Larry Fink wants the asset management industry and government to take the lead in propping up investors’ morale in a flagging market.
The chairman and chief executive of BlackRock made his comments as the world’s largest asset manager unveiled a global, multi-media
The initiative includes a range of ongoing communications for retail and institutional investors, partners and financial advisors, as well as investor education and advertising in a variety of digital, print and social media around the world.
In a speech to the Council on Foreign Relations in New York today, Fink urged others in the asset management industry as well as business and government leaders to work together to help reignite investment and growth through a focus on the long term.
“In this new world, we can help rebuild confidence, get markets moving again and restore growth by turning short-term savers into long-term investors,” he said. “It’s our responsibility as leaders of business, finance and government. All of us must answer the call.”
Fink added: “We need to educate investors about confronting the growing gap between needs and resources for retirement. That means getting investors beyond the now inadequate 60/40 portfolio mix of stocks and bonds. In particular, companies have a moral responsibility to educate their employees. Shifting from a defined benefit to a defined contribution plan doesn't absolve them of that responsibility.”