BlackRock Inc. has been drinking its milk. Already the largest publicly traded asset manager in the U.S., the behemoth firm is still experiencing growth spurts.
The firm nabbed the number three spot on Crain's 2009 list of New York Area's Fastest-Growing Companies. Crain's New York, a weekly business publication, ranked the firms based on revenue growth rate, net income growth rate and share price appreciation for FY2008.
While BlackRock's profits weren't immune to the financial crisis, it weathered the storm better than most, soaring above its competitors when the government entrusted the company with managing the bulk of troubled assets it acquired through TARP. The firm continued to streak this year, crowning itself the king of asset managers with its blockbuster purchase of Barclays Global Investors in June. The deal, which put an additional $2.7 trillion under BlackRock's management, grew the firm to roughly twice the size of its nearest competitor. Not least, BlackRock reported a 62% three-year annualized revenue growth rate.
Below is a list of the ten other finance companies that have been eating their Wheaties and made the Crain's list:
14. Knight Capital Group Inc.
15. Navigators Group Inc.
17. NASDAQ OMX Group Inc.
22. Hudson City Bancorp Inc.
24. Signature Bank
25. Tower Group Inc.
34. Covanta Holding Corp.
36. Universal American Corp.
63. Financial Federated Corp.
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