BlackRock Adopts CFA Institute Asset Manager Code of Professional Conduct

New York - 4 December 2014

World’s largest asset manager is latest firm to pledge ethical behavior to shape a more trustworthy financial industry 

CFA Institute, the global association of investment professionals that sets the standard for professional excellence, has added BlackRock to the growing list of investment firms that claim compliance with its Asset Manager Code of Professional Conduct. BlackRock, the world’s largest asset manager, is one of more than 1,000 firms worldwide that claim compliance with the code.

The Asset Manager Code of Professional Conduct clearly outlines the ethical and professional responsibilities of firms that manage assets on behalf of clients. For investors, the code provides a benchmark of ethical conduct they should expect from asset managers and offers a higher level of confidence in firms that adopt the code.

“Investors deserve and should expect the highest level of professional conduct in the firms and individuals with whom they entrust their investments,” said Rob Goldstein, BlackRock’s Chief Operating Officer. “Our clients entrust BlackRock to manage more assets than any other firm in the world, they are our number one priority. Adopting the Asset Manager Code of Professional Conduct is one more demonstration of our commitment to placing the needs and interests of our clients above all else.”

The Asset Manager Code of Professional Conduct is grounded in the ethical principles of CFA Institute and the CFA Program, and requires that managers commit to the following professional standards:

  • To act in a professional and ethical manner at all times
  • To act for the benefit of clients
  • To act with independence and objectivity
  • To act with skill, competence, and diligence
  • To communicate with clients in a timely and accurate manner
  • To uphold the rules governing capital markets

“Trust in the investment profession remains at risk, and it’s a critical moment for investors and the future of the financial system,” said Jonathan Boersma, CFA, head of professional standards at CFA Institute. “We applaud BlackRock, and all firms that have adopted the code, for displaying a steadfast and tangible commitment to professional ethics and putting investors first.”

“Firms like BlackRock that actively demonstrate their integrity are the kind of industry leaders we need to advance the profession and shape a more trustworthy financial industry,” added Michael Trotsky, CFA, executive director and chief investment officer of the Massachusetts Pension Reserves Investment Management Board and member of the CFA Institute Board of Governors.

There are more than 1,000 firms claiming compliance with the Code including Ariel Investments, Janus Capital Management, JP Morgan Asset Management, Loomis Sayles, Morgan Stanley Investment Management, Inc., TD Asset Management, and US Bancorp Asset Management. (View the full list.)

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