As the U.S. Federal Reserve prepared to divulge their economic forecast for 2021, BlackRock's Chief Investment Officer of Global Fixed Income Rick Rieder had a few words to say. For one, he's clearly a fan of corporate taxes and thinks that the economy would fare well if they're raised. He's also a proponent for income distribution in favor of lower and middle-class Americans.
As for himself, Rieder is definitely in the wealthy segment of society given his executive status at BlackRock. But how wealthy is he really?
How many assets Rick Rieder manages
As an integral part of the biggest asset management firm in the world, Rieder manages a ton of assets. BlackRock as a whole hit $8.7 trillion in total assets by January for a 17 percent boost from the previous year.
Rieder is in charge of fixed income and manages at least $1.8 trillion of those assets, which isn't a small feat.
How Rick Rieder ended up at BlackRock
However, while we think growth will be strong, we also think that over the intermediate term the #Fed is correct in thinking #inflation will remain muted by the same factors that have held sway in recent decades: population aging and tech #disinflation. pic.twitter.com/HjwLzfOjnp— Rick Rieder (@RickRieder) March 10, 2021
Prior to his role at BlackRock, Rieder actually had his own hedge fund organization. He named it R3 Capital and it was backed by his former employer Lehman Brothers, a global financial firm that ultimately declared bankruptcy in the thick of the Great Recession in 2008. Lehmen's bankruptcy came shortly after R3's birth, so Rieder needed to make a move quick if he didn't want to drown along with them.
That's where BlackRock comes into the picture. In 2009, R3 acquired $1.5 billion in assets under management and BlackRock scooped it up through a well-timed acquisition. Rieder immediately got situated in his role as fixed-income manager. By 2010, he got that $1.5 billion up to $600 billion.
Now, Rieder manages BlackRock funds like Strategic Income Opportunities, Fixed Income Global Opportunities, Total Return, and Strategic Global Bond.
Rick Rieder's worth is in the dark
As someone who's clearly good at his job, you can imagine that Rieder's net worth reflects his corporate status. However, he most likely chooses to keep his salary and net worth in the dark for privacy purposes. He could easily become a target based on his wealth (but it isn't like he wouldn't be able to afford security in that case).
To be clear, Rieder doesn't even divulge his exact birthday and age, so it isn't a surprise that he covers up his net worth.
Rick Rieder is getting BlackRock involved in cryptocurrency.
In February, BlackRock filed documents with the SEC that stated their intention to include bitcoin futures as eligible investments in two funds. Rieder is a bitcoin believer. He told CNBC, "My sense is the technology has evolved and the regulation has evolved to the point where a number of people find it should be part of the portfolio, so that’s what’s driving the price up."
Whatever his net worth, Rieder looks like he's about to expand his portfolio for the better (if he hasn't already).