BlackRock is the world's largest money manager, with over $10 trillion in assets under management. Since 2012, Larry Fink has been publishing annual "Dear CEO" letters to lay out his investment philosophy. Fink is a big-picture guy who wants the companies in which he invests to think long-term, as opposed to focusing excessively on quarterly profits. He used the term ESG for the first time in 2016, noting : "Over the long-term, environmental, social and governance (ESG) issues – ranging from climate change to diversity to board effectiveness – have real and quantifiable financial impacts."