also got about $243,000 in other compensation.

BlackRock’s assets soared as the firm reported the biggest inflows in its history. Performance improved in its active business, which includes hedge funds, while total expenses rose in part due to an increase of employee compensation and benefits. The firm’s stock rose 35%, outpacing the 19% gain in the S&P 500.

Bloomberg News