BlackRock, Inc. - Revision history

>Angel: /* Competition */

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Competition

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>Angel: /* Company Valuation */

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Company Valuation

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	== Company Valuation ==		== Company Valuation ==
	{\|		{\| class="wikitable"
	\| colspan="2" \|'''DCF Assumptions & Output:'''		\| colspan="2" \|'''DCF Assumptions & Output:'''
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>Angel: dcf valuation

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dcf valuation

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>Angel at 09:35, 28 July 2023

2023-07-28T09:35:40Z

← Older revision		Revision as of 10:35, 28 July 2023
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	# '''Goldman Sachs Asset Management (GSAM)''': GSAM provides a wide range of investment products and services to institutional and individual clients. It competes with BlackRock in various asset management and alternative investment offerings.		# '''Goldman Sachs Asset Management (GSAM)''': GSAM provides a wide range of investment products and services to institutional and individual clients. It competes with BlackRock in various asset management and alternative investment offerings.
	__INDEX__		__INDEX__
			__FORCETOC__

>Angel at 09:33, 28 July 2023

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 ==== Robert Goldstein - Chief Operating Officer ====
 Mr. Goldstein is BlackRock's Chief Operating Officer, a Senior Managing Director, co-chair of the Global Operating Committee and a member of the Global Executive Committee. He has worked at BlackRock for more than 20 years, starting as analyst in BlackRock's Portfolio Analytics Group in 1994, and being instrumental in developing BlackRock's processes and capabilities. Previously he earned a bachelors degree in economics from the Binghamton University in 1994. He has twice been named to Fortune's "40 under 40" list.
 __INDEX__

>Angel at 09:22, 28 July 2023

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 ==== Cash Management ====
 Cash management AUM totaled $671 billion at December 31, 2022, reflecting $77 billion of net outflows, primarily due to institutional client redemptions from US government money market funds. Cash management products include taxable and tax-exempt money market funds, short-term investment funds and customized separate accounts. Portfolios are denominated in US dollars, Canadian dollars, Australian dollars, Euros, Swiss Francs, New Zealand dollars or British pounds. During 2022 BlackRock voluntarily waived a portion of its management fees on certain money market funds to ensure that they maintain a minimum level of daily net investment income. These waivers resulted in a reduction of management fees of approximately $72 million, which was partially offset by a reduction of BlackRock’s distribution and servicing costs paid to financial intermediaries. These waivers ceased following rate hikes by the Bank of England and the US Federal Reserve in March 2022.
 == Team ==

>Angel: /* Fixed Income */

2023-07-24T18:59:45Z

Fixed Income

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 ==== Fixed Income ====
 Fixed income AUM ended 2022 at $2.6 trillion, reflecting net inflows of $250 billion. Net inflows included $123 billion, $93 billion and $34 billion into ETFs, active and non-ETF index, respectively. Record fixed income ETF net inflows of $123 billion reflected the benefit of our diverse product offering and included strong flows into treasury, investment grade and municipal ETFs. Active fixed income net inflows included the funding of a significant insurance client outsourcing mandate. Fixed income represented 32% of long-term AUM and 26% of long-term base fees and securities lending revenue for 2022.
 == Team ==

>Angel: /* Multi-Asset */

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Multi-Asset

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 ==== Fixed Income ====
 Fixed income AUM ended 2022 at $2.6 trillion, reflecting net inflows of $250 billion. Net inflows included $123 billion, $93 billion and $34 billion into ETFs, active and non-ETF index, respectively. Record fixed income ETF net inflows of $123 billion reflected the benefit of our diverse product offering and included strong flows into treasury, investment grade and municipal ETFs. Active fixed income net inflows included the funding of a significant insurance client outsourcing mandate. Fixed income represented 32% of long-term AUM and 26% of long-term base fees and securities lending revenue for 2022.
 == Team ==

155.198.14.136: /* Company Overview */

2023-07-24T18:57:46Z

Company Overview

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	BlackRock is the leading ETF provider in the world with $2.9 trillion of AUM at December 31, 2022, and generated net inflows of $220 billion in 2022. The majority of ETF AUM and net inflows represent the Company’s index-tracking iSharesbranded ETFs. The Company also offers a select number of active BlackRock-branded ETFs that seek outperformance and/or differentiated outcomes. Record fixed income ETF net inflows of $123 billion were diversified across exposures, led by flows into treasury, investment grade, and municipal ETFs. Equity ETF net inflows of $101 billion were driven by flows into core, sustainable and thematic ETFs, as well as continued client use of BlackRock’s broad-based precision exposure ETFs to express risk preferences and make tactical allocation changes during the year. Multi-asset ETFs saw net inflows of $1 billion, while alternative ETFs had net outflows of $5 billion, primarily driven by commodities funds. ETFs represented 37% of long-term AUM at December 31, 2022 and 42% of long-term base fees and securities lending revenue for 2022.		BlackRock is the leading ETF provider in the world with $2.9 trillion of AUM at December 31, 2022, and generated net inflows of $220 billion in 2022. The majority of ETF AUM and net inflows represent the Company’s index-tracking iSharesbranded ETFs. The Company also offers a select number of active BlackRock-branded ETFs that seek outperformance and/or differentiated outcomes. Record fixed income ETF net inflows of $123 billion were diversified across exposures, led by flows into treasury, investment grade, and municipal ETFs. Equity ETF net inflows of $101 billion were driven by flows into core, sustainable and thematic ETFs, as well as continued client use of BlackRock’s broad-based precision exposure ETFs to express risk preferences and make tactical allocation changes during the year. Multi-asset ETFs saw net inflows of $1 billion, while alternative ETFs had net outflows of $5 billion, primarily driven by commodities funds. ETFs represented 37% of long-term AUM at December 31, 2022 and 42% of long-term base fees and securities lending revenue for 2022.

	Equity		==== Equity ====
			Year-end 2022 equity AUM totalled $4.4 trillion, reflecting net inflows of $105 billion. Net inflows included $101 billion and $7 billion into ETFs and non-ETF index, respectively, partially offset by active net outflows of $3 billion. BlackRock’s effective fee rates fluctuate due to changes in AUM mix. Approximately half of BlackRock’s equity AUM is tied to international markets, including emerging markets, which tend to have higher fee rates than US equity strategies. Accordingly, fluctuations in international equity markets, which may not consistently move in tandem with US markets, have a greater impact on BlackRock’s equity revenues and effective fee rate. Equity represented 56% of long-term AUM and 52% of long-term base fees and securities lending revenue for 2022.

	~~Year-end~~ 2022 ~~equity AUM totaled~~ $4.4 trillion, reflecting net inflows of $~~105~~ billion. Net inflows included $~~101~~ billion and $7 billion into ETFs and non-ETF index, respectively~~, partially offset by active~~ net ~~outflows~~ of $3 billion. ~~BlackRock’s effective fee rates fluctuate due to changes in AUM mix~~. ~~Approximately half~~ of ~~BlackRock’s equity~~ AUM is tied to international markets, including emerging markets, which tend to have higher fee rates than US equity strategies. Accordingly, fluctuations in international equity markets, which may not consistently move in tandem with US markets, have a greater impact on BlackRock’s equity revenues and ~~effective fee rate~~. ~~Equity~~ represented 56% of long-term AUM and 52% of long-term base fees and securities lending revenue for 2022.		==== Fixed Income ====
			Fixed income AUM ended 2022 at $2.6 trillion, reflecting net inflows of $250 billion. Net inflows included $123 billion, $93 billion and $34 billion into ETFs, active and non-ETF index, respectively. Record fixed income ETF net inflows of $123 billion reflected the benefit of our diverse product offering and included strong flows into treasury, investment grade and municipal ETFs. Active fixed income net inflows included the funding of a significant insurance client outsourcing mandate. Fixed income represented 32% of long-term AUM and 26% of long-term base fees and securities lending revenue for 2022.

			==== Multi-Asset ====
			Multi-asset represented 9% of long-term AUM and 10% of long-term base fees and securities lending revenue for 2022.

			Multi-asset net inflows reflected ongoing institutional demand for our solutions-based advice with $33 billion of net inflows coming from institutional clients. Defined contribution plans of clients remained a significant driver of flows and contributed $19 billion to institutional multiasset net inflows in 2022, primarily into target date and target risk product offerings. The Company’s multi-asset strategies include the following:

	~~Fixed Income~~		• ''Target date and target risk products'' generated net inflows of $24 billion. Institutional investors represented 89% of target date and target risk AUM, with defined contribution plans representing 84% of AUM. Flows were driven by defined contribution investments in our LifePath offerings. LifePath products utilize a proprietary active asset allocation overlay model that seeks to balance risk and return over an investment horizon based on the investor’s expected retirement timing. Underlying investments are primarily index products.

	~~Fixed~~ income ~~AUM ended 2022 at $~~2.~~6 trillion~~, ~~reflecting~~ net inflows of $~~250~~ billion. Net inflows ~~included $123 billion~~, ~~$93 billion~~ and $34 billion ~~into ETFs, active and~~ non-~~ETF index~~, ~~respectively~~. ~~Record fixed income ETF net inflows of~~ $~~123~~ billion ~~reflected the benefit~~ of ~~our diverse product offering and included strong flows into treasury~~, ~~investment grade~~ and ~~municipal ETFs~~. ~~Active fixed income net inflows included the funding~~ of ~~a significant insurance client outsourcing mandate~~. ~~Fixed income~~ represented 32% of long-term AUM and 26% of long-term base fees and securities lending revenue for 2022.		• ''Asset allocation and balanced products'' generated $6 billion of net inflows. These strategies combine equity, fixed income and alternative components for investors seeking a tailored solution relative to a specific benchmark and within a risk budget. In certain cases, these strategies seek to minimize downside risk through diversification, derivatives strategies and tactical asset allocation decisions. Flagship products include our Global Allocation and Multi-Asset Income fund families.

			• ''Fiduciary management services'' are complex mandates in which pension plan sponsors or endowments and foundations retain BlackRock to assume responsibility for some or all aspects of investment management, often with BlackRock acting as outsourced chief investment officer. These customized services require strong partnership with the clients’ investment staff and trustees in order to tailor investment strategies to meet client-specific risk budgets and return objectives

			==== Alternatives ====
			BlackRock alternatives focus on sourcing and managing high-alpha investments with lower correlation to public markets and developing a holistic approach to address client needs in alternatives investing. Our alternatives products fall into three main categories — (1) illiquid alternatives, (2) liquid alternatives, and (3) currency and commodities. Illiquid alternatives include offerings in alternative solutions, private equity, opportunistic and credit, real estate and infrastructure. Liquid alternatives include offerings in direct hedge funds and hedge fund solutions (funds of funds). In 2022, liquid and illiquid alternatives generated a combined $14 billion of net inflows, or $28 billion excluding return of capital/investment of $14 billion. The largest contributors to return of capital/investment were opportunistic and credit strategies, private equity solutions and infrastructure. Net inflows were driven by opportunistic and credit strategies, infrastructure and private equity. At year-end, BlackRock had approximately $34 billion of non-fee paying, unfunded, uninvested commitments, which are expected to be deployed in future years; these commitments are not included in AUM or flows until they are fee-paying. Currency and commodities saw $7 billion of net outflows, primarily from commodities ETFs and institutional separate accounts. BlackRock believes that as alternatives become more conventional and investors adapt their asset allocation strategies, investors will further increase their use of alternative investments to complement core holdings. BlackRock’s highly diversified alternatives franchise is well positioned to continue to meet growing demand from both institutional and retail investors. Alternatives represented 3% of long-term AUM and 12% of long-term base fees and securities lending revenue for 2022.

			==== Illiquid Alternatives ====
			The Company’s illiquid alternatives strategies include the following:

			• Alternative Solutions represents highly customized portfolios of alternative investments. In 2022, alternative solutions portfolios had $7 billion in AUM, and $895 million of net inflows.

			• Private Equity and Opportunistic included AUM of $25 billion in opportunistic and credit offerings, $22 billion in private equity solutions, and $7 billion in Long Term Private Capital (“LTPC”). Net inflows of $9 billion into private equity and opportunistic strategies included $6 billion of net inflows into opportunistic and credit offerings, $2 billion of net inflows into private equity solutions and $844 million of net inflows into LTPC.

			• Real Assets which includes infrastructure and real estate, totalled $58 billion in AUM, reflecting net inflows of $6 billion, led by infrastructure

	~~Multi~~-~~Asset~~		==== Liquid Alternatives ====
			The Company’s liquid alternatives products’ net outflows of $2 billion reflected net outflows from direct hedge fund strategies. Direct hedge fund strategies includes a variety of single- and multi-strategy offerings. In addition, the Company manages $86 billion in liquid credit strategies which is included in active fixed income.

	~~Multi-asset~~ represented 9% of ~~long-term~~ AUM and ~~10% of long-term base~~ fees ~~and securities lending revenue for 2022~~.		==== Currency and Commodities ====
			The Company’s currency and commodities products include a range of active and index products. Currency and commodities products had $7 billion of net outflows, primarily driven by ETFs and institutional separate accounts. ETF commodities products represented $61 billion of AUM and are not eligible for performance fees.

	~~Multi-asset net inflows reflected ongoing institutional demand for our solutions-based advice with~~ $33 billion ~~of net inflows coming from institutional clients. Defined contribution plans of clients remained a significant driver of flows and contributed~~ $19 billion ~~to institutional multiasset~~ net ~~inflows in 2022~~, primarily ~~into target date and target risk product offerings~~. ~~The Company’s multi-asset strategies~~ include ~~the following: • Target date~~ and ~~target risk products generated net inflows of $24 billion. Institutional investors represented 89% of target date~~ and ~~target risk AUM, with defined contribution plans representing 84% of AUM~~. ~~Flows were driven by defined contribution investments~~ in ~~our LifePath offerings~~. ~~LifePath products utilize~~ a ~~proprietary active asset allocation overlay model~~ that seeks to balance risk and return over an investment horizon based on the investor’s expected retirement timing. Underlying investments are primarily index products. • Asset allocation and balanced products generated $6 billion of net ~~inflows~~. These ~~strategies combine equity, fixed income and alternative components for investors seeking~~ a ~~tailored solution relative to a specific benchmark and within a risk budget. In certain cases, these strategies seek to minimize downside risk through diversification~~, derivatives strategies and tactical asset allocation decisions. Flagship products include our Global Allocation and Multi-Asset Income fund families. • Fiduciary management services are complex mandates in which ~~pension plan sponsors or endowments~~ and ~~foundations retain BlackRock~~ to ~~assume responsibility for some or all aspects of investment management, often with BlackRock acting as outsourced chief investment officer~~. These ~~customized services require strong partnership with~~ the ~~clients’ investment staff~~ and ~~trustees~~ in ~~order to tailor investment strategies to meet client-specific risk budgets and return objectives~~		==== Cash Management ====
			Cash management AUM totaled $671 billion at December 31, 2022, reflecting $77 billion of net outflows, primarily due to institutional client redemptions from US government money market funds. Cash management products include taxable and tax-exempt money market funds, short-term investment funds and customized separate accounts. Portfolios are denominated in US dollars, Canadian dollars, Australian dollars, Euros, Swiss Francs, New Zealand dollars or British pounds. During 2022 BlackRock voluntarily waived a portion of its management fees on certain money market funds to ensure that they maintain a minimum level of daily net investment income. These waivers resulted in a reduction of management fees of approximately $72 million, which was partially offset by a reduction of BlackRock’s distribution and servicing costs paid to financial intermediaries. These waivers ceased following rate hikes by the Bank of England and the US Federal Reserve in March 2022.

	== Team ==		== Team ==

>Angel at 11:17, 24 July 2023

2023-07-24T11:17:56Z

← Older revision		Revision as of 12:17, 24 July 2023
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	Founded in 1988 and headquartered in New York City, BlackRock extends its global footprint with additional offices in key cities worldwide such as Boston, London, Gurgaon, Hong Kong, Greenwich, Princeton, Edinburgh, Sydney, Taipei, Singapore, Sao Paulo, Philadelphia, Washington DC, Toronto, Wilmington, and San Francisco.		Founded in 1988 and headquartered in New York City, BlackRock extends its global footprint with additional offices in key cities worldwide such as Boston, London, Gurgaon, Hong Kong, Greenwich, Princeton, Edinburgh, Sydney, Taipei, Singapore, Sao Paulo, Philadelphia, Washington DC, Toronto, Wilmington, and San Francisco.

			== Company Overview ==

			=== Segments and Products ===
			BlackRock’s diverse platform of alpha-seeking active, index and cash management investment strategies across asset classes enables the Company to offer choice and tailor investment outcomes and asset allocation solutions for clients. Product offerings include single- and multiasset portfolios investing in equities, fixed income, alternatives and money market instruments. Products are offered directly and through intermediaries in a variety of vehicles, including open-end and closed-end mutual funds, iShares® and BlackRock exchange-traded funds (“ETFs”), separate accounts, collective trust funds and other pooled investment vehicles. BlackRock also offers technology services, including the investment and risk management technology platform, Aladdin®, Aladdin Wealth, eFront, and Cachematrix, as well as advisory services and solutions to a broad base of institutional and wealth management clients.

			==== EFTs ====
			BlackRock is the leading ETF provider in the world with $2.9 trillion of AUM at December 31, 2022, and generated net inflows of $220 billion in 2022. The majority of ETF AUM and net inflows represent the Company’s index-tracking iSharesbranded ETFs. The Company also offers a select number of active BlackRock-branded ETFs that seek outperformance and/or differentiated outcomes. Record fixed income ETF net inflows of $123 billion were diversified across exposures, led by flows into treasury, investment grade, and municipal ETFs. Equity ETF net inflows of $101 billion were driven by flows into core, sustainable and thematic ETFs, as well as continued client use of BlackRock’s broad-based precision exposure ETFs to express risk preferences and make tactical allocation changes during the year. Multi-asset ETFs saw net inflows of $1 billion, while alternative ETFs had net outflows of $5 billion, primarily driven by commodities funds. ETFs represented 37% of long-term AUM at December 31, 2022 and 42% of long-term base fees and securities lending revenue for 2022.

			Equity

			Year-end 2022 equity AUM totaled $4.4 trillion, reflecting net inflows of $105 billion. Net inflows included $101 billion and $7 billion into ETFs and non-ETF index, respectively, partially offset by active net outflows of $3 billion. BlackRock’s effective fee rates fluctuate due to changes in AUM mix. Approximately half of BlackRock’s equity AUM is tied to international markets, including emerging markets, which tend to have higher fee rates than US equity strategies. Accordingly, fluctuations in international equity markets, which may not consistently move in tandem with US markets, have a greater impact on BlackRock’s equity revenues and effective fee rate. Equity represented 56% of long-term AUM and 52% of long-term base fees and securities lending revenue for 2022.

			Fixed Income

			Fixed income AUM ended 2022 at $2.6 trillion, reflecting net inflows of $250 billion. Net inflows included $123 billion, $93 billion and $34 billion into ETFs, active and non-ETF index, respectively. Record fixed income ETF net inflows of $123 billion reflected the benefit of our diverse product offering and included strong flows into treasury, investment grade and municipal ETFs. Active fixed income net inflows included the funding of a significant insurance client outsourcing mandate. Fixed income represented 32% of long-term AUM and 26% of long-term base fees and securities lending revenue for 2022.


			Multi-Asset

			Multi-asset represented 9% of long-term AUM and 10% of long-term base fees and securities lending revenue for 2022.

			Multi-asset net inflows reflected ongoing institutional demand for our solutions-based advice with $33 billion of net inflows coming from institutional clients. Defined contribution plans of clients remained a significant driver of flows and contributed $19 billion to institutional multiasset net inflows in 2022, primarily into target date and target risk product offerings. The Company’s multi-asset strategies include the following: • Target date and target risk products generated net inflows of $24 billion. Institutional investors represented 89% of target date and target risk AUM, with defined contribution plans representing 84% of AUM. Flows were driven by defined contribution investments in our LifePath offerings. LifePath products utilize a proprietary active asset allocation overlay model that seeks to balance risk and return over an investment horizon based on the investor’s expected retirement timing. Underlying investments are primarily index products. • Asset allocation and balanced products generated $6 billion of net inflows. These strategies combine equity, fixed income and alternative components for investors seeking a tailored solution relative to a specific benchmark and within a risk budget. In certain cases, these strategies seek to minimize downside risk through diversification, derivatives strategies and tactical asset allocation decisions. Flagship products include our Global Allocation and Multi-Asset Income fund families. • Fiduciary management services are complex mandates in which pension plan sponsors or endowments and foundations retain BlackRock to assume responsibility for some or all aspects of investment management, often with BlackRock acting as outsourced chief investment officer. These customized services require strong partnership with the clients’ investment staff and trustees in order to tailor investment strategies to meet client-specific risk budgets and return objectives

	== Team ==		== Team ==