BlackRock Inc. awarded Chief Executive Officer Larry Fink additional pay perks known as carried interest tied to the asset manager’s major expansion in private markets, saying the co-founder has a key role in the firm’s long-term plans.

Top asset manager BlackRock said on Friday it has changed the way Chairman and CEO Larry Fink will be compensated to reflect the company's recent expansion into private markets, which Fink spearheaded last year.

Move to sweeten pay package comes as banks and asset managers have started to emulate private equity practices

One of the big questions on Wall Street is when Larry Fink, the long-time CEO and founder of money-management behemoth BlackRock, will decide to retire. The answer: Never, if Fink has his way. The CEO of the world’s largest asset-management firm has alerted his top people that he is sticking around for the foreseeable future,