$3.560 Trillion in assets under management at June 30, 2012
-
Improved operating income and margin from first quarter 2012 despite
weaker global markets
-
Attracted $2.9 billion of long-term net inflows from U.S. retail and
high net worth clients, with strong demand for income-focused products
-
Attracted $11.7 billion of net inflows in iShares®
fixed income funds, representing 28% year-to-date annualized
organic growth
-
Generated 8% annualized organic growth in multi-asset products
-
Repurchased 6.6 million shares, primarily in connection with the
secondary offering of Barclays’ ownership interest
-
Completed disposition of advisory assets related to Maiden Lane I and
Maiden Lane III, marking the return of U.S. taxpayer funds
NEW YORK--(BUSINESS WIRE)--
BlackRock, Inc. (NYSE:BLK) today reported second quarter 2012 diluted
EPS of $3.08 compared with $3.21 in second quarter 2011. Second quarter
2012 net income(1) totaled $554 million compared with $572
million in first quarter 2012 and $619 million from a year ago.
Operating income for second quarter 2012 totaled $829 million with
operating margin of 37.2%.
As adjusted(2)
results. Second quarter 2012 operating income totaled $832
million compared with $883 million in second quarter 2011. Diluted EPS
totaled $3.10 and included operating income of $3.27 per diluted share
and net non-operating expense of $0.17 per diluted share. As compared
with first quarter 2012, operating income rose 1% and reflected seasonal
factors, partially offset by market-driven declines, lower performance
fees and higher costs related to the new brand campaign. Operating
margin in second quarter 2012 improved to 39.2% from 38.6% in first
quarter 2012.
“Our second quarter 2012 financial performance again demonstrated the
strength and resilience of BlackRock’s diversified platform and our
commitment to delivering for shareholders,” said Laurence D. Fink,
Chairman and CEO of BlackRock. “Despite market headwinds and the growing
defensive posture of investors, we delivered consistent results
quarter-over-quarter with $832 million in adjusted operating income and
diluted EPS of $3.10. Our global platform and breadth of investment
products and solutions positioned us effectively to serve clients in
this environment, allowing us to attract positive long-term flows
overall with particular strength in passive products in the face of
broader industry contraction. Additionally, our pipeline, predominantly
representing our institutional business, stood at $54.8 billion in
mid-July.”
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The table below presents AUM and a comparison of GAAP and as
adjusted results for certain financial measures.
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Q2
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|
|
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|
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Six Months Ended
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|
|
|
|
|
|
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Q2
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%
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Q1
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%
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|
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June 30,
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%
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|
|
|
|
|
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2012
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2011
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Change
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2012
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Change
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2012
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2011
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Change
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AUM
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|
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$3,559,934
|
|
$3,659,148
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(3%)
|
|
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$3,684,087
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(3%)
|
|
|
$3,559,934
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|
$3,659,148
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(3%)
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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GAAP basis:
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Revenue
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|
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$2,229
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|
$2,347
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(5%)
|
|
|
$2,249
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(1%)
|
|
|
$4,478
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|
$4,629
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(3%)
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|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
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|
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Operating income
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|
|
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$829
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|
$866
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(4%)
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|
|
$815
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2%
|
|
|
$1,644
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|
$1,664
|
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(1%)
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Net income(1)
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$554
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$619
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(11%)
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$572
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(3%)
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$1,126
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$1,187
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(5%)
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|
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Diluted EPS
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|
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$3.08
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$3.21
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(4%)
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|
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$3.14
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(2%)
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$6.22
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|
$6.10
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2%
|
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|
|
|
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|
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|
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As Adjusted:
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|
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|
|
|
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|
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|
|
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Operating income(2)
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$832
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$883
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(6%)
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$825
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1%
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$1,657
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$1,702
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(3%)
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Net income(1)(2)
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$558
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$578
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(3%)
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$575
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(3%)
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$1,133
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$1,160
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(2%)
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|
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Diluted EPS(2)
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$3.10
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$3.00
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3%
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$3.16
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(2%)
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$6.26
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$5.96
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5%
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(1)
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Net income represents net income attributable to BlackRock, Inc.
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(2)
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See notes (a) through (f) to the Condensed Consolidated Statements
of Income and Supplemental Information in Attachment I on pages 10
through 13 for more information on as adjusted items and the
reconciliation to GAAP.
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“As always, we remain intensely focused on further enhancing the
experience of our clients by delivering superior investment performance
in products and solutions that meet their most important needs. We are
committed to continuously evolving our organization and fully leveraging
the benefits of our global platform as we invest in talent, product
innovation and greater brand awareness while still driving strong
shareholder value. This quarter we demonstrated our commitment to
returning value to our shareholders as we repurchased $1.0 billion of
shares from Barclays Bank PLC and supported the successful secondary
offer of their remaining ownership interest. We also announced the Swiss
Re Private Equity Partners acquisition that further extends both our
alternative capabilities as well as our European presence. While the
investment environment remains challenging, the underlying momentum in
our business is strong given the environment, and I am pleased with the
investments we have been making to diversify the platform.
“As we look toward the second half of the year, I want to acknowledge
the tireless efforts of the entire BlackRock team and the great work
they do to serve their clients and deliver value for our shareholders.
While we remain cautious around the prospects for the global economy, we
are confident that the model we have built will continue to serve our
clients and shareholders and deliver attractive long-term returns.”
Second Quarter Business Highlights
Assets under management (“AUM”)
closed the quarter at $3.560 trillion, down 3% since first quarter end
and down 3% year-over-year, largely driven by $94.7 billion of
market-related declines across products. Long-term net new business of
$3.7 billion reflected net inflows in fixed income and multi-asset class
products of $5.6 billion and $4.3 billion, respectively, partly offset
by outflows from equity and alternatives totaling $6.2 billion. Total
net outflows of $29.4 billion included $1.5 billion of cash management
outflows and $31.6 billion of planned advisory distributions related to
the successful wind-down of Maiden Lane portfolios.
Long-term AUM of $3.255 trillion
decreased 3%, or $89.1 billion, since first quarter end, largely driven
by market valuation declines of $92.8 billion. These results reflected
long-term net inflows of $3.7 billion from the Americas and $0.1 billion
from EMEA, which were modestly offset by $0.1 billion of long-term net
outflows from Asia-Pacific clients.
Retail AUM of $374.0
billion, reflected net inflows of $1.6 billion overshadowed by $15.1
billion of market valuation declines. At quarter end, 75% of long-term
AUM was managed for investors based in the Americas with 25% managed for
international clients.
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U.S. retail and high net worth inflows of $2.9 billion were driven by
strong interest in income-oriented products, including equity
dividend, U.S. sector-specialty and municipal fixed income offerings.
The equity dividend fund garnered $1.8 billion in net new business.
-
International retail outflows of $1.3 billion reflected a continued
movement toward de-risking given ongoing uncertainty in European
markets and were predominantly from regional and country-specific
equity strategies.
Retail and high net worth AUM represented 11% of total long-term AUM at
quarter end and generated $644 million, or 34%, of total long-term base
fees.
iShares generated $6.1
billion of net inflows, which were more than offset by market valuation
declines of $32.8 billion, ending the quarter with $644.9 billion of
AUM. Fixed income net inflows of $11.7 billion were partially offset by
outflows of $5.4 billion and $0.2 billion from equity and alternatives
commodity funds, respectively.
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U.S. iShares generated over $8.9 billion of net inflows into
fixed income funds, led by demand for yield-oriented products. Strong
fixed income flows were muted by a retreat from equity funds,
particularly from emerging markets products as investors de-risked in
the face of market volatility.
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International iShares similarly showed signs of shifting
investor preferences with strong fixed income inflows of $2.8 billion
and modest equity inflows of $0.2 billion.
iShares AUM represented 20% of total long-term AUM at quarter end
and generated $596 million of revenue, or 31%, of total long-term
base fees.
Institutional active AUM declined
1%, or $9.0 billion, to $850.0 billion, with net outflows of $5.9
billion compounded by $3.2 billion of market valuation losses. Net
inflows of $4.1 billion into multi-asset class products were more than
offset by outflows across fixed income, alternatives and equities.
-
Multi-asset class products attracted inflows of $4.1 billion with
continued strength in target date and global asset allocation
offerings.
-
Fixed income outflows of $6.1 billion were driven by outflows of $7.3
billion and $4.5 billion from global bond and local currency mandates,
respectively, as concerns over the Euro crisis prompted clients to
shift asset allocations. These outflows were partially offset by
strong inflows of $7.8 billion into U.S. sector-specialty products.
-
Alternatives experienced outflows of $2.3 billion, with renewable
power inflows of $0.2 billion offset by outflows of $2.2 billion
across other core alternatives offerings and by outflows of $0.3
billion from currencies and commodities. The alternatives initiative
continued with the completion of the initial close of the BlackRock
NTR Renewable Power Fund. We also announced the planned acquisition of
Swiss Re Private Equity Partners, the European private equity
franchise of Swiss Re, expected to close in the third quarter 2012.
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Equity outflows totaled $1.6 billion, largely reflecting $1.5 billion
of outflows from scientific active equity (“SAE”) products despite
continuing improvements in performance.
Institutional active strategies represented 26% of total long-term AUM
at quarter end and generated $440 million, or 23%, of long-term base
fees.
Institutional index AUM ended
the quarter at $1.387 trillion, reflecting market valuation declines of
$41.8 billion and net inflows of $2.0 billion.
-
Equity net inflows of $6.5 billion showed clients’ continued use of
passive strategies to gain broad market exposure, with flows largely
into global equity mandates.
-
Fixed income net outflows of $2.7 billion were driven by local
currency outflows of $7.0 billion, which overshadowed robust inflows
of $3.6 billion into U.S. core and U.S. sector-specialty mandates.
Institutional index represented 43% of total long-term AUM at quarter
end and generated $222 million, or 12%, of total long-term base fees.
Cash management AUM decreased
1%, or $2.5 billion, to $239.5 billion reflecting net outflows of $1.5
billion and net market and foreign exchange losses of $1.0 billion.
Outflows reflected institutional reaction to the continued low-rate
environment.
Advisory AUM declined 33% to
$65.0 billion driven almost exclusively by Maiden Lane portfolio
liquidation disbursements.
Investment performance improved
across much of the product platform.
-
Equity fundamental products reflected 39%, 44% and 69% of AUM
performing above the benchmark or peer median for the one-, three-,
and five- year periods ended June 30, 2012, respectively. SAE
performance continues to improve, as evidenced by 67%, 85% and 43% of
SAE AUM performing above benchmark or peer median for the one-, three-
and five-year periods ended June 30, 2012, respectively. Our passive
equity performance remained strong, with 96%, 94% and 96% of AUM
within or above tolerance for the one-, three- and five-year periods
ended June 30, 2012, respectively.
-
Taxable fixed income products performed with 71%, 81% and 53% of AUM
above benchmark or peer median for the one-, three-, and five-year
periods ended June 30, 2012, respectively, while our active tax-exempt
business showed consistent results with 64%, 67% and 73% of AUM above
the benchmark or peer median for the same time periods. Passive
performance was strong with 96%, 96% and 91% of AUM within or above
tolerance for the one-, three- and five-year periods ended June 30,
2012, respectively.
-
Multi-asset performance showed 32%, 37%, and 87% of AUM above the
benchmark or peer median for the one-, three-, and five-year periods
ended June 30, 2012, respectively.
BlackRock Solutions®
(“BRS”) generated $131 million in revenues during the
quarter, up 7% from first quarter 2012, reflecting the continued
heightened focus on risk management given continued market volatility
and increasing regulatory scrutiny.
-
BRS added eight net new assignments during the quarter, including one
risk management mandate, five Financial Markets Advisory (“FMA”)
assignments, nine non-recurring advisory engagements and completed six
short-term advisory assignments during the quarter.
-
Demand remained strong for the Aladdin-based services, with 21%
year-over-year growth in Aladdin revenues, which represented
approximately two-thirds of total BRS revenues. A significant amount
of growth was fuelled by existing clients adding newly acquired
assets, additional regions and equity capabilities.
-
The FMA business continues to generate strong returns from its global
recognition as a strong advisor to governments and large financial
institutions. During the quarter, we disposed of nearly $32.0 billion
in advisory assets for our clients, largely related to Maiden Lane I
and Maiden Lane III, which have fully repaid principal owed to the
Federal Reserve Bank of New York, with interest.
Net new business pipeline totaled
$54.8 billion at July 12, 2012, and included $42.7 billion in index
mandates and $2.1 billion in active mandates that are expected to fund
in future quarters. In addition, the pipeline contained $9.3 billion of
mandates that funded since quarter end. The unfunded portion of the
pipeline primarily represents institutional assets, which account for
approximately two-thirds of long-term AUM but only one-third of
revenues. BlackRock Solutions pipeline of contracts and proposals
remains robust.
Second Quarter Financial Highlights
Comparison to the Second Quarter 2011
Operating income: Second quarter
2012 operating income was $829 million compared with $866 million in
second quarter 2011. Operating income, as adjusted, was $832 million
compared with $883 million in second quarter 2011.
Second quarter 2012 revenue of $2.2 billion decreased $118 million from
$2.3 billion in second quarter 2011, primarily due to the following:
-
Investment advisory, administration fees and
securities lending revenue of $2.0 billion in second
quarter 2012 decreased from $2.1 billion in second quarter 2011, as
higher revenues from fixed income products, predominantly iShares,
were more than offset by lower fees from equity products due to
market-driven reduction in average equity AUM. Securities lending fees
were $157 million in second quarter 2012 compared with $134 million in
second quarter 2011.
-
Performance fees were $41 million
in second quarter 2012 compared with $50 million in second quarter
2011, primarily reflecting lower performance fees from equity products.
-
BlackRock Solutions and
advisory revenue totaled $131 million in second
quarter 2012 compared with $116 million in second quarter 2011,
primarily reflecting higher revenue from additional Aladdin
mandates.
-
Distribution fees of
$20 million in second quarter 2012 decreased $7 million from $27
million in second quarter 2011, primarily resulting from lower sales
and AUM in certain share classes of open-end retail funds.
-
Other revenue decreased $7
million, largely reflecting lower sales commissions.
Second quarter 2012 total operating expenses of $1.4 billion decreased
$81 million from second quarter 2011. Operating expenses, as adjusted,
decreased $67 million. See notes (a) through (f) in Attachment I for
more information on as adjusted items and the reconciliation to GAAP.
Results were driven by the following:
-
Employee compensation and benefits
decreased $38 million, driven by lower incentive compensation
related to market effects.
-
Distribution and servicing costs
decreased $7 million, driven by lower average AUM.
-
Amortization of deferred sales commissions
decreased $7 million, primarily related to lower sales of certain
share classes of open-end funds.
-
Direct fund expenses decreased
$9 million, reflecting a decrease in average AUM where BlackRock pays
certain non-advisory expenses of the funds.
-
General and administration expenses
decreased $21 million, primarily related to lower occupancy costs,
favorable effects from foreign currency remeasurements and lower
professional expenses. The decrease was partially offset by higher
marketing and promotional expenses in connection with the brand
campaign launched in first quarter 2012.
Non-operating income (expense):
Second quarter 2012 non-operating expense, net of non-controlling
interests, was $46 million compared with $27 million in second quarter
2011. Second quarter 2012 included $2 million of net negative marks,
primarily on private equity fund co-investments, and $44 million of net
interest expense. Net interest expense increased $7 million from second
quarter 2011, primarily due to long-term debt issuances in May 2011 and
May 2012.
Income tax expense: Income tax
expense totaled $229 million and $220 million for second quarter 2012
and 2011, respectively. The GAAP effective income tax rate for the
second quarter 2012 was 29.3% compared with 26.2% for the second quarter
2011. The second quarter 2011 GAAP tax rate included a $52 million
non-cash benefit due to enacted state tax legislation. The as adjusted
effective income tax rate was 29.3% and 32.4% for second quarter 2012
and 2011, respectively.
Comparison to the First Quarter 2012
Operating income: Second quarter
2012 operating income was $829 million compared with $815 million in
first quarter 2012. Operating income, as adjusted, was $832 million
compared with $825 million in first quarter 2012.
Second quarter 2012 revenue decreased $20 million from first quarter
2012, primarily due to the following:
-
Investment advisory, administration fees and
securities lending revenue in second quarter 2012 increased
$13 million from first quarter 2012, driven by seasonally higher
securities lending fees, partially offset by market-driven effects on
average equity AUM. Securities lending fees were $157 million in
second quarter 2012 compared with $111 million in first quarter 2012.
-
Performance fees were $41 million
in second quarter 2012 compared with $80 million in first quarter
2012. The current quarter reflected lower performance fees from
alternative and equity products.
-
BlackRock Solutions and
advisory revenue of $131 million in second quarter 2012
increased from $123 million in first quarter 2012, primarily
reflecting higher revenue from additional Aladdin mandates and
higher one-time revenues from advisory assignments in second quarter
2012.
Second quarter 2012 total operating expenses of $1.4 billion decreased
$34 million from first quarter 2012. Operating expenses, as adjusted,
decreased $27 million. See notes (a) through (f) in Attachment I for
more information on as adjusted items and the reconciliation to GAAP.
Results were driven by the following:
-
Employee compensation and benefits
decreased $39 million, primarily reflecting lower payroll taxes and
lower incentive compensation due to market-driven effects.
-
Direct fund expenses decreased
$8 million related to funds where BlackRock pays certain non-advisory
expenses.
-
General and administration expenses
increased $17 million, primarily related to higher marketing and
promotional expenses in connection with the previously mentioned brand
campaign.
Non-operating income (expense):
Second quarter 2012 non-operating expense, net of non-controlling
interests, was $46 million compared with $20 million non-operating
income in first quarter 2012. Second quarter 2012 included $2 million of
net negative marks primarily on private equity fund co-investments and
$44 million of net interest expense. Net interest expense increased $4
million from first quarter 2012, primarily due to $1.5 billion of
long-term debt issuances in May 2012.
Income tax expense: Income tax
expense of $229 million for second quarter 2012 decreased $34 million
from first quarter 2012. The GAAP effective income tax rate for the
second quarter 2012 was 29.3% compared with 31.5% for the first quarter
2012. The as adjusted effective income tax rate was 29.3% and 31.5% for
second quarter 2012 and first quarter 2012, respectively.
Teleconference, Webcast and Presentation Information
Chairman and Chief Executive Officer, Laurence D. Fink, and Chief
Financial Officer, Ann Marie Petach, will host a teleconference call for
investors and analysts on Wednesday, July 18, 2012, at 9:00 a.m.
(Eastern Time). Members of the public who are interested in
participating in the teleconference should dial, from the United States,
(800) 374-0176, or from outside the United States, (706) 679-8281,
shortly before 9:00 a.m. and reference the BlackRock Conference Call (ID
Number 95008161). A live, listen-only webcast will also be available via
the investor relations section of www.blackrock.com.
Both the teleconference and webcast will be available for replay by 1:00
p.m. Eastern Time on Wednesday, July 18, 2012 and ending at midnight on
Wednesday, August 1, 2012. To access the replay of the teleconference,
callers from the United States should dial (800) 585-8367 and callers
from outside the United States should dial (404) 537-3406 and enter the
Conference ID Number 95008161. To access the webcast, please visit the
investor relations section of www.blackrock.com.
Performance Notes
Past performance is not indicative of future results. The performance
information shown is based on preliminarily available data. The
performance information for actively managed accounts reflects U.S.
open-end and closed-end mutual funds and similar EMEA-based products
with respect to peer median comparisons, and actively managed
institutional and high net worth separate accounts and funds located
globally with respect to benchmark comparisons, as determined using
objectively based internal parameters, using the most current verified
information available as of June 30, 2012 (May 31, 2012 for high net
worth accounts).
Accounts terminated prior to June 30, 2012 are not included. In
addition, accounts that have not been verified as of July 13, 2012 have
not been included. If such terminated and other accounts had been
included, the performance information may have substantially differed
from that shown. The performance information does not include funds or
accounts that are not measured against a benchmark, any benchmark-based
alternatives product, private equity products, CDOs, or accounts managed
by BlackRock’s Financial Markets Advisory Group. Comparisons are based
on gross-of-fee performance for U.S. retail, institutional and high net
worth separate accounts and EMEA institutional separate accounts and
net-of-fee performance for EMEA based retail products. The performance
tracking information for institutional index accounts is based on
gross-of-fee performance as of June 30, 2012, and includes all
institutional accounts and all iShares funds globally using an
index strategy. AUM information is based on AUM for each account or fund
in the asset class shown without adjustment for overlapping management
of the same account or fund, as of June 30, 2012.
Source of performance information and peer medians is BlackRock, Inc.
and is based in part on data from Lipper Inc. for U.S. funds and
Morningstar, Inc. for non-U.S. funds. Fund performance reflects the
reinvestment of dividends and distributions, but does not reflect sales
charges.
About BlackRock
BlackRock is a leader in investment management, risk management and
advisory services for institutional and retail clients worldwide. At
June 30, 2012, BlackRock’s AUM was $3.560 trillion. BlackRock offers
products that span the risk spectrum to meet clients’ needs, including
active, enhanced and index strategies across markets and asset classes.
Products are offered in a variety of structures including separate
accounts, mutual funds, iShares® (exchange
traded funds), and other pooled investment vehicles. BlackRock also
offers risk management, advisory and enterprise investment system
services to a broad base of institutional investors through BlackRock
Solutions®. Headquartered in New York City, as of June
30, 2012, the firm has approximately 9,900 employees in 27 countries and
a major presence in key global markets, including North and South
America, Europe, Asia, Australia and the Middle East and Africa. For
additional information, please visit the Company's website at www.blackrock.com.
Forward-looking Statements
This report, and other statements that BlackRock may make, may contain
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act, with respect to BlackRock’s future financial or
business performance, strategies or expectations. Forward-looking
statements are typically identified by words or phrases such as “trend,”
“potential,” “opportunity,” “pipeline,” “believe,” “comfortable,”
“expect,” “anticipate,” “current,” “intention,” “estimate,” “position,”
“assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,”
“seek,” “achieve,” and similar expressions, or future or conditional
verbs such as “will,” “would,” “should,” “could,” “may” or similar
expressions.
BlackRock cautions that forward-looking statements are subject to
numerous assumptions, risks and uncertainties, which change over time.
Forward-looking statements speak only as of the date they are made, and
BlackRock assumes no duty to and does not undertake to update
forward-looking statements. Actual results could differ materially from
those anticipated in forward-looking statements and future results could
differ materially from historical performance.
In addition to risk factors previously disclosed in BlackRock’s
Securities and Exchange Commission (“SEC”) reports and those identified
elsewhere in this report the following factors, among others, could
cause actual results to differ materially from forward-looking
statements or historical performance: (1) the introduction, withdrawal,
success and timing of business initiatives and strategies; (2) changes
and volatility in political, economic or industry conditions, the
interest rate environment, foreign exchange rates or financial and
capital markets, which could result in changes in demand for products or
services or in the value of assets under management; (3) the relative
and absolute investment performance of BlackRock’s investment products;
(4) the impact of increased competition; (5) the impact of future
acquisitions or divestitures; (6) the unfavorable resolution of legal
proceedings; (7) the extent and timing of any share repurchases; (8) the
impact, extent and timing of technological changes and the adequacy of
intellectual property and information security protection; (9) the
impact of legislative and regulatory actions and reforms, including the
Dodd-Frank Wall Street Reform and Consumer Protection Act, and
regulatory, supervisory or enforcement actions of government agencies
relating to BlackRock or The PNC Financial Services Group, Inc. (“PNC”);
(10) terrorist activities, international hostilities and natural
disasters, which may adversely affect the general economy, domestic and
local financial and capital markets, specific industries or BlackRock;
(11) the ability to attract and retain highly talented professionals;
(12) fluctuations in the carrying value of BlackRock’s economic
investments; (13) the impact of changes to tax legislation, including
income, payroll and transaction taxes, and taxation on products or
transactions, which could affect the value proposition to clients and,
generally, the tax position of the Company; (14) BlackRock’s success in
maintaining the distribution of its products; (15) the impact of
BlackRock electing to provide support to its products from time to time
and any liabilities related to securities lending or other
indemnification obligations; and (16) the impact of problems at other
financial institutions or the failure or negative performance of
products at other financial institutions.
BlackRock's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q
and BlackRock's subsequent filings with the SEC, accessible on the SEC's
website at www.sec.gov
and on BlackRock’s website at www.blackrock.com,
discuss these factors in more detail and identify additional factors
that can affect forward-looking statements. The information contained on
the Company’s website is not a part of this press release.
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Attachment I
|
|
BlackRock, Inc.
|
|
Condensed Consolidated Statements of Income and Supplemental
Information
|
|
(Dollar amounts in millions, except per share data)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
Ended
|
|
|
|
|
|
|
|
|
June 30,
|
|
|
|
|
|
|
|
March 31,
|
|
|
|
|
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
$ Change
|
|
|
|
2012
|
|
|
|
$ Change
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment advisory, administration fees and securities lending
revenue
|
|
|
$
|
1,990
|
|
|
|
|
$
|
2,100
|
|
|
|
|
|
($110
|
)
|
|
|
|
$
|
1,977
|
|
|
|
|
$
|
13
|
|
|
Investment advisory performance fees
|
|
|
|
41
|
|
|
|
|
|
50
|
|
|
|
|
|
(9
|
)
|
|
|
|
|
80
|
|
|
|
|
|
(39
|
)
|
|
BlackRock Solutions and advisory
|
|
|
|
131
|
|
|
|
|
|
116
|
|
|
|
|
|
15
|
|
|
|
|
|
123
|
|
|
|
|
|
8
|
|
|
Distribution fees
|
|
|
|
20
|
|
|
|
|
|
27
|
|
|
|
|
|
(7
|
)
|
|
|
|
|
19
|
|
|
|
|
|
1
|
|
|
Other revenue
|
|
|
|
47
|
|
|
|
|
|
54
|
|
|
|
|
|
(7
|
)
|
|
|
|
|
50
|
|
|
|
|
|
(3
|
)
|
|
Total revenue
|
|
|
|
2,229
|
|
|
|
|
|
2,347
|
|
|
|
|
|
(118
|
)
|
|
|
|
|
2,249
|
|
|
|
|
|
(20
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee compensation and benefits
|
|
|
|
786
|
|
|
|
|
|
824
|
|
|
|
|
|
(38
|
)
|
|
|
|
|
825
|
|
|
|
|
|
(39
|
)
|
|
Distribution and servicing costs
|
|
|
|
93
|
|
|
|
|
|
100
|
|
|
|
|
|
(7
|
)
|
|
|
|
|
95
|
|
|
|
|
|
(2
|
)
|
|
Amortization of deferred sales commissions
|
|
|
|
14
|
|
|
|
|
|
21
|
|
|
|
|
|
(7
|
)
|
|
|
|
|
16
|
|
|
|
|
|
(2
|
)
|
|
Direct fund expenses
|
|
|
|
144
|
|
|
|
|
|
153
|
|
|
|
|
|
(9
|
)
|
|
|
|
|
152
|
|
|
|
|
|
(8
|
)
|
|
General and administration
|
|
|
|
324
|
|
|
|
|
|
345
|
|
|
|
|
|
(21
|
)
|
|
|
|
|
307
|
|
|
|
|
|
17
|
|
|
Amortization of intangible assets
|
|
|
|
39
|
|
|
|
|
|
38
|
|
|
|
|
|
1
|
|
|
|
|
|
39
|
|
|
|
|
|
-
|
|
|
Total expenses
|
|
|
|
1,400
|
|
|
|
|
|
1,481
|
|
|
|
|
|
(81
|
)
|
|
|
|
|
1,434
|
|
|
|
|
|
(34
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
829
|
|
|
|
|
|
866
|
|
|
|
|
|
(37
|
)
|
|
|
|
|
815
|
|
|
|
|
|
14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gain (loss) on investments
|
|
|
|
(7
|
)
|
|
|
|
|
18
|
|
|
|
|
|
(25
|
)
|
|
|
|
|
75
|
|
|
|
|
|
(82
|
)
|
|
Net gain (loss) on consolidated variable interest entities
|
|
|
|
11
|
|
|
|
|
|
(5
|
)
|
|
|
|
|
16
|
|
|
|
|
|
(12
|
)
|
|
|
|
|
23
|
|
|
Interest and dividend income
|
|
|
|
8
|
|
|
|
|
|
4
|
|
|
|
|
|
4
|
|
|
|
|
|
9
|
|
|
|
|
|
(1
|
)
|
|
Interest expense
|
|
|
|
(52
|
)
|
|
|
|
|
(41
|
)
|
|
|
|
|
(11
|
)
|
|
|
|
|
(49
|
)
|
|
|
|
|
(3
|
)
|
|
Total non-operating income (expense)
|
|
|
|
(40
|
)
|
|
|
|
|
(24
|
)
|
|
|
|
|
(16
|
)
|
|
|
|
|
23
|
|
|
|
|
|
(63
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
|
789
|
|
|
|
|
|
842
|
|
|
|
|
|
(53
|
)
|
|
|
|
|
838
|
|
|
|
|
|
(49
|
)
|
|
Income tax expense
|
|
|
|
229
|
|
|
|
|
|
220
|
|
|
|
|
|
9
|
|
|
|
|
|
263
|
|
|
|
|
|
(34
|
)
|
|
Net income
|
|
|
|
560
|
|
|
|
|
|
622
|
|
|
|
|
|
(62
|
)
|
|
|
|
|
575
|
|
|
|
|
|
(15
|
)
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to non-controlling interests
|
|
|
|
6
|
|
|
|
|
|
3
|
|
|
|
|
|
3
|
|
|
|
|
|
3
|
|
|
|
|
|
3
|
|
|
Net income attributable to BlackRock, Inc.
|
|
|
$
|
554
|
|
|
|
|
$
|
619
|
|
|
|
|
|
($65
|
)
|
|
|
|
$
|
572
|
|
|
|
|
|
($18
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding(f)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
177,010,239
|
|
|
|
|
|
187,870,001
|
|
|
|
|
|
(10,859,762
|
)
|
|
|
|
|
179,022,840
|
|
|
|
|
|
(2,012,601
|
)
|
|
Diluted
|
|
|
|
179,590,702
|
|
|
|
|
|
190,579,963
|
|
|
|
|
|
(10,989,261
|
)
|
|
|
|
|
181,917,864
|
|
|
|
|
|
(2,327,162
|
)
|
|
Earnings per share attributable to BlackRock, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
common stockholders(f)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
3.13
|
|
|
|
|
$
|
3.26
|
|
|
|
|
|
($0.13
|
)
|
|
|
|
$
|
3.19
|
|
|
|
|
|
($0.06
|
)
|
|
Diluted
|
|
|
$
|
3.08
|
|
|
|
|
$
|
3.21
|
|
|
|
|
|
($0.13
|
)
|
|
|
|
$
|
3.14
|
|
|
|
|
|
($0.06
|
)
|
|
Cash dividends declared and paid per share
|
|
|
$
|
1.50
|
|
|
|
|
$
|
1.375
|
|
|
|
|
$
|
0.125
|
|
|
|
|
$
|
1.50
|
|
|
|
|
$
|
0.00
|
|
|
Supplemental information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AUM (end of period)
|
|
|
$
|
3,559,934
|
|
|
|
|
$
|
3,659,148
|
|
|
|
|
|
($99,214
|
)
|
|
|
|
$
|
3,684,087
|
|
|
|
|
|
($124,153
|
)
|
|
Shares outstanding excluding escrow shares (end of period)
|
|
|
|
172,901,037
|
|
|
|
|
|
179,086,190
|
|
|
|
|
|
(6,185,153
|
)
|
|
|
|
|
179,406,494
|
|
|
|
|
|
(6,505,457
|
)
|
|
GAAP:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin
|
|
|
|
37.2
|
%
|
|
|
|
|
36.9
|
%
|
|
|
|
30 bps
|
|
|
|
|
36.2
|
%
|
|
|
|
100 bps
|
|
Effective tax rate
|
|
|
|
29.3
|
%
|
|
|
|
|
26.2
|
%
|
|
|
|
310 bps
|
|
|
|
|
31.5
|
%
|
|
|
|
(220) bps
|
|
As adjusted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income(a)
|
|
|
$
|
832
|
|
|
|
|
$
|
883
|
|
|
|
|
|
($51
|
)
|
|
|
|
$
|
825
|
|
|
|
|
$
|
7
|
|
|
Operating margin(a)
|
|
|
|
39.2
|
%
|
|
|
|
|
39.7
|
%
|
|
|
|
(50) bps
|
|
|
|
|
38.6
|
%
|
|
|
|
60 bps
|
|
Non-operating income (expense), less net income (loss)
attributable to non-controlling interests(b)
|
|
|
|
($43
|
)
|
|
|
|
|
($27
|
)
|
|
|
|
|
($16
|
)
|
|
|
|
$
|
15
|
|
|
|
|
|
($58
|
)
|
|
Net income attributable to BlackRock, Inc.(c) (d)
|
|
|
$
|
558
|
|
|
|
|
$
|
578
|
|
|
|
|
|
($20
|
)
|
|
|
|
$
|
575
|
|
|
|
|
|
($17
|
)
|
|
Diluted earnings attributable to BlackRock, Inc. common
stockholders per share(c) (d) (e) (f)
|
|
|
$
|
3.10
|
|
|
|
|
$
|
3.00
|
|
|
|
|
$
|
0.10
|
|
|
|
|
$
|
3.16
|
|
|
|
|
|
($0.06
|
)
|
|
Effective tax rate
|
|
|
|
29.3
|
%
|
|
|
|
|
32.4
|
%
|
|
|
|
(310) bps
|
|
|
|
|
31.5
|
%
|
|
|
|
(220) bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock, Inc.
|
|
Condensed Consolidated Statements of Income and Supplemental
Information
|
|
(Dollar amounts in millions, except per share data)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
|
|
|
|
|
|
|
|
June 30,
|
|
|
|
|
|
|
|
2012
|
|
|
2011
|
|
|
$ Change
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
Investment advisory, administration fees and securities lending
revenue
|
|
|
$
|
3,967
|
|
|
|
$
|
4,084
|
|
|
|
|
($117
|
)
|
|
Investment advisory performance fees
|
|
|
|
121
|
|
|
|
|
133
|
|
|
|
|
(12
|
)
|
|
BlackRock Solutions and advisory
|
|
|
|
254
|
|
|
|
|
244
|
|
|
|
|
10
|
|
|
Distribution fees
|
|
|
|
39
|
|
|
|
|
55
|
|
|
|
|
(16
|
)
|
|
Other revenue
|
|
|
|
97
|
|
|
|
|
113
|
|
|
|
|
(16
|
)
|
|
Total revenue
|
|
|
|
4,478
|
|
|
|
|
4,629
|
|
|
|
|
(151
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
Employee compensation and benefits
|
|
|
|
1,611
|
|
|
|
|
1,654
|
|
|
|
|
(43
|
)
|
|
Distribution and servicing costs
|
|
|
|
188
|
|
|
|
|
209
|
|
|
|
|
(21
|
)
|
|
Amortization of deferred sales commissions
|
|
|
|
30
|
|
|
|
|
43
|
|
|
|
|
(13
|
)
|
|
Direct fund expenses
|
|
|
|
296
|
|
|
|
|
296
|
|
|
|
|
-
|
|
|
General and administration
|
|
|
|
631
|
|
|
|
|
685
|
|
|
|
|
(54
|
)
|
|
Amortization of intangible assets
|
|
|
|
78
|
|
|
|
|
78
|
|
|
|
|
-
|
|
|
Total expenses
|
|
|
|
2,834
|
|
|
|
|
2,965
|
|
|
|
|
(131
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
1,644
|
|
|
|
|
1,664
|
|
|
|
|
(20
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income (expense)
|
|
|
|
|
|
|
|
|
|
|
Net gain (loss) on investments
|
|
|
|
68
|
|
|
|
|
77
|
|
|
|
|
(9
|
)
|
|
Net gain (loss) on consolidated variable interest entities
|
|
|
|
(1
|
)
|
|
|
|
(20
|
)
|
|
|
|
19
|
|
|
Interest and dividend income
|
|
|
|
17
|
|
|
|
|
13
|
|
|
|
|
3
|
|
|
Interest expense
|
|
|
|
(101
|
)
|
|
|
|
(79
|
)
|
|
|
|
(21
|
)
|
|
Total non-operating income (expense)
|
|
|
|
(17
|
)
|
|
|
|
(9
|
)
|
|
|
|
(8
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
|
1,627
|
|
|
|
|
1,655
|
|
|
|
|
(28
|
)
|
|
Income tax expense
|
|
|
|
492
|
|
|
|
|
469
|
|
|
|
|
23
|
|
|
Net income
|
|
|
|
1,135
|
|
|
|
|
1,186
|
|
|
|
|
(51
|
)
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to non-controlling interests
|
|
|
|
9
|
|
|
|
|
(1
|
)
|
|
|
|
10
|
|
|
Net income attributable to BlackRock, Inc.
|
|
|
$
|
1,126
|
|
|
|
$
|
1,187
|
|
|
|
|
($61
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding(f)
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
178,016,539
|
|
|
|
|
189,822,833
|
|
|
|
|
(11,806,294
|
)
|
|
Diluted
|
|
|
|
180,753,515
|
|
|
|
|
192,429,367
|
|
|
|
|
(11,675,852
|
)
|
|
Earnings per share attributable to BlackRock, Inc.
|
|
|
|
|
|
|
|
|
|
|
common stockholders(f)
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
6.32
|
|
|
|
$
|
6.18
|
|
|
|
$
|
0.14
|
|
|
Diluted
|
|
|
$
|
6.22
|
|
|
|
$
|
6.10
|
|
|
|
$
|
0.12
|
|
|
Cash dividends declared and paid per share
|
|
|
$
|
3.00
|
|
|
|
$
|
2.75
|
|
|
|
$
|
0.25
|
|
|
Supplemental information:
|
|
|
|
|
|
|
|
|
|
|
AUM (end of period)
|
|
|
$
|
3,559,934
|
|
|
|
$
|
3,659,148
|
|
|
|
|
($99,214
|
)
|
|
Shares outstanding excluding escrow shares (end of period)
|
|
|
|
172,901,037
|
|
|
|
|
179,086,190
|
|
|
|
|
(6,185,153
|
)
|
|
GAAP:
|
|
|
|
|
|
|
|
|
|
|
Operating margin
|
|
|
|
36.7
|
%
|
|
|
|
35.9
|
%
|
|
|
80 bps
|
|
Effective tax rate
|
|
|
|
30.4
|
%
|
|
|
|
28.3
|
%
|
|
|
210 bps
|
|
As adjusted:
|
|
|
|
|
|
|
|
|
|
|
Operating income(a)
|
|
|
$
|
1,657
|
|
|
|
$
|
1,702
|
|
|
|
|
($45
|
)
|
|
Operating margin(a)
|
|
|
|
38.9
|
%
|
|
|
|
39.4
|
%
|
|
|
(50) bps
|
|
Non-operating income (expense), less net income (loss)
attributable to non-controlling interests(b)
|
|
|
|
($28
|
)
|
|
|
|
($13
|
)
|
|
|
|
($15
|
)
|
|
Net income attributable to BlackRock, Inc.(c) (d)
|
|
|
$
|
1,133
|
|
|
|
$
|
1,160
|
|
|
|
|
($27
|
)
|
|
Diluted earnings attributable to BlackRock, Inc. common
stockholders per share(c) (d) (e) (f)
|
|
|
$
|
6.26
|
|
|
|
$
|
5.96
|
|
|
|
$
|
0.30
|
|
|
Effective tax rate
|
|
|
|
30.4
|
%
|
|
|
|
31.3
|
%
|
|
|
(90) bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock, Inc.
Notes to Condensed Consolidated
Statements of Income and Supplemental Information
(unaudited)
BlackRock reports its financial results in accordance with accounting
principles generally accepted in the United States ("GAAP"); however,
management believes evaluating the Company’s ongoing operating results
may be enhanced if investors have additional non-GAAP basis financial
measures. Management reviews non-GAAP financial measures to assess
ongoing operations and, for the reasons described below, considers them
to be effective indicators, for both management and investors, of
BlackRock's financial performance over time. BlackRock's management does
not advocate that investors consider such non-GAAP financial measures in
isolation from, or as a substitute for, financial information prepared
in accordance with GAAP.
Computations for all periods are derived from the Company's condensed
consolidated statements of income as follows:
(a) Operating income, as adjusted, and
operating margin, as adjusted:
Operating income, as adjusted, equals operating income, GAAP basis,
excluding certain items management deems non-recurring, or transactions
that ultimately will not impact BlackRock’s book value, as indicated in
the table below. Operating income used for operating margin measurement
equals operating income, as adjusted, excluding the impact of closed-end
fund launch costs and commissions. Operating margin, as adjusted, equals
operating income used for operating margin measurement, divided by
revenue used for operating margin measurement, as indicated in the table
below.
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
|
June 30,
|
|
|
March 31,
|
|
|
June 30,
|
|
(Dollar amounts in millions)
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2012
|
|
|
2011
|
|
Operating income, GAAP basis
|
|
|
$
|
829
|
|
|
|
$
|
866
|
|
|
|
$
|
815
|
|
|
|
$
|
1,644
|
|
|
|
$
|
1,664
|
|
|
Non-GAAP expense adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PNC LTIP funding obligation
|
|
|
|
6
|
|
|
|
|
14
|
|
|
|
|
5
|
|
|
|
|
11
|
|
|
|
|
28
|
|
|
Merrill Lynch compensation contribution
|
|
|
|
-
|
|
|
|
|
3
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
5
|
|
|
Compensation expense related to appreciation (depreciation) on
deferred compensation plans
|
|
|
|
(3
|
)
|
|
|
|
-
|
|
|
|
|
5
|
|
|
|
|
2
|
|
|
|
|
5
|
|
|
Operating income, as adjusted
|
|
|
|
832
|
|
|
|
|
883
|
|
|
|
|
825
|
|
|
|
|
1,657
|
|
|
|
|
1,702
|
|
|
Closed-end fund launch costs
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
19
|
|
|
Closed-end fund launch commissions
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
2
|
|
|
Operating income used for operating margin measurement
|
|
|
$
|
832
|
|
|
|
$
|
883
|
|
|
|
$
|
825
|
|
|
|
$
|
1,657
|
|
|
|
$
|
1,723
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue, GAAP basis
|
|
|
$
|
2,229
|
|
|
|
$
|
2,347
|
|
|
|
$
|
2,249
|
|
|
|
$
|
4,478
|
|
|
|
$
|
4,629
|
|
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distribution and servicing costs
|
|
|
|
(93
|
)
|
|
|
|
(100
|
)
|
|
|
|
(95
|
)
|
|
|
|
(188
|
)
|
|
|
|
(209
|
)
|
|
Amortization of deferred sales commissions
|
|
|
|
(14
|
)
|
|
|
|
(21
|
)
|
|
|
|
(16
|
)
|
|
|
|
(30
|
)
|
|
|
|
(43
|
)
|
|
Revenue used for operating margin measurement
|
|
|
$
|
2,122
|
|
|
|
$
|
2,226
|
|
|
|
$
|
2,138
|
|
|
|
$
|
4,260
|
|
|
|
$
|
4,377
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin, GAAP basis
|
|
|
|
37.2
|
%
|
|
|
|
36.9
|
%
|
|
|
|
36.2
|
%
|
|
|
|
36.7
|
%
|
|
|
|
35.9
|
%
|
|
Operating margin, as adjusted
|
|
|
|
39.2
|
%
|
|
|
|
39.7
|
%
|
|
|
|
38.6
|
%
|
|
|
|
38.9
|
%
|
|
|
|
39.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management believes operating income, as adjusted, and operating margin,
as adjusted, are effective indicators of BlackRock’s financial
performance over time and, therefore, provide useful disclosure to
investors.
BlackRock, Inc.
Notes to Condensed Consolidated
Statements of Income and Supplemental Information
(unaudited)
(continued)
(a) (continued)
Operating income, as adjusted:
The portion of compensation expense associated with certain long-term
incentive plans (“LTIP”) that has been or will be funded through
distributions to participants of shares of BlackRock stock held by The
PNC Financial Services Group, Inc. ("PNC") and a Merrill Lynch & Co.,
Inc. ("Merrill Lynch") cash compensation contribution, all of which has
been received as of first quarter 2012, has been excluded because these
charges ultimately do not impact BlackRock’s book value. The expense
related to the Merrill Lynch cash compensation contribution ceased at
the end of the third quarter 2011.
Compensation expense associated with appreciation (depreciation) on
investments related to certain BlackRock deferred compensation plans has
been excluded as returns on investments set aside for these plans, which
substantially offset this expense, are reported in non-operating income
(expense).
Management believes operating income exclusive of these costs is a
useful measure in evaluating BlackRock’s operating performance and helps
enhance the comparability of this information for the reporting periods
presented.
Operating margin, as adjusted:
Operating income used for measuring operating margin, as adjusted, is
equal to operating income, as adjusted, excluding the impact of
closed-end fund launch costs and commissions. Management believes the
exclusion of such costs and commissions is useful because these costs
can fluctuate considerably and revenues associated with the expenditure
of these costs will not fully impact BlackRock’s results until future
periods.
Operating margin, as adjusted, allows BlackRock to compare performance
from period-to-period by adjusting for items that may not recur, recur
infrequently or may have an economic offset in non-operating income.
Examples of such adjustments include closed-end fund launch costs,
commissions paid to certain employees as compensation and fluctuations
in compensation expense based on mark-to-market movements in investments
held to fund certain compensation plans. BlackRock also uses operating
margin, as adjusted, to monitor corporate performance and efficiency and
as a benchmark to compare its performance with other companies.
Management uses both the GAAP and non-GAAP financial measures in
evaluating the financial performance of BlackRock. The non-GAAP measure
by itself may pose limitations because it does not include all of
BlackRock’s revenues and expenses.
Revenue used for operating margin, as adjusted, excludes distribution
and servicing costs paid to related parties and other third parties.
Management believes the exclusion of such costs is useful because it
creates consistency in the treatment for certain contracts for similar
services, which due to the terms of the contracts, are accounted for
under GAAP on a net basis within investment advisory, administration
fees and securities lending revenue. Amortization of deferred sales
commissions is excluded from revenue used for operating margin
measurement, as adjusted, because such costs, over time, substantially
offset distribution fee revenue earned by the Company. For each of these
items, BlackRock excludes from revenue used for operating margin, as
adjusted, the costs related to each of these items as a proxy for such
offsetting revenues.
BlackRock, Inc.
Notes to Condensed Consolidated
Statements of Income and Supplemental Information
(unaudited)
(continued)
(b) Non-operating income (expense), less net
income (loss) attributable to non-controlling interests, as adjusted:
Non-operating income (expense), less net income (loss) attributable to
non-controlling interests (“NCI”), as adjusted, is presented below. The
compensation expense offset is recorded in operating income. This
compensation expense has been included in non-operating income
(expense), less net income (loss) attributable to NCI, as adjusted, to
offset returns on investments set aside for these plans, which are
reported in non-operating income (expense), GAAP basis.
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
|
June 30,
|
|
|
March 31,
|
|
|
June 30,
|
|
(Dollar amounts in millions)
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2012
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income (expense), GAAP basis
|
|
|
($40
|
)
|
|
|
($24
|
)
|
|
|
$
|
23
|
|
|
|
($17
|
)
|
|
|
($9
|
)
|
|
Less: Net income (loss) attributable to NCI
|
|
|
6
|
|
|
|
3
|
|
|
|
|
3
|
|
|
|
9
|
|
|
|
(1
|
)
|
|
Non-operating income (expense)(1)
|
|
|
(46
|
)
|
|
|
(27
|
)
|
|
|
|
20
|
|
|
|
(26
|
)
|
|
|
(8
|
)
|
|
Compensation expense related to (appreciation) depreciation on
deferred compensation plans
|
|
|
3
|
|
|
|
-
|
|
|
|
|
(5
|
)
|
|
|
(2
|
)
|
|
|
(5
|
)
|
|
Non-operating income (expense), less net income (loss) attributable
to NCI, as adjusted
|
|
|
($43
|
)
|
|
|
($27
|
)
|
|
|
$
|
15
|
|
|
|
($28
|
)
|
|
|
($13
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Net of net income (loss) attributable to non-controlling
interests.
Management believes non-operating income (expense), less net income
(loss) attributable to NCI, as adjusted, provides comparability of this
information among reporting periods and is an effective measure for
reviewing BlackRock’s non-operating contribution to its results. As
compensation expense associated with (appreciation) depreciation on
investments related to certain deferred compensation plans, which is
included in operating income, substantially offsets the gain (loss) on
the investments set aside for these plans, management believes
non-operating income (expense), less net income (loss) attributable to
NCI, as adjusted, provides a useful measure, for both management and
investors, of BlackRock’s non-operating results that impact book value.
BlackRock, Inc.
Notes to Condensed Consolidated
Statements of Income and Supplemental Information
(unaudited)
(continued)
(c) Net income attributable to BlackRock, Inc.,
as adjusted:
Management believes net income attributable to BlackRock, Inc., as
adjusted, and diluted earnings per common share, as adjusted, are useful
measures of BlackRock’s profitability and financial performance. Net
income attributable to BlackRock, Inc., as adjusted, equals net income
attributable to BlackRock, Inc., GAAP basis, adjusted for significant
non-recurring items, charges that ultimately will not impact BlackRock’s
book value or certain tax items that do not impact cash flow.
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
(Dollar amounts in millions, except per share data)
|
|
|
June 30,
|
|
|
March 31,
|
|
|
June 30,
|
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2012
|
|
|
2011
|
|
Net income attributable to BlackRock, Inc., GAAP basis
|
|
|
$
|
554
|
|
|
$
|
619
|
|
|
|
$
|
572
|
|
|
$
|
1,126
|
|
|
$
|
1,187
|
|
|
Non-GAAP adjustments, net of tax:(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PNC LTIP funding obligation
|
|
|
|
4
|
|
|
|
10
|
|
|
|
|
3
|
|
|
|
7
|
|
|
|
19
|
|
|
Merrill Lynch compensation contribution
|
|
|
|
-
|
|
|
|
1
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3
|
|
|
Income tax law changes
|
|
|
|
-
|
|
|
|
(52
|
)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(49
|
)
|
|
Net income attributable to BlackRock, Inc., as adjusted
|
|
|
$
|
558
|
|
|
$
|
578
|
|
|
|
$
|
575
|
|
|
$
|
1,133
|
|
|
$
|
1,160
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocation of net income, as adjusted, to common shares(e)
|
|
|
$
|
557
|
|
|
$
|
571
|
|
|
|
$
|
574
|
|
|
$
|
1,131
|
|
|
$
|
1,146
|
|
|
Diluted weighted-average common shares outstanding(f)
|
|
|
|
179,590,702
|
|
|
|
190,579,963
|
|
|
|
|
181,917,864
|
|
|
|
180,753,515
|
|
|
|
192,429,367
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share, GAAP basis(f)
|
|
|
$
|
3.08
|
|
|
$
|
3.21
|
|
|
|
$
|
3.14
|
|
|
$
|
6.22
|
|
|
$
|
6.10
|
|
|
Diluted earnings per common share, as adjusted(f)
|
|
|
$
|
3.10
|
|
|
$
|
3.00
|
|
|
|
$
|
3.16
|
|
|
$
|
6.26
|
|
|
$
|
5.96
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See note (a) Operating income, as adjusted, and operating margin, as
adjusted, for information on PNC LTIP funding obligation and Merrill
Lynch compensation contribution.
During the six months ended June 30, 2011, adjustments primarily related
to state income tax law changes that resulted in the re-measurement of
certain net deferred income tax liabilities, primarily related to
acquired indefinite intangible assets. The resulting increase or
decrease in income taxes has been excluded from net income attributable
to BlackRock, Inc., as adjusted, as these items will not have a cash
flow impact and to ensure comparability for periods presented.
(d) For the quarters ended June 30, 2012 and 2011, and March 31, 2012,
non-GAAP adjustments were tax effected at 30.4%, 32.4% and 31.5%,
respectively, reflecting a blended rate applicable to the adjustments.
For the six months ended June 30, 2012 and 2011, non-GAAP adjustments
were tax effected at 31.0%, and 32.7%, respectively.
(e) Amounts exclude net income attributable to participating securities
(see below).
(f) Non-voting participating preferred shares are considered to be
common stock equivalents for purposes of determining basic and diluted
earnings per share calculations. In addition, certain unvested
restricted stock units are not included in this number as they are
deemed participating securities in accordance with required provisions
of Accounting Standards Codification 260-10, Earnings per Share.
For the quarters ended June 30, 2012 and 2011, and March 31, 2012
average outstanding participating securities were 0.2 million, 2.2
million and 0.2 million, respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attachment II
|
|
BlackRock, Inc.
|
|
Summary of Revenues
|
|
(Dollar amounts in millions)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
Ended
|
|
|
|
|
|
Six Months Ended
|
|
|
|
|
|
|
|
June 30,
|
|
|
|
|
|
March 31,
|
|
|
|
|
|
June 30,
|
|
|
|
|
|
|
|
2012
|
|
|
2011
|
|
|
$ Change
|
|
|
2012
|
|
|
$ Change
|
|
|
2012
|
|
|
2011
|
|
|
$ Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment advisory, administration fees and securities lending
revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Active
|
|
|
$
|
429
|
|
|
$
|
536
|
|
|
|
$
|
(107
|
)
|
|
|
$
|
453
|
|
|
$
|
(24
|
)
|
|
|
$
|
882
|
|
|
$
|
1,047
|
|
|
|
$
|
(165
|
)
|
|
Institutional index
|
|
|
|
156
|
|
|
|
148
|
|
|
|
|
8
|
|
|
|
|
123
|
|
|
|
33
|
|
|
|
|
279
|
|
|
|
259
|
|
|
|
|
20
|
|
|
iShares
|
|
|
|
467
|
|
|
|
500
|
|
|
|
|
(33
|
)
|
|
|
|
473
|
|
|
|
(6
|
)
|
|
|
|
940
|
|
|
|
963
|
|
|
|
|
(23
|
)
|
|
Fixed income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Active
|
|
|
|
285
|
|
|
|
276
|
|
|
|
|
9
|
|
|
|
|
279
|
|
|
|
6
|
|
|
|
|
564
|
|
|
|
545
|
|
|
|
|
19
|
|
|
Institutional index
|
|
|
|
60
|
|
|
|
55
|
|
|
|
|
5
|
|
|
|
|
50
|
|
|
|
10
|
|
|
|
|
110
|
|
|
|
108
|
|
|
|
|
2
|
|
|
iShares
|
|
|
|
107
|
|
|
|
77
|
|
|
|
|
30
|
|
|
|
|
98
|
|
|
|
9
|
|
|
|
|
205
|
|
|
|
148
|
|
|
|
|
57
|
|
|
Multi-asset class
|
|
|
|
236
|
|
|
|
230
|
|
|
|
|
6
|
|
|
|
|
243
|
|
|
|
(7
|
)
|
|
|
|
479
|
|
|
|
448
|
|
|
|
|
31
|
|
|
Alternatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core
|
|
|
|
130
|
|
|
|
146
|
|
|
|
|
(16
|
)
|
|
|
|
135
|
|
|
|
(5
|
)
|
|
|
|
265
|
|
|
|
285
|
|
|
|
|
(20
|
)
|
|
Currency and commodities
|
|
|
|
32
|
|
|
|
36
|
|
|
|
|
(4
|
)
|
|
|
|
34
|
|
|
|
(2
|
)
|
|
|
|
66
|
|
|
|
69
|
|
|
|
|
(3
|
)
|
|
Long-term
|
|
|
|
1,902
|
|
|
|
2,004
|
|
|
|
|
(102
|
)
|
|
|
|
1,888
|
|
|
|
14
|
|
|
|
|
3,790
|
|
|
|
3,872
|
|
|
|
|
(82
|
)
|
|
Cash management
|
|
|
|
88
|
|
|
|
96
|
|
|
|
|
(8
|
)
|
|
|
|
89
|
|
|
|
(1
|
)
|
|
|
|
177
|
|
|
|
212
|
|
|
|
|
(35
|
)
|
|
Total base fees
|
|
|
|
1,990
|
|
|
|
2,100
|
|
|
|
|
(110
|
)
|
|
|
|
1,977
|
|
|
|
13
|
|
|
|
|
3,967
|
|
|
|
4,084
|
|
|
|
|
(117
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment advisory performance fees:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
3
|
|
|
|
27
|
|
|
|
|
(24
|
)
|
|
|
|
19
|
|
|
|
(16
|
)
|
|
|
|
22
|
|
|
|
57
|
|
|
|
|
(35
|
)
|
|
Fixed income
|
|
|
|
10
|
|
|
|
6
|
|
|
|
|
4
|
|
|
|
|
6
|
|
|
|
4
|
|
|
|
|
16
|
|
|
|
7
|
|
|
|
|
9
|
|
|
Multi-asset class
|
|
|
|
1
|
|
|
|
(7
|
)
|
|
|
|
8
|
|
|
|
|
3
|
|
|
|
(2
|
)
|
|
|
|
4
|
|
|
|
(4
|
)
|
|
|
|
8
|
|
|
Alternatives
|
|
|
|
27
|
|
|
|
24
|
|
|
|
|
3
|
|
|
|
|
52
|
|
|
|
(25
|
)
|
|
|
|
79
|
|
|
|
73
|
|
|
|
|
6
|
|
|
Total
|
|
|
|
41
|
|
|
|
50
|
|
|
|
|
(9
|
)
|
|
|
|
80
|
|
|
|
(39
|
)
|
|
|
|
121
|
|
|
|
133
|
|
|
|
|
(12
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock Solutions and advisory
|
|
|
|
131
|
|
|
|
116
|
|
|
|
|
15
|
|
|
|
|
123
|
|
|
|
8
|
|
|
|
|
254
|
|
|
|
244
|
|
|
|
|
10
|
|
|
Distribution fees
|
|
|
|
20
|
|
|
|
27
|
|
|
|
|
(7
|
)
|
|
|
|
19
|
|
|
|
1
|
|
|
|
|
39
|
|
|
|
55
|
|
|
|
|
(16
|
)
|
|
Other revenue
|
|
|
|
47
|
|
|
|
54
|
|
|
|
|
(7
|
)
|
|
|
|
50
|
|
|
|
(3
|
)
|
|
|
|
97
|
|
|
|
113
|
|
|
|
|
(16
|
)
|
|
Total revenue
|
|
|
$
|
2,229
|
|
|
$
|
2,347
|
|
|
|
$
|
(118
|
)
|
|
|
$
|
2,249
|
|
|
$
|
(20
|
)
|
|
|
$
|
4,478
|
|
|
$
|
4,629
|
|
|
|
$
|
(151
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE: Certain prior period information has been reclassified to
conform to current period presentation.
|
|
|
|
|
|
|
|
|
|
|
Mix of Investment Advisory, Administration Fees and Securities
Lending Revenue
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
|
|
|
|
|
|
Three Months Ended
|
|
|
Ended
|
|
|
Six Months Ended
|
|
|
|
|
June 30,
|
|
|
March 31,
|
|
|
June 30,
|
|
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2012
|
|
|
2011
|
|
Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Active
|
|
|
22
|
%
|
|
|
25
|
%
|
|
|
22
|
%
|
|
|
22
|
%
|
|
|
25
|
%
|
|
Institutional index
|
|
|
8
|
%
|
|
|
7
|
%
|
|
|
6
|
%
|
|
|
7
|
%
|
|
|
6
|
%
|
|
iShares
|
|
|
23
|
%
|
|
|
23
|
%
|
|
|
24
|
%
|
|
|
24
|
%
|
|
|
24
|
%
|
|
Fixed income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Active
|
|
|
14
|
%
|
|
|
13
|
%
|
|
|
14
|
%
|
|
|
14
|
%
|
|
|
13
|
%
|
|
Institutional index
|
|
|
3
|
%
|
|
|
3
|
%
|
|
|
3
|
%
|
|
|
3
|
%
|
|
|
3
|
%
|
|
iShares
|
|
|
5
|
%
|
|
|
4
|
%
|
|
|
5
|
%
|
|
|
5
|
%
|
|
|
4
|
%
|
|
Multi-asset class
|
|
|
12
|
%
|
|
|
11
|
%
|
|
|
12
|
%
|
|
|
12
|
%
|
|
|
11
|
%
|
|
Alternatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core
|
|
|
7
|
%
|
|
|
7
|
%
|
|
|
7
|
%
|
|
|
7
|
%
|
|
|
7
|
%
|
|
Currency and commodities
|
|
|
2
|
%
|
|
|
2
|
%
|
|
|
2
|
%
|
|
|
2
|
%
|
|
|
2
|
%
|
|
Long-term
|
|
|
96
|
%
|
|
|
95
|
%
|
|
|
95
|
%
|
|
|
96
|
%
|
|
|
95
|
%
|
|
Cash management
|
|
|
4
|
%
|
|
|
5
|
%
|
|
|
5
|
%
|
|
|
4
|
%
|
|
|
5
|
%
|
|
Total
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE: Certain prior period information has been reclassified to
conform to current period presentation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attachment III
|
|
BlackRock, Inc.
|
|
Summary of Non-operating Income (Expense)
|
|
(Dollar amounts in millions)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
Ended
|
|
|
|
Six Months Ended
|
|
|
|
|
|
|
|
June 30,
|
|
|
|
|
|
March 31,
|
|
|
|
June 30,
|
|
|
|
|
|
|
|
2012
|
|
|
2011
|
|
|
$ Change
|
|
|
2012
|
|
|
$ Change
|
|
|
2012
|
|
|
2011
|
|
|
$ Change
|
|
Non-operating income (expense), GAAP basis
|
|
|
$
|
(40
|
)
|
|
|
$
|
(24
|
)
|
|
|
$
|
(16
|
)
|
|
|
$
|
23
|
|
|
$
|
(63
|
)
|
|
|
$
|
(17
|
)
|
|
|
$
|
(9
|
)
|
|
|
$
|
(8
|
)
|
|
Less: Net income (loss) attributable to NCI
|
|
|
|
6
|
|
|
|
|
3
|
|
|
|
|
3
|
|
|
|
|
3
|
|
|
|
3
|
|
|
|
|
9
|
|
|
|
|
(1
|
)
|
|
|
|
10
|
|
|
Non-operating income (expense)(1)
|
|
|
$
|
(46
|
)
|
|
|
$
|
(27
|
)
|
|
|
$
|
(19
|
)
|
|
|
$
|
20
|
|
|
$
|
(66
|
)
|
|
|
$
|
(26
|
)
|
|
|
$
|
(8
|
)
|
|
|
$
|
(18
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
economic
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
investments at
|
|
|
Three Months Ended
|
|
|
|
|
|
Ended
|
|
|
|
|
|
Six Months Ended
|
|
|
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
|
|
March 31,
|
|
|
|
|
|
June 30,
|
|
|
|
|
|
|
2012(2)
|
|
|
2012
|
|
|
2011
|
|
|
$ Change
|
|
|
2012
|
|
|
$ Change
|
|
|
2012
|
|
|
2011
|
|
|
$ Change
|
|
Net gain (loss) on investments(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Private equity
|
|
25-30%
|
|
|
$
|
(4
|
)
|
|
|
$
|
18
|
|
|
|
$
|
(22
|
)
|
|
|
$
|
21
|
|
|
|
$
|
(25
|
)
|
|
|
$
|
17
|
|
|
|
$
|
26
|
|
|
|
$
|
(9
|
)
|
|
Real estate
|
|
10-15%
|
|
|
|
3
|
|
|
|
|
2
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|
|
2
|
|
|
|
|
4
|
|
|
|
|
3
|
|
|
|
|
1
|
|
|
Distressed credit/mortgage funds
|
|
15-20%
|
|
|
|
-
|
|
|
|
|
(13
|
)
|
|
|
|
13
|
|
|
|
|
28
|
|
|
|
|
(28
|
)
|
|
|
|
28
|
|
|
|
|
14
|
|
|
|
|
14
|
|
|
Hedge funds/funds of hedge funds
|
|
15-20%
|
|
|
|
4
|
|
|
|
|
1
|
|
|
|
|
3
|
|
|
|
|
6
|
|
|
|
|
(2
|
)
|
|
|
|
10
|
|
|
|
|
5
|
|
|
|
|
5
|
|
|
Other investments(3)
|
|
25-30%
|
|
|
|
(2
|
)
|
|
|
|
2
|
|
|
|
|
(4
|
)
|
|
|
|
(1
|
)
|
|
|
|
(1
|
)
|
|
|
|
(3
|
)
|
|
|
|
5
|
|
|
|
|
(8
|
)
|
|
Sub-total
|
|
|
|
|
|
1
|
|
|
|
|
10
|
|
|
|
|
(9
|
)
|
|
|
|
55
|
|
|
|
|
(54
|
)
|
|
|
|
56
|
|
|
|
|
53
|
|
|
|
|
3
|
|
|
Investments related to deferred compensation plans
|
|
|
|
|
|
(3
|
)
|
|
|
|
-
|
|
|
|
|
(3
|
)
|
|
|
|
5
|
|
|
|
|
(8
|
)
|
|
|
|
2
|
|
|
|
|
5
|
|
|
|
|
(3
|
)
|
|
Total net gain (loss) on investments(1)
|
|
|
|
|
|
(2
|
)
|
|
|
|
10
|
|
|
|
|
(12
|
)
|
|
|
|
60
|
|
|
|
|
(62
|
)
|
|
|
|
58
|
|
|
|
|
58
|
|
|
|
|
-
|
|
|
Interest and dividend income
|
|
|
|
|
|
8
|
|
|
|
|
4
|
|
|
|
|
4
|
|
|
|
|
9
|
|
|
|
|
(1
|
)
|
|
|
|
17
|
|
|
|
|
13
|
|
|
|
|
4
|
|
|
Interest expense
|
|
|
|
|
|
(52
|
)
|
|
|
|
(41
|
)
|
|
|
|
(11
|
)
|
|
|
|
(49
|
)
|
|
|
|
(3
|
)
|
|
|
|
(101
|
)
|
|
|
|
(79
|
)
|
|
|
|
(22
|
)
|
|
Net interest expense
|
|
|
|
|
|
(44
|
)
|
|
|
|
(37
|
)
|
|
|
|
(7
|
)
|
|
|
|
(40
|
)
|
|
|
|
(4
|
)
|
|
|
|
(84
|
)
|
|
|
|
(66
|
)
|
|
|
|
(18
|
)
|
|
Total non-operating income (expense)(1)
|
|
|
|
|
|
(46
|
)
|
|
|
|
(27
|
)
|
|
|
|
(19
|
)
|
|
|
|
20
|
|
|
|
|
(66
|
)
|
|
|
|
(26
|
)
|
|
|
|
(8
|
)
|
|
|
|
(18
|
)
|
|
Compensation expense related to (appreciation) depreciation on
deferred compensation plans
|
|
|
|
|
|
3
|
|
|
|
|
-
|
|
|
|
|
3
|
|
|
|
|
(5
|
)
|
|
|
|
8
|
|
|
|
|
(2
|
)
|
|
|
|
(5
|
)
|
|
|
|
3
|
|
|
Non-operating income (expense), as adjusted(1)
|
|
|
|
|
$
|
(43
|
)
|
|
|
$
|
(27
|
)
|
|
|
$
|
(16
|
)
|
|
|
$
|
15
|
|
|
|
$
|
(58
|
)
|
|
|
$
|
(28
|
)
|
|
|
$
|
(13
|
)
|
|
|
$
|
(15
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Net of net income (loss) attributable to NCI.
|
|
(2)
|
|
Percentages represent estimated percentages of BlackRock's
corporate economic investment portfolio as of June 30, 2012.
|
|
|
|
Economic investment amounts at March 31, 2012 for private equity,
real estate, distressed credit/mortgage funds, hedge funds/funds
of hedge funds and other investments were $318 million, $115
million, $232 million, $245 million and $243 million,
respectively. See the 2012 first quarter Form 10-Q for more
information.
|
|
(3)
|
|
Amounts include net gains (losses) related to equity, fixed income
and commodity investments, and BlackRock's seed capital hedging
program.
|
|
|
|
|
BlackRock, Inc.
Economic Tangible Assets
(Dollar
amounts in billions)
(unaudited)
The Company presents economic tangible assets as additional information
to enable investors to eliminate gross presentation of certain assets
that have equal and offsetting liabilities or non-controlling interests
that ultimately do not have an impact on stockholders’ equity (excluding
appropriated retained earnings related to consolidated collateralized
loan obligations) or cash flows. In addition, goodwill and intangible
assets are excluded from economic tangible assets.
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
|
December 31,
|
|
|
|
|
2012 (Est.)
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
Total balance sheet assets
|
|
|
$
|
182
|
|
|
|
$
|
180
|
|
|
Separate account assets and collateral held under securities
lending agreements
|
|
|
|
(142
|
)
|
|
|
|
(140
|
)
|
|
Consolidated VIEs/sponsored investment funds
|
|
|
|
(2
|
)
|
|
|
|
(2
|
)
|
|
Goodwill and intangible assets, net
|
|
|
|
(30
|
)
|
|
|
|
(30
|
)
|
|
Economic tangible assets
|
|
|
$
|
8
|
|
|
|
$
|
8
|
|
|
|
|
|
|
Economic tangible assets include cash, receivables, seed and
co-investments, regulatory investments and other assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attachment IV
|
|
BlackRock, Inc.
|
|
Changes in Assets Under Management
|
|
(Dollar amounts in millions)
|
|
(unaudited)
|
|
Current Quarter Component Changes
|
|
|
|
|
|
|
|
Net
|
|
|
Market
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
subscriptions
|
|
|
appreciation
|
|
|
Foreign
|
|
|
June 30,
|
|
|
Variance vs.
|
|
|
|
|
|
|
|
2012
|
|
|
(redemptions)(1)
|
|
|
(depreciation)
|
|
|
exchange(3)
|
|
|
2012
|
|
|
March 31, 2012
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Active
|
|
|
$
|
297,184
|
|
|
$
|
(3,116
|
)
|
|
|
$
|
(17,673
|
)
|
|
|
$
|
(1,725
|
)
|
|
|
$
|
274,670
|
|
|
|
|
(8
|
%)
|
|
|
|
|
Institutional index
|
|
|
|
966,950
|
|
|
|
6,536
|
|
|
|
|
(45,093
|
)
|
|
|
|
(3,691
|
)
|
|
|
|
924,702
|
|
|
|
|
(4
|
%)
|
|
|
|
|
iShares
|
|
|
|
479,585
|
|
|
|
(5,451
|
)
|
|
|
|
(28,056
|
)
|
|
|
|
(2,767
|
)
|
|
|
|
443,311
|
|
|
|
|
(8
|
%)
|
|
|
|
|
Fixed income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Active
|
|
|
|
624,723
|
|
|
|
(3,413
|
)
|
|
|
|
11,099
|
|
|
|
|
(1,770
|
)
|
|
|
|
630,639
|
|
|
|
|
1
|
%
|
|
|
|
|
Institutional index
|
|
|
|
450,749
|
|
|
|
(2,674
|
)
|
|
|
|
8,776
|
|
|
|
|
(1,769
|
)
|
|
|
|
455,082
|
|
|
|
|
1
|
%
|
|
|
|
|
iShares
|
|
|
|
168,365
|
|
|
|
11,675
|
|
|
|
|
1,654
|
|
|
|
|
(1,339
|
)
|
|
|
|
180,355
|
|
|
|
|
7
|
%
|
|
|
|
|
Multi-asset class
|
|
|
|
246,507
|
|
|
|
4,364
|
|
|
|
|
(4,845
|
)
|
|
|
|
(2,939
|
)
|
|
|
|
243,087
|
|
|
|
|
(1
|
%)
|
|
|
|
|
Alternatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core
|
|
|
|
65,788
|
|
|
|
(1,624
|
)
|
|
|
|
(410
|
)
|
|
|
|
(179
|
)
|
|
|
|
63,575
|
|
|
|
|
(3
|
%)
|
|
|
|
|
Currency and commodities
|
|
|
|
44,656
|
|
|
|
(2,558
|
)
|
|
|
|
(2,253
|
)
|
|
|
|
152
|
|
|
|
|
39,997
|
|
|
|
|
(10
|
%)
|
|
|
|
|
Long-term
|
|
|
|
3,344,507
|
|
|
|
3,739
|
|
|
|
|
(76,801
|
)
|
|
|
|
(16,027
|
)
|
|
|
|
3,255,418
|
|
|
|
|
(3
|
%)
|
|
|
|
|
Cash management
|
|
|
|
241,929
|
|
|
|
(1,502
|
)
|
|
|
|
590
|
|
|
|
|
(1,546
|
)
|
|
|
|
239,471
|
|
|
|
|
(1
|
%)
|
|
|
|
|
Sub-total
|
|
|
|
3,586,436
|
|
|
|
2,237
|
|
|
|
|
(76,211
|
)
|
|
|
|
(17,573
|
)
|
|
|
|
3,494,889
|
|
|
|
|
(3
|
%)
|
|
|
|
|
Advisory(4)
|
|
|
|
97,651
|
|
|
|
(31,656
|
)
|
|
|
|
(15
|
)
|
|
|
|
(935
|
)
|
|
|
|
65,045
|
|
|
|
|
(33
|
%)
|
|
|
|
|
Total AUM
|
|
|
$
|
3,684,087
|
|
|
$
|
(29,419
|
)
|
|
|
$
|
(76,226
|
)
|
|
|
$
|
(18,508
|
)
|
|
|
$
|
3,559,934
|
|
|
|
|
(3
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date Component Changes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
|
|
|
|
|
|
Market
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
subscriptions
|
|
|
|
|
|
appreciation
|
|
|
Foreign
|
|
|
June 30,
|
|
|
|
Variance vs.
|
|
|
|
|
2011
|
|
|
(redemptions)(1)
|
|
|
Acquisition (2)
|
|
|
(depreciation)
|
|
|
exchange(3)
|
|
|
2012
|
|
|
|
December 31, 2011
|
|
Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Active
|
|
|
$
|
275,156
|
|
|
$
|
(7,593
|
)
|
|
|
$
|
-
|
|
|
|
$
|
7,542
|
|
|
|
$
|
(435
|
)
|
|
|
$
|
274,670
|
|
|
|
(1
|
%)
|
|
Institutional index
|
|
|
|
865,299
|
|
|
|
6,084
|
|
|
|
|
95
|
|
|
|
|
55,916
|
|
|
|
|
(2,692
|
)
|
|
|
|
924,702
|
|
|
|
7
|
%
|
|
iShares
|
|
|
|
419,651
|
|
|
|
2,385
|
|
|
|
|
3,517
|
|
|
|
|
18,407
|
|
|
|
|
(649
|
)
|
|
|
|
443,311
|
|
|
|
6
|
%
|
|
Fixed income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Active
|
|
|
|
614,804
|
|
|
|
(2,326
|
)
|
|
|
|
-
|
|
|
|
|
19,193
|
|
|
|
|
(1,032
|
)
|
|
|
|
630,639
|
|
|
|
3
|
%
|
|
Institutional index
|
|
|
|
479,116
|
|
|
|
(32,546
|
)
|
|
|
|
-
|
|
|
|
|
9,665
|
|
|
|
|
(1,153
|
)
|
|
|
|
455,082
|
|
|
|
(5
|
%)
|
|
iShares
|
|
|
|
153,802
|
|
|
|
21,116
|
|
|
|
|
3,026
|
|
|
|
|
2,919
|
|
|
|
|
(508
|
)
|
|
|
|
180,355
|
|
|
|
17
|
%
|
|
Multi-asset class
|
|
|
|
225,170
|
|
|
|
9,131
|
|
|
|
|
78
|
|
|
|
|
9,931
|
|
|
|
|
(1,223
|
)
|
|
|
|
243,087
|
|
|
|
8
|
%
|
|
Alternatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core
|
|
|
|
63,647
|
|
|
|
(952
|
)
|
|
|
|
5
|
|
|
|
|
925
|
|
|
|
|
(50
|
)
|
|
|
|
63,575
|
|
|
|
(1
|
%)
|
|
Currency and commodities
|
|
|
|
41,301
|
|
|
|
(1,886
|
)
|
|
|
|
860
|
|
|
|
|
(82
|
)
|
|
|
|
(196
|
)
|
|
|
|
39,997
|
|
|
|
(3
|
%)
|
|
Long-term
|
|
|
|
3,137,946
|
|
|
|
(6,587
|
)
|
|
|
|
7,581
|
|
|
|
|
124,416
|
|
|
|
|
(7,938
|
)
|
|
|
|
3,255,418
|
|
|
|
4
|
%
|
|
Cash management
|
|
|
|
254,665
|
|
|
|
(16,437
|
)
|
|
|
|
-
|
|
|
|
|
1,377
|
|
|
|
|
(134
|
)
|
|
|
|
239,471
|
|
|
|
(6
|
%)
|
|
Sub-total
|
|
|
|
3,392,611
|
|
|
|
(23,024
|
)
|
|
|
|
7,581
|
|
|
|
|
125,793
|
|
|
|
|
(8,072
|
)
|
|
|
|
3,494,889
|
|
|
|
3
|
%
|
|
Advisory(4)
|
|
|
|
120,070
|
|
|
|
(54,512
|
)
|
|
|
|
-
|
|
|
|
|
(324
|
)
|
|
|
|
(189
|
)
|
|
|
|
65,045
|
|
|
|
(46
|
%)
|
|
Total AUM
|
|
|
$
|
3,512,681
|
|
|
$
|
(77,536
|
)
|
|
|
$
|
7,581
|
|
|
|
$
|
125,469
|
|
|
|
$
|
(8,261
|
)
|
|
|
$
|
3,559,934
|
|
|
|
1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-over-Year Component Changes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
|
|
|
|
|
|
Market
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
|
subscriptions
|
|
|
|
|
|
appreciation
|
|
|
Foreign
|
|
|
June 30,
|
|
|
|
Variance vs.
|
|
|
|
|
2011
|
|
|
(redemptions)(1)
|
|
|
Acquisition (2)
|
|
|
(depreciation)
|
|
|
exchange(3)
|
|
|
2012
|
|
|
|
June 30, 2011
|
|
Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Active
|
|
|
$
|
333,237
|
|
|
$
|
(23,844
|
)
|
|
|
$
|
-
|
|
|
|
$
|
(30,571
|
)
|
|
|
$
|
(4,152
|
)
|
|
|
$
|
274,670
|
|
|
|
(18
|
%)
|
|
Institutional index
|
|
|
|
939,079
|
|
|
|
26,017
|
|
|
|
|
95
|
|
|
|
|
(29,600
|
)
|
|
|
|
(10,889
|
)
|
|
|
|
924,702
|
|
|
|
(2
|
%)
|
|
iShares
|
|
|
|
476,604
|
|
|
|
13,279
|
|
|
|
|
3,517
|
|
|
|
|
(42,427
|
)
|
|
|
|
(7,662
|
)
|
|
|
|
443,311
|
|
|
|
(7
|
%)
|
|
Fixed income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Active
|
|
|
|
612,553
|
|
|
|
(21,231
|
)
|
|
|
|
-
|
|
|
|
|
44,767
|
|
|
|
|
(5,450
|
)
|
|
|
|
630,639
|
|
|
|
3
|
%
|
|
Institutional index
|
|
|
|
438,424
|
|
|
|
(36,084
|
)
|
|
|
|
-
|
|
|
|
|
58,721
|
|
|
|
|
(5,979
|
)
|
|
|
|
455,082
|
|
|
|
4
|
%
|
|
iShares
|
|
|
|
134,695
|
|
|
|
39,364
|
|
|
|
|
3,026
|
|
|
|
|
6,629
|
|
|
|
|
(3,359
|
)
|
|
|
|
180,355
|
|
|
|
34
|
%
|
|
Multi-asset class
|
|
|
|
231,256
|
|
|
|
16,167
|
|
|
|
|
78
|
|
|
|
|
3,158
|
|
|
|
|
(7,572
|
)
|
|
|
|
243,087
|
|
|
|
5
|
%
|
|
Alternatives (5):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core
|
|
|
|
67,094
|
|
|
|
(2,757
|
)
|
|
|
|
5
|
|
|
|
|
(288
|
)
|
|
|
|
(479
|
)
|
|
|
|
63,575
|
|
|
|
(5
|
%)
|
|
Currency and commodities
|
|
|
|
46,168
|
|
|
|
(3,290
|
)
|
|
|
|
860
|
|
|
|
|
(3,646
|
)
|
|
|
|
(95
|
)
|
|
|
|
39,997
|
|
|
|
(13
|
%)
|
|
Long-term
|
|
|
|
3,279,110
|
|
|
|
7,621
|
|
|
|
|
7,581
|
|
|
|
|
6,743
|
|
|
|
|
(45,637
|
)
|
|
|
|
3,255,418
|
|
|
|
(1
|
%)
|
|
Cash management
|
|
|
|
247,219
|
|
|
|
(4,974
|
)
|
|
|
|
-
|
|
|
|
|
1,109
|
|
|
|
|
(3,883
|
)
|
|
|
|
239,471
|
|
|
|
(3
|
%)
|
|
Sub-total
|
|
|
|
3,526,329
|
|
|
|
2,647
|
|
|
|
|
7,581
|
|
|
|
|
7,852
|
|
|
|
|
(49,520
|
)
|
|
|
|
3,494,889
|
|
|
|
(1
|
%)
|
|
Advisory(4)
|
|
|
|
132,819
|
|
|
|
(65,808
|
)
|
|
|
|
-
|
|
|
|
|
1,176
|
|
|
|
|
(3,142
|
)
|
|
|
|
65,045
|
|
|
|
(51
|
%)
|
|
Total AUM
|
|
|
$
|
3,659,148
|
|
|
$
|
(63,161
|
)
|
|
|
$
|
7,581
|
|
|
|
$
|
9,028
|
|
|
|
$
|
(52,662
|
)
|
|
|
$
|
3,559,934
|
|
|
|
(3
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Amounts include distributions
representing return of capital and return on investment to
investors.
|
|
(2) Amounts includes AUM acquired in the Claymore
Investments, Inc. acquisition in March 2012.
|
|
(3) Foreign exchange reflects the impact of converting
non-U.S. dollar denominated AUM into U.S. dollars for reporting
purposes.
|
|
(4) Advisory AUM represents long-term portfolio
liquidation assignments.
|
|
(5) Data reflects the reclassification of prior period
AUM into the current period presentation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attachment V
|
|
BlackRock, Inc.
|
|
Long-term Assets Under Management & Base Fees by Client Type
|
|
(Dollar amounts in millions)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AUM as of
|
|
|
|
|
|
Base Fees
|
|
|
|
|
|
|
|
|
June 30,
|
|
|
% of
|
|
|
Q2
|
|
|
% of
|
|
|
|
|
|
2012
|
|
|
Total
|
|
|
2012
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
|
|
|
$
|
374,010
|
|
|
11
|
%
|
|
|
$
|
644
|
|
|
34
|
%
|
|
|
iShares
|
|
|
|
644,909
|
|
|
20
|
%
|
|
|
|
596
|
|
|
31
|
%
|
|
|
Institutional:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Active
|
|
|
|
849,991
|
|
|
26
|
%
|
|
|
|
440
|
|
|
23
|
%
|
|
|
Index
|
|
|
|
1,386,508
|
|
|
43
|
%
|
|
|
|
222
|
|
|
12
|
%
|
|
|
Total institutional
|
|
|
|
2,236,499
|
|
|
69
|
%
|
|
|
|
662
|
|
|
35
|
%
|
|
|
Long-term
|
|
|
$
|
3,255,418
|
|
|
100
|
%
|
|
|
$
|
1,902
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AUM as of
|
|
|
|
|
|
Base Fees
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
% of
|
|
|
Q1
|
|
|
% of
|
|
|
|
|
|
2012
|
|
|
Total
|
|
|
2012
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
|
|
|
$
|
387,497
|
|
|
12
|
%
|
|
|
$
|
663
|
|
|
35
|
%
|
|
|
iShares
|
|
|
|
671,656
|
|
|
20
|
%
|
|
|
|
594
|
|
|
31
|
%
|
|
|
Institutional:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Active
|
|
|
|
859,036
|
|
|
26
|
%
|
|
|
|
451
|
|
|
24
|
%
|
|
|
Index
|
|
|
|
1,426,318
|
|
|
42
|
%
|
|
|
|
180
|
|
|
10
|
%
|
|
|
Total institutional
|
|
|
|
2,285,354
|
|
|
68
|
%
|
|
|
|
631
|
|
|
34
|
%
|
|
|
Long-term
|
|
|
$
|
3,344,507
|
|
|
100
|
%
|
|
|
$
|
1,888
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AUM as of
|
|
|
|
|
|
Base Fees
|
|
|
|
|
|
|
|
|
June 30,
|
|
|
% of
|
|
|
YTD
|
|
|
% of
|
|
|
|
|
|
2012
|
|
|
Total
|
|
|
Q2 2012
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
|
|
|
$
|
374,010
|
|
|
11
|
%
|
|
|
$
|
1,307
|
|
|
34
|
%
|
|
|
iShares
|
|
|
|
644,909
|
|
|
20
|
%
|
|
|
|
1,190
|
|
|
31
|
%
|
|
|
Institutional:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Active
|
|
|
|
849,991
|
|
|
26
|
%
|
|
|
|
891
|
|
|
24
|
%
|
|
|
Index
|
|
|
|
1,386,508
|
|
|
43
|
%
|
|
|
|
402
|
|
|
11
|
%
|
|
|
Total institutional
|
|
|
|
2,236,499
|
|
|
69
|
%
|
|
|
|
1,293
|
|
|
35
|
%
|
|
|
Long-term
|
|
|
$
|
3,255,418
|
|
|
100
|
%
|
|
|
$
|
3,790
|
|
|
100
|
%
|
|
BlackRock, Inc.
Media Relations:
Bobbie Collins, 212-810-8155
or
Investor
Relations:
Ellen Taylor, 212-810-3815
Source: BlackRock, Inc.