Larry Fink, the boss of money-managing giant BlackRock, has finally become a billionaire.

Fink’s ascent to the exclusive club trails that of his former boss Stephen Schwarzman, chairman of the buyout firm Blackstone Group. Schwarzman is the 118th richest person in the world with a net worth around $12 billion, according to the Bloomberg Billionaires Index.

Fink and Schwarzman worked together at Blackstone until 1994 when BlackRock, co-founded by Fink in 1988, was split from Blackstone amid reported tensions between the two titans.

BlackRock manages $6.3 trillion of assets, primarily in low-fee, passive-investments — standing in stark contrast to Blackstone’s higher-fee, private-equity and hedge-fund investments.

Roughly half of Fink’s wealth — $570 million — is tied to his personal investment in BlackRock, according to the Bloomberg Billionaires index. Cash that Fink has accumulated through his compensation — which hit $27.7 million last year — accounts for the rest, alongside dividends and stock sales.

Reps from BlackRock did not immediately respond to requests to comment.