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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2023

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission File No. 001-33099

img177498282_0.jpg 

BlackRock, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware

32-0174431

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

50 Hudson Yards, New York, NY 10001

(Address of Principal Executive Offices)

(212) 810-5300

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, $.01 par value

 

BLK

 

New York Stock Exchange

1.250% Notes due 2025

 

BLK25

 

New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:

None

 

Indicate by check mark if the registrant is a well-known, seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

The aggregate market value of the voting common stock held by nonaffiliates of the registrant as of June 30, 2023 was approximately $102 billion.

As of January 31, 2024, there were 148,942,491 shares of the registrant’s common stock outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

The following documents are incorporated by reference herein:

Portions of the definitive Proxy Statement of BlackRock, Inc. to be filed pursuant to Regulation 14A of the general rules and regulations under the Securities Exchange Act of 1934, as amended, for the 2024 annual meeting of stockholders (“Proxy Statement”) are incorporated by reference into Part III of this Form 10-K.

 

 


 

BlackRock, Inc.

Table of Contents

PART I

 

Item 1

Business

1

Item 1A

Risk Factors

20

Item 1B

Unresolved Staff Comments

34

Item 1C

Cybersecurity

34

Item 2

Properties

35

Item 3

Legal Proceedings

35

Item 4

Mine Safety Disclosures

35

 

 

PART II

 

Item 5

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

36

Item 6

[Reserved]

36

Item 7

Management’s Discussion and Analysis of Financial Condition and Results of Operations

37

Item 7A

Quantitative and Qualitative Disclosures About Market Risk

61

Item 8

Financial Statements and Supplemental Data

62

Item 9

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

62

Item 9A

Controls and Procedures

62

Item 9B

Other Information

65

Item 9C

Disclosure Regarding Foreign Jurisdictions That Prevent Inspections

65

 

 

PART III

 

Item 10

Directors, Executive Officers and Corporate Governance

65

Item 11

Executive Compensation

65

Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

65

Item 13

Certain Relationships and Related Transactions, and Director Independence

65

Item 14

Principal Accountant Fees and Services

65

 

 

PART IV

 

Item 15

Exhibits and Financial Statement Schedules

66

Item 16

Form 10-K Summary

68

Signatures

69

 

 


 

Part I

Item 1. Business

Overview

BlackRock, Inc. (together, with its subsidiaries, unless the context otherwise indicates, “BlackRock” or the “Company”) is a leading publicly traded investment management firm with $10.0 trillion of assets under management (“AUM”) at December 31, 2023. With approximately 19,800 employees in more than 30 countries who serve clients in over 100 countries across the globe, BlackRock provides a broad range of investment management and technology services to institutional and retail clients worldwide.

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 and asset allocation solutions for clients. Product offerings include single- and multi-asset 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. The Company is highly regulated and manages its clients’ assets as a fiduciary. The Company does not engage in proprietary trading activities that could conflict with the interests of its clients.

BlackRock serves a diverse mix of institutional and retail clients across the globe. Clients include tax-exempt institutions, such as defined benefit and defined contribution pension plans, charities, foundations and endowments; official institutions, such as central banks, sovereign wealth funds, supranationals and other government entities; taxable institutions, including insurance companies, financial institutions, corporations and third-party fund sponsors, and retail intermediaries.

BlackRock maintains a significant global sales and marketing presence that is focused on establishing and maintaining retail and institutional investment management and technology service relationships by marketing its services to investors directly and through third-party distribution relationships, including financial professionals and pension consultants.

BlackRock is an independent, publicly traded company, with no single majority shareholder and over 85% of its Board of Directors consisting of independent directors.

Management seeks to deliver value for stockholders over time by, among other things, capitalizing on BlackRock’s differentiated competitive position, including:

the Company’s longstanding model of client choice, through which it offers a wide range of index, active, and whole portfolio solutions across broad markets, themes, regions, and investment styles;
the Company's focus on strong investment performance, seeking the best risk-adjusted returns for client portfolios, within the mandates given by clients, to help them meet their investment objectives;
the Company's research, data and analytics, which are at the center of BlackRock's investment approach and processes. They inform BlackRock's pursuit of the best risk-adjusted returns, and underpin product creation and innovation;
the Company’s global reach and commitment to best practices around the world, with approximately 55% of employees outside the United States (“US”) serving clients locally and supporting local investment capabilities. Approximately 40% of total AUM is managed for clients domiciled outside the US;
the Company’s differentiated client relationships and fiduciary focus, which enable effective positioning toward changing client needs and industry trends including the secular shift to ETFs; growing allocations to private markets, such as infrastructure and private credit; increasing demand for outsourcing and whole portfolio solutions using index, active and illiquid alternatives products; anticipated re-allocations to fixed income; demand for high-performing active strategies; interest in sustainable investment strategies; and a continued focus on income and retirement; and
the Company’s longstanding commitment to innovation, technology services and the continued development of, and increased interest in, BlackRock technology products and solutions, including Aladdin, Aladdin Wealth, eFront, and Cachematrix. This commitment is further extended by minority investments in financial technology and digital distribution providers, data and whole portfolio capabilities including Upvest, Avaloq, Human Interest, Circle, SpiderRock Advisors, Clarity AI, Envestnet, Acorns, Scalable Capital and iCapital.

BlackRock operates in a global marketplace impacted by changing market dynamics and economic uncertainty, factors that can significantly affect earnings and stockholder returns in any given period.

The Company’s ability to increase revenue, earnings and stockholder value over time is predicated on its ability to generate new business, including business in Aladdin and other technology products and services. New business efforts depend on BlackRock’s ability to achieve clients’ investment objectives, in a manner consistent with their risk preferences, to deliver excellent client service and to innovate in technology to serve clients’ evolving needs. All of these efforts require the commitment and contributions of BlackRock employees. Accordingly, the ability to attract, develop and retain qualified professionals is critical to the Company’s long-term success.

1


 

Financial Highlights

(in millions, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP:

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

2019

 

Total revenue

 

$

17,859

 

 

$

17,873

 

 

$

19,374

 

 

$

16,205

 

 

$

14,539

 

Operating income

 

$

6,275

 

 

$

6,385

 

 

$

7,450

 

 

$

5,695

 

 

$

5,551

 

Operating margin

 

 

35.1

%

 

 

35.7

%

 

 

38.5

%

 

 

35.1

%

 

 

38.2

%

Nonoperating income (expense)(1)

 

$

706

 

 

$

89

 

 

$

419

 

 

$

475

 

 

$

186

 

Net income attributable to BlackRock, Inc.

 

$

5,502

 

 

$

5,178

 

 

$

5,901

 

 

$

4,932

 

 

$

4,476

 

Diluted earnings per common share

 

$

36.51

 

 

$

33.97

 

 

$

38.22

 

 

$

31.85

 

 

$

28.43

 

 

(in millions, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As adjusted(2):

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

2019

 

Operating income

 

$

6,593

 

 

$

6,711

 

 

$

7,747

 

 

$

6,433

 

 

$

5,784

 

Operating margin

 

 

41.7

%

 

 

42.8

%

 

 

46.8

%

 

 

46.0

%

 

 

45.5

%

Nonoperating income (expense)(1)

 

$

648

 

 

$

89

 

 

$

419

 

 

$

353

 

 

$

186

 

Net income attributable to BlackRock, Inc.

 

$

5,692

 

 

$

5,391

 

 

$

6,254

 

 

$

5,352

 

 

$

4,664

 

Diluted earnings per common share

 

$

37.77

 

 

$

35.36

 

 

$

40.51

 

 

$

34.57

 

 

$

29.62

 

(1)
Net of net income (loss) attributable to noncontrolling interests (redeemable and nonredeemable).
(2)
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 financial measures.

Beginning in the first quarter of 2022, BlackRock updated the definitions of operating income, as adjusted, operating margin, as adjusted, and net income attributable to BlackRock, Inc., as adjusted, to include new adjustments. Such measures have been recast for all prior periods to reflect the inclusion of such new adjustments. In addition, beginning in the first quarter of 2023, BlackRock updated the definitions of its non-GAAP financial measures to exclude the impact of market valuation changes on certain deferred cash compensation plans which the Company began economically hedging in 2023. For further information on non-GAAP financial measures and for as adjusted items for 2023 and 2022, see Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Non-GAAP Financial Measures. For further information on non-GAAP financial measures and for as adjusted items for 2021, 2020 and 2019, see Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Non-GAAP Financial Measures, of the Company's Annual Report on Form 10-K for the year ended December 31, 2022.

Assets Under Management

The Company’s AUM by product type for the years 2019 through 2023 is presented below.

 

December 31,

 

 

 

 

(in millions)

2023

 

 

2022

 

 

2021

 

 

2020

 

 

2019

 

 

5-Year
CAGR
(1)

 

Equity

$

5,293,344

 

 

$

4,435,354

 

 

$

5,342,360

 

 

$

4,419,806

 

 

$

3,820,329

 

 

 

12

%

Fixed income

 

2,804,026

 

 

 

2,536,823

 

 

 

2,822,041

 

 

 

2,674,488

 

 

 

2,315,392

 

 

 

8

%

Multi-asset

 

870,804

 

 

 

684,904

 

 

 

816,494

 

 

 

658,733

 

 

 

568,121

 

 

 

14

%

Alternatives

 

275,984

 

 

 

266,210

 

 

 

264,881

 

 

 

235,042

 

 

 

178,072

 

 

 

14

%

Long-term

 

9,244,158

 

 

 

7,923,291

 

 

 

9,245,776

 

 

 

7,988,069

 

 

 

6,881,914

 

 

 

11

%

Cash management

 

764,837

 

 

 

671,194

 

 

 

755,057

 

 

 

666,252

 

 

 

545,949

 

 

 

11

%

Advisory

 

 

 

 

 

 

 

9,310

 

 

 

22,359

 

 

 

1,770

 

 

 

 

Total

$

10,008,995

 

 

$

8,594,485

 

 

$

10,010,143

 

 

$

8,676,680

 

 

$

7,429,633

 

 

 

11

%

(1)
Percentage represents compound annual growth rate (“CAGR”) over a five-year period (December 31, 2018 – December 31, 2023).

Component changes in AUM by product type for the five years ended December 31, 2023 are presented below.

(in millions)

December 31,
2018

 

 

Net inflows
(outflows)

 

 

Acquisitions(1)

 

 

Market
change

 

 

FX
impact

 

 

December 31,
2023

 

Equity

$

3,035,825

 

 

$

272,642

 

 

$

41,324

 

 

$

2,015,984

 

 

$

(72,431

)

 

$

5,293,344

 

Fixed income

 

1,884,417

 

 

 

1,044,744

 

 

 

 

 

 

(68,551

)

 

 

(56,584

)

 

 

2,804,026

 

Multi-asset

 

461,884

 

 

 

243,942

 

 

 

 

 

 

178,501

 

 

 

(13,523

)

 

 

870,804

 

Alternatives

 

143,358

 

 

 

93,248

 

 

 

2,177

 

 

 

37,779

 

 

 

(578

)

 

 

275,984

 

Long-term

 

5,525,484

 

 

 

1,654,576

 

 

 

43,501

 

 

 

2,163,713

 

 

 

(143,116

)

 

 

9,244,158

 

Cash management

 

448,565

 

 

 

302,338

 

 

 

 

 

 

11,654

 

 

 

2,280

 

 

 

764,837

 

Advisory

 

1,769

 

 

 

(2,421

)

 

 

 

 

 

618

 

 

 

34

 

 

 

 

Total

$

5,975,818

 

 

$

1,954,493

 

 

$

43,501

 

 

$

2,175,985

 

 

$

(140,802

)

 

$

10,008,995

 

(1)
Amounts include the following: (a) net AUM from the acquisition of Aperio Group, LLC (“Aperio Transaction”) in February 2021, and (b) net AUM from the acquisition of Kreos Capital in August 2023 (the “Kreos Transaction”).

2


 

AUM represents the broad range of financial assets managed for clients on a discretionary basis pursuant to investment management and trust agreements that are expected to continue for at least 12 months. In general, reported AUM reflects the valuation methodology that corresponds to the basis used for determining revenue (for example, net asset value). Reported AUM does not include assets for which BlackRock provides risk management or other forms of nondiscretionary advice, or assets that the Company is retained to manage on a short-term, temporary basis.

Investment management fees are typically earned as a percentage of AUM. BlackRock also earns performance fees on certain portfolios relative to an agreed-upon benchmark or return hurdle. On some products, the Company also may earn securities lending revenue. In addition, BlackRock offers its proprietary Aladdin investment system as well as risk management, outsourcing, advisory and other technology services, to institutional investors and wealth management intermediaries. Revenue for these services may be based on several criteria including value of positions, number of users, implementation go-lives and software solution delivery and support.

At December 31, 2023, total AUM was $10.0 trillion, representing a CAGR of 11% over the last five years. AUM growth during the period was achieved through the combination of net market valuation gains, net inflows and acquisitions, including the net AUM impact from the Aperio Transaction, which added $41.3 billion of AUM in February 2021, and the Kreos Transaction, which added $2.2 billion of AUM in August 2023. Our AUM mix encompasses a broadly diversified product range, as described below.

The Company considers the categorization of its AUM by client type, product type, investment style, and client region useful to understanding its business. The following discussion of the Company’s AUM will be organized as follows:

 

Client Type

Product Type

Investment Style

Client Region

 Retail

 Equity

 Active

 Americas

 ETFs

 Fixed Income

 Index and ETFs

 Europe, the Middle East and Africa (“EMEA”)

 Institutional

 Multi-asset

 

 Asia-Pacific

 Alternatives

 

 

 Cash Management

 

 

Client Type

BlackRock serves a diverse mix of institutional and retail clients across the globe, with a regionally focused business model. BlackRock leverages the benefits of scale across global investment, risk and technology platforms while at the same time using local distribution presence to deliver solutions for clients. Furthermore, our structure facilitates strong teamwork globally across both functions and regions in order to enhance our ability to leverage best practices to serve our clients and continue to develop our talent.

Clients include tax-exempt institutions, such as defined benefit and defined contribution pension plans, charities, foundations and endowments; official institutions, such as central banks, sovereign wealth funds, supranationals and other government entities; taxable institutions, including insurance companies, financial institutions, corporations and third-party fund sponsors, and retail intermediaries.

ETFs are a growing component of both institutional and retail client portfolios. However, as ETFs are traded on exchanges, complete transparency on the ultimate end-client is unavailable. Therefore, ETFs are presented as a separate client type below, with investments in ETFs by institutions and retail clients excluded from figures and discussions in their respective sections.

AUM by investment style and client type at December 31, 2023 is presented below.

(in millions)

Retail

 

 

ETFs

 

 

Institutional

 

 

Total

 

Active

$

708,510

 

 

$

 

 

$

1,912,668

 

 

$

2,621,178

 

Non-ETF Index

 

221,187

 

 

 

 

 

 

2,902,494

 

 

 

3,123,681

 

ETFs

 

 

 

 

3,499,299

 

 

 

 

 

 

3,499,299

 

Long-term

 

929,697

 

 

 

3,499,299

 

 

 

4,815,162

 

 

 

9,244,158

 

Cash management

 

9,142

 

 

 

 

 

 

755,695

 

 

 

764,837

 

Total

$

938,839

 

 

$

3,499,299

 

 

$

5,570,857

 

 

$

10,008,995

 

Retail

BlackRock serves retail investors globally through a wide array of products across the investment spectrum, including separate accounts, open-end and closed-end funds, unit trusts and private investment funds. Retail investors are served principally through intermediaries, including broker-dealers, banks, trust companies, insurance companies and independent financial advisors. Technology solutions, digital distribution tools and a shift toward portfolio construction are increasing the number of financial advisors and end-retail investors using BlackRock products.

Retail represented 10% of long-term AUM at December 31, 2023 and 31% of long-term investment advisory and administration fees (collectively “base fees”) and securities lending revenue for 2023.

ETFs have a significant retail component but are shown separately below. With the exclusion of ETFs, the majority of retail AUM is comprised of active mutual funds. In the aggregate, active and index mutual funds totaled $705 billion, or approximately 75%, of retail long-term AUM at year-end, with the remainder invested in private investment funds and separately managed accounts. Approximately 75% of retail long-term AUM is invested in active products.

 

3


 

Component changes in retail long-term AUM for 2023 are presented below.

(in millions)

December 31,
2022

 

 

Net inflows
 (outflows)

 

 

Market
change

 

 

FX
impact

 

 

December 31,
2023

 

Equity

$

370,612

 

 

$

2,810

 

 

$

58,248

 

 

$

4,064

 

 

$

435,734

 

Fixed income

 

299,114

 

 

 

(2,471

)

 

 

11,821

 

 

 

4,335

 

 

 

312,799

 

Multi-asset

 

125,168

 

 

 

(236

)

 

 

14,022

 

 

 

583

 

 

 

139,537

 

Alternatives

 

48,581

 

 

 

(8,576

)

 

 

1,286

 

 

 

336

 

 

 

41,627

 

Total

$

843,475

 

 

$

(8,473

)

 

$

85,377

 

 

$

9,318

 

 

$

929,697

 

The retail client base is diversified geographically, with 69% of long-term AUM managed for investors based in the Americas, 26% in EMEA and 5% in Asia-Pacific at year-end 2023.

US retail long-term net outflows of $5 billion were driven by outflows from alternatives, fixed income and multi-asset of $6 billion, $2 billion and $1 billion, respectively, partially offset by equity net inflows of $5 billion. Alternatives and fixed income net outflows were primarily from rising-rate-sensitive strategies, including event driven, multi-strategy credit and unconstrained bond funds. Multi-asset net outflows were driven by world allocation and multi-asset income strategies. Equity net inflows of $5 billion reflected flows in Aperio, BlackRock’s customized index equity solution.
International retail long-term net outflows of $4 billion were driven by alternatives and equity net outflows of $2 billion each, primarily due to redemptions from event driven and unconstrained strategies.

ETFs

BlackRock is the leading ETF provider in the world with $3.5 trillion of AUM as of December 31, 2023. BlackRock generated ETF net inflows of $186 billion in 2023. The majority of ETF AUM and net inflows represent the Company’s index-tracking iShares-branded ETFs. The Company also offers active BlackRock-branded ETFs that seek outperformance and/or differentiated outcomes and certain iShares-branded ETFs that seek defined outcomes.

Fixed income ETF net inflows of $112 billion were diversified across exposures, led by flows into treasury, core and corporate credit ETFs. Equity ETF net inflows of $81 billion were driven by flows into core 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. Alternative ETFs had net outflows of $6 billion, primarily driven by commodities funds.

ETFs represented 38% of long-term AUM at December 31, 2023 and 43% of long-term base fees and securities lending revenue for 2023.

Component changes in ETFs AUM for 2023 are presented below.

(in millions)

December 31,
2022

 

 

Net inflows
 (outflows)

 

 

Market
change

 

 

FX
impact

 

 

December 31,
2023

 

Equity

$

2,081,742

 

 

$

81,223

 

 

$

362,885

 

 

$

6,781

 

 

$

2,532,631

 

Fixed income

 

758,093

 

 

 

111,956

 

 

 

24,544

 

 

 

3,810

 

 

 

898,403

 

Multi-asset

 

8,875

 

 

 

(746

)

 

 

949

 

 

 

62

 

 

 

9,140

 

Alternatives(1)

 

60,900

 

 

 

(6,491

)

 

 

4,626

 

 

 

90

 

 

 

59,125

 

Total

$

2,909,610

 

 

$

185,942

 

 

$

393,004

 

 

$

10,743

 

 

$

3,499,299

 

(1)
Amounts include commodity ETFs.

BlackRock’s ETF product range offers investors a precise, transparent and efficient way to gain exposure to a full range of asset classes and global markets that have been difficult for many investors to access, as well as the liquidity required to make adjustments to their exposures quickly and cost-efficiently.

US ETF* AUM ended 2023 at $2.6 trillion with $103 billion of net inflows, led by net inflows into fixed income and core equity ETFs and partially offset by outflows from precision exposure ETFs.
International ETF* AUM ended 2023 at $945 billion with $83 billion of net inflows, diversified across product categories, and led by net inflows into fixed income, core equity and sustainable ETFs.

* Regional ETF amounts based on jurisdiction of product, not underlying client.

Institutional

BlackRock serves institutional investors on six continents in sub-categories including: pensions, endowments and foundations, official institutions, and financial institutions; institutional AUM is diversified across product and region.

Component changes in institutional long-term AUM for 2023 are presented below.

(in millions)

December 31,
2022

 

 

Net inflows
(outflows)

 

 

Acquisition(1)

 

 

Market
change

 

 

FX
impact

 

 

December 31,
2023

 

Active:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

$

168,734

 

 

$

(13,301

)

 

$

 

 

$

29,088

 

 

$

2,167

 

 

$

186,688

 

Fixed income

 

774,955

 

 

 

4,714

 

 

 

 

 

 

53,538

 

 

 

3,616

 

 

 

836,823

 

Multi-asset

 

544,469

 

 

 

85,665

 

 

 

 

 

 

79,644

 

 

 

7,404

 

 

 

717,182

 

Alternatives

 

153,433

 

 

 

10,028

 

 

 

2,177

 

 

 

4,925

 

 

 

1,417

 

 

 

171,980

 

Active subtotal

 

1,641,591

 

 

 

87,106

 

 

 

2,177

 

 

 

167,195

 

 

 

14,604

 

 

 

1,912,673

 

Index:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

1,814,266

 

 

 

(82,222

)

 

 

 

 

 

401,047

 

 

 

5,200

 

 

 

2,138,291

 

Fixed income

 

704,661

 

 

 

28,888

 

 

 

 

 

 

17,774

 

 

 

4,678

 

 

 

756,001

 

Multi-asset

 

6,392

 

 

 

(1,896

)

 

 

 

 

 

559

 

 

 

(110

)

 

 

4,945

 

Alternatives

 

3,296

 

 

 

105

 

 

 

 

 

 

(138

)

 

 

(11

)

 

 

3,252

 

Index subtotal

 

2,528,615

 

 

 

(55,125

)

 

 

 

 

 

419,242

 

 

 

9,757

 

 

 

2,902,489

 

Total

$

4,170,206

 

 

$

31,981

 

 

$

2,177

 

 

$

586,437

 

 

$

24,361

 

 

$

4,815,162

 

(1)
Amounts include AUM attributable to the Kreos Transaction.

4


 

Institutional active AUM ended 2023 at $1.9 trillion, reflecting $87 billion of net inflows, driven by the funding of several significant outsourcing mandates and continued growth in our LifePath® target-date and private markets platforms.

Multi-asset net inflows of $86 billion reflected continued growth from significant pension outsourcing mandates and LifePath target-date offerings. Fixed income net inflows of $5 billion similarly reflected the funding of insurance outsourcing mandates. Equity net outflows of $13 billion were primarily from quantitative equity strategies.

Alternatives net inflows of $10 billion were led by infrastructure, private credit and private equity. Excluding return of capital and investment of $7 billion, alternatives net inflows were $17 billion. At year-end, BlackRock had approximately $32 billion of non-fee paying, unfunded, uninvested commitments to deploy for institutional clients, which is not included in AUM.

Institutional active represented 21% of long-term AUM and 19% of long-term base fees and securities lending revenue for 2023.

Institutional index AUM totaled $2.9 trillion at December 31, 2023, reflecting $55 billion of net outflows, driven by equities.

Institutional index represented 31% of long-term AUM and 7% of long-term base fees and securities lending revenue for 2023.

The Company’s institutional clients consist of the following:

Pensions, Foundations and Endowments BlackRock is among the world’s largest managers of pension plan assets with $3.0 trillion, or 63%, of long-term institutional AUM managed for defined benefit, defined contribution and other pension plans for corporations, governments and unions at December 31, 2023. The market landscape continues to shift from defined benefit to defined contribution, and our defined contribution channel represented $1.5 trillion of total pension AUM. BlackRock remains well positioned for the on-going evolution of the defined contribution market and demand for outcome-oriented investments. An additional $83 billion, or 2%, of long-term institutional AUM was managed for other tax-exempt investors, including charities, foundations and endowments.
Official Institutions BlackRock managed $272 billion, or 6%, of long-term institutional AUM for official institutions, including central banks, sovereign wealth funds, supranationals, multilateral entities and government ministries and agencies at year-end 2023. These clients often require specialized investment advice, the use of customized benchmarks and training support.
Financial and Other Institutions BlackRock is a top independent manager of assets for insurance companies, which accounted for $650 billion, or 13%, of long-term institutional AUM at year-end 2023. Assets managed for other taxable institutions, including corporations, banks and third-party fund sponsors for which the Company provides sub-advisory services, totaled $773 billion, or 16%, of long-term institutional AUM at year-end.

 

5


 

Client Type and Product Type

Component changes in AUM by client type and product type for 2023 are presented below.

(in millions)

December 31,
2022

 

 

Net inflows
(outflows)

 

 

Acquisition(1)

 

 

Market
change

 

 

FX
impact

 

 

December 31,
2023

 

Retail:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

$

370,612

 

 

$

2,810

 

 

$

 

 

$

58,248

 

 

$

4,064

 

 

$

435,734

 

Fixed income

 

299,114

 

 

 

(2,471

)

 

 

 

 

 

11,821

 

 

 

4,335

 

 

 

312,799

 

Multi-asset

 

125,168

 

 

 

(236

)

 

 

 

 

 

14,022

 

 

 

583

 

 

 

139,537

 

Alternatives

 

48,581

 

 

 

(8,576

)

 

 

 

 

 

1,286

 

 

 

336

 

 

 

41,627

 

Retail subtotal

 

843,475

 

 

 

(8,473

)

 

 

 

 

 

85,377

 

 

 

9,318

 

 

 

929,697

 

ETFs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

2,081,742

 

 

 

81,223

 

 

 

 

 

 

362,885

 

 

 

6,781

 

 

 

2,532,631

 

Fixed income

 

758,093

 

 

 

111,956

 

 

 

 

 

 

24,544

 

 

 

3,810

 

 

 

898,403

 

Multi-asset

 

8,875

 

 

 

(746

)

 

 

 

 

 

949

 

 

 

62

 

 

 

9,140

 

Alternatives

 

60,900

 

 

 

(6,491

)

 

 

 

 

 

4,626

 

 

 

90

 

 

 

59,125

 

ETFs subtotal

 

2,909,610

 

 

 

185,942

 

 

 

 

 

 

393,004

 

 

 

10,743

 

 

 

3,499,299

 

Institutional:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Active: