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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, 2020

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

 

 

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.)

55 East 52nd Street, New York, NY 10055

(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.    

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, 2020 was approximately $81.9 billion.

As of January 31, 2021, there were 152,633,854 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 2021 annual meeting of stockholders to be held on May 26, 2021 (“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

19

Item 1B

Unresolved Staff Comments

31

Item 2

Properties

31

Item 3

Legal Proceedings

31

Item 4

Mine Safety Disclosures

31

 

 

PART II

 

 

 

 

Item 5

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

32

Item 6

Removed and Reserved

32

Item 7

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

33

Item 7A

Quantitative and Qualitative Disclosures About Market Risk

58

Item 8

Financial Statements and Supplemental Data

59

Item 9

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

59

Item 9A

Controls and Procedures

59

Item 9B

Other Information

62

 

 

PART III

 

 

 

 

Item 10

Directors, Executive Officers and Corporate Governance

62

Item 11

Executive Compensation

62

Item 12

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

62

Item 13

Certain Relationships and Related Transactions, and Director Independence

62

Item 14

Principal Accountant Fees and Services

62

 

 

PART IV

 

 

 

 

Item 15

Exhibits and Financial Statement Schedules

62

 

Signatures

66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

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 $8.68 trillion of assets under management (“AUM”) at December 31, 2020. With approximately 16,500 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 tailor investment outcomes 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® 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, Cachematrix and FutureAdvisor, 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 focus on strong performance providing alpha for active products and limited or no tracking error for index products;

 

the Company’s global reach and commitment to best practices around the world, with approximately 50% of employees outside the United States serving clients locally and supporting local investment capabilities. Approximately 40% of total AUM is managed for clients domiciled outside the United States;

 

the Company’s breadth of investment strategies, including market-cap weighted index, factors, systematic active, traditional fundamental active, high conviction alpha and illiquid alternative product offerings, which enhance its ability to tailor whole-portfolio investment solutions to address specific client needs;

 

the Company’s differentiated client relationships and fiduciary focus, which enable effective positioning toward changing client needs and macro trends including the secular shift to index investing and ETFs, a focus on income and retirement, increasing demand for sustainable investment strategies and barbelling using index, active and illiquid alternatives products; 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, Cachematrix, and FutureAdvisor. This commitment is further extended by minority investments in distribution technologies including Envestnet, Scalable Capital, iCapital, Acorns and Embark. In January 2021, BlackRock also announced a minority investment in Clarity AI, a sustainability analytics and data science platform.

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 talented professionals is critical to the Company’s long-term success.

 

 

 

1


 

Financial Highlights

 

(in millions, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP:

 

2020

 

 

2019

 

 

2018

 

 

2017

 

 

2016

 

Total revenue

 

$

16,205

 

 

$

14,539

 

 

$

14,198

 

 

$

13,600

 

 

$

12,261

 

Operating income

 

$

5,695

 

 

$

5,551

 

 

$

5,457

 

 

$

5,254

 

 

$

4,565

 

Operating margin

 

 

35.1

%

 

 

38.2

%

 

 

38.4

%

 

 

38.6

%

 

 

37.2

%

Nonoperating income (expense)(1)

 

$

475

 

 

$

186

 

 

$

(76

)

 

$

(32

)

 

$

(108

)

Net income attributable to BlackRock, Inc.

 

$

4,932

 

 

$

4,476

 

 

$

4,305

 

 

$

4,952

 

 

$

3,168

 

Diluted earnings per common share

 

$

31.85

 

 

$

28.43

 

 

$

26.58

 

 

$

30.12

 

 

$

19.02

 

 

(in millions, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As adjusted(2):

 

2020

 

 

2019

 

 

2018

 

 

2017

 

 

2016

 

Operating income

 

$

6,284

 

 

$

5,551

 

 

$

5,531

 

 

$

5,269

 

 

$

4,669

 

Operating margin

 

 

44.9

%

 

 

43.7

%

 

 

44.3

%

 

 

44.1

%

 

 

43.8

%

Nonoperating income (expense)(1)

 

$

353

 

 

$

186

 

 

$

(76

)

 

$

(32

)

 

$

(108

)

Net income attributable to BlackRock, Inc.(3)

 

$

5,237

 

 

$

4,484

 

 

$

4,361

 

 

$

3,698

 

 

$

3,210

 

Diluted earnings per common share(3)

 

$

33.82

 

 

$

28.48

 

 

$

26.93

 

 

$

22.49

 

 

$

19.27

 

 

(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.

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 2020 and 2019.

In 2018 and 2016, a restructuring charge, primarily comprised of severance and accelerated amortization expense of previously granted compensation awards, has been excluded to provide more meaningful analysis of BlackRock’s ongoing operations and to ensure comparability among periods presented. In 2018, 2017 and 2016, the portion of compensation expense associated with certain long-term incentive plans funded through share distributions to participants of BlackRock stock held by PNC has been excluded because it ultimately did not impact BlackRock’s book value.

(3)

Net income attributable to BlackRock, Inc., as adjusted, and diluted earnings per common share, as adjusted exclude the after-tax impact of the items referred to above and exclude the effect on deferred income tax expense resulting from certain income tax matters. In 2017, $1.2 billion of net tax benefit related to The 2017 Tax Cuts and Jobs Act was excluded from net income attributable to BlackRock, Inc., as adjusted, and diluted earnings per common share, as adjusted.

 

 

Assets Under Management

The Company’s AUM by product type for the years 2016 through 2020 is presented below.

 

 

December 31,

 

 

 

 

 

(in millions)

2020

 

 

2019

 

 

2018

 

 

2017

 

 

2016

 

 

5-Year

CAGR(1)

 

Equity

$

4,419,806

 

 

$

3,820,329

 

 

$

3,035,825

 

 

$

3,371,641

 

 

$

2,657,176

 

 

 

13

%

Fixed income

 

2,674,488

 

 

 

2,315,392

 

 

 

1,884,417

 

 

 

1,855,465

 

 

 

1,572,365

 

 

 

13

%

Multi-asset

 

658,733

 

 

 

568,121

 

 

 

461,884

 

 

 

480,278

 

 

 

395,007

 

 

 

12

%

Alternatives

 

235,042

 

 

 

178,072

 

 

 

143,358

 

 

 

129,347

 

 

 

116,938

 

 

 

16

%

Long-term

 

7,988,069

 

 

 

6,881,914

 

 

 

5,525,484

 

 

 

5,836,731

 

 

 

4,741,486

 

 

 

13

%

Cash management

 

666,252

 

 

 

545,949

 

 

 

448,565

 

 

 

449,949

 

 

 

403,584

 

 

 

17

%

Advisory

 

22,359

 

 

 

1,770

 

 

 

1,769

 

 

 

1,515

 

 

 

2,782

 

 

 

17

%

Total

$

8,676,680

 

 

$

7,429,633

 

 

$

5,975,818

 

 

$

6,288,195

 

 

$

5,147,852

 

 

 

13

%

 

(1)

Percentage represents CAGR over a five-year period (December 31, 2015 – December 31, 2020).

Component changes in AUM by product type for the five years ended December 31, 2020 are presented below.

 

(in millions)

December 31,

2015

 

 

Net inflows

(outflows)

 

 

Acquisitions and dispositions(1)

 

 

Market

change

 

 

FX

impact

 

 

December 31,

2020

 

 

5-Year

CAGR(2)

 

Equity

$

2,423,772

 

 

$

274,083

 

 

$

2,590

 

 

$

1,677,581

 

 

$

41,780

 

 

$

4,419,806

 

 

 

13

%

Fixed income

 

1,422,368

 

 

 

799,393

 

 

 

18,539

 

 

 

399,477

 

 

 

34,711

 

 

 

2,674,488

 

 

 

13

%

Multi-asset

 

376,336

 

 

 

73,572

 

 

 

683

 

 

 

196,244

 

 

 

11,898

 

 

 

658,733

 

 

 

12

%

Alternatives

 

112,839

 

 

 

80,090

 

 

 

8,267

 

 

 

31,762

 

 

 

2,084

 

 

 

235,042

 

 

 

16

%

Long-term

 

4,335,315

 

 

 

1,227,138

 

 

 

30,079

 

 

 

2,305,064

 

 

 

90,473

 

 

 

7,988,069

 

 

 

13

%

Cash management

 

299,884

 

 

 

273,890

 

 

 

81,321

 

 

 

6,253

 

 

 

4,904

 

 

 

666,252

 

 

 

17

%

Advisory

 

10,213

 

 

 

11,622

 

 

 

 

 

 

157

 

 

 

367

 

 

 

22,359

 

 

 

17

%

Total

$

4,645,412

 

 

$

1,512,650

 

 

$

111,400

 

 

$

2,311,474

 

 

$

95,744

 

 

$

8,676,680

 

 

 

13

%

 

(1)

Amounts include AUM acquired in the BofA® Global Capital Management transaction in April 2016, AUM acquired in the acquisition of the equity infrastructure franchise of First Reserve (“First Reserve Transaction”) in June 2017, net AUM from the acquisitions of Tennenbaum Capital Partners in August 2018 (“TCP Transaction”) and the asset management business of Citibanamex in September 2018 (“Citibanamex Transaction”), AUM reclassifications and net dispositions related to the transfer of BlackRock’s UK Defined Contribution Administration and Platform business to Aegon N.V. in July 2018 (“Aegon Transaction”), and net AUM dispositions related to the sale of BlackRock’s minority interest in DSP BlackRock Investment Managers Pvt. Ltd. to the DSP Group in August 2018 (“DSP Transaction”).

(2)

Percentage represents CAGR over a five-year period (December 31, 2015 – December 31, 2020).

 

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, software solution delivery and support, and hosting services.

At December 31, 2020, total AUM was $8.68 trillion, representing a CAGR of 13% 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 BofA Global Capital Management, which added $80.6 billion of AUM in 2016, the First Reserve Transaction, which added $3.3 billion of AUM in 2017 and the net AUM impact from the TCP Transaction, the Citibanamex Transaction, the Aegon Transaction and the DSP Transaction, which added $27.5 billion of AUM in 2018. 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

iShares ETFs

Fixed Income

Index and iShares 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.

iShares ETFs are a growing component of both institutional and retail client portfolios. However, as iShares ETFs are traded on exchanges, complete transparency on the ultimate end-client is unavailable. Therefore, iShares ETFs are presented as a separate client type below, with investments in iShares 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, 2020 is presented below.

 

(in millions)

Retail

 

 

iShares ETFs

 

 

Institutional

 

 

Total

 

Active

$

726,424

 

 

$

 

 

$

1,524,462

 

 

$

2,250,886

 

Non-ETF Index

 

119,493

 

 

 

 

 

 

2,948,683

 

 

 

3,068,176

 

iShares ETFs

 

 

 

 

2,669,007

 

 

 

 

 

 

2,669,007

 

Long-term

 

845,917

 

 

 

2,669,007

 

 

 

4,473,145

 

 

 

7,988,069

 

Cash management

 

11,702

 

 

 

 

 

 

654,550

 

 

 

666,252

 

Advisory

 

 

 

 

 

 

 

22,359

 

 

 

22,359

 

Total

$

857,619

 

 

$

2,669,007

 

 

$

5,150,054

 

 

$

8,676,680

 

 

Retail

BlackRock serves retail investors globally through a wide array of vehicles 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 clients using BlackRock products.

Retail represented 11% of long-term AUM at December 31, 2020 and 31% of long-term investment advisory, administration fees and securities lending revenue (collectively “base fees”) for 2020.

iShares ETFs have a significant retail component but is shown separately below. With the exclusion of iShares ETFs, retail AUM is predominantly comprised of active mutual funds. Mutual funds totaled $694.9 billion, or 82%, of retail long-term AUM at year-end, with the remainder invested in private investment funds and separately managed accounts. 86% of retail long-term AUM is invested in active products.

3


 

Component changes in retail long-term AUM for 2020 are presented below.

 

(in millions)

December 31,

2019

 

 

Net inflows

(outflows)

 

 

Market

change

 

 

FX

impact

 

 

December 31,

2020

 

Equity

$

252,413

 

 

$

39,341

 

 

$

42,545

 

 

$

4,135

 

 

$

338,434

 

Fixed income

 

305,265

 

 

 

22,784

 

 

 

9,725

 

 

 

2,694

 

 

 

340,468

 

Multi-asset

 

120,439

 

 

 

(481

)

 

 

12,262

 

 

 

404

 

 

 

132,624

 

Alternatives

 

25,180

 

 

 

7,912

 

 

 

929

 

 

 

370

 

 

 

34,391

 

Total

$

703,297

 

 

$

69,556

 

 

$

65,461

 

 

$

7,603

 

 

$

845,917

 

The retail client base is diversified geographically, with 66% of long-term AUM managed for investors based in the Americas, 29% in EMEA and 5% in Asia-Pacific at year-end 2020.

 

US retail long-term net inflows of $24.6 billion were led by fixed income net inflows of $10.1 billion. Fixed income net inflows were diversified across exposures and products, with strong flows into high yield, total return and core bond offerings. Equity net inflows of $7.5 billion were led by flows into high-performing technology, health sciences and US growth equities franchises. Alternatives net inflows of $4.2 billion were driven by flows into the BlackRock Alternative Capital Strategies and Global Event Driven funds. Multi-asset net inflows  of $2.8 billion included the successful close of the $2.2 billion BlackRock Capital Allocation Trust.

In the fourth quarter of 2020, BlackRock announced the acquisition of Aperio, a pioneer in customizing tax-optimized index equity separately managed accounts (“SMA”), to enhance our wealth platform and provide whole-portfolio solutions to ultra-high net worth advisors. By combining Aperio with BlackRock’s existing SMA franchise the Company plans to expand the breadth of personalization capabilities available to wealth managers from BlackRock via tax-managed strategies across factors, broad market indexing, and investor Environmental, Social, and Governance preferences across all asset classes. The transaction closed in February of 2021 and Aperio will operate as part of BlackRock’s US Wealth Advisory business.

 

International retail long-term net inflows of $45.0 billion were led by equity net inflows of $31.9 billion, reflecting strong flows into index equity mutual funds, and high-performing technology and health sciences active equity franchises. Fixed income net inflows of $12.6 billion were driven by flows into index fixed income mutual funds and Asian bond strategies. Alternatives net inflows of $3.7 billion reflected demand for European Absolute Alpha and Global Event Driven funds. Multi-asset net outflows of $3.2 billion were primarily due to outflows from world allocation strategies.

iShares ETFs

iShares is the leading ETF provider in the world with $2.7 trillion of AUM at December 31, 2020, and generated net inflows of $184.9 billion in 2020. iShares fixed income net inflows of $88.9 billion were diversified across exposures, led by flows into US investment grade corporate, core and high yield bond funds. The resilience and performance of iShares fixed income ETFs in periods of market disruption during the year drove increased confidence among investors that ETFs are valuable tools for liquidity, price transparency and market exposure, leading to strong inflows throughout 2020.  iShares equity net inflows of $76.3 billion were driven by flows into sustainable and core equity ETFs. iShares Sustainable ETFs saw net inflows of $43.8 billion in 2020, primarily into equities, with AUM tripling to nearly $80 billion.  iShares multi-asset and alternative ETFs contributed a combined $19.7 billion of net inflows, primarily into commodities funds.

iShares ETFs represented 33% of long-term AUM at December 31, 2020 and 40% of long-term base fees for 2020.

Component changes in iShares ETFs AUM for 2020 are presented below.

 

(in millions)

December 31,

2019

 

 

Net inflows

(outflows)

 

 

Market

change

 

 

FX

impact

 

 

December 31,

2020

 

Equity

$

1,632,972

 

 

$

76,307

 

 

$

186,918

 

 

$

8,904

 

 

$

1,905,101

 

Fixed income

 

565,790

 

 

 

88,894

 

 

 

28,009

 

 

 

7,340

 

 

 

690,033

 

Multi-asset

 

5,210

 

 

 

646

 

 

 

388

 

 

 

24

 

 

 

6,268

 

Alternatives(1)

 

36,093

 

 

 

19,038

 

 

 

12,331

 

 

 

143

 

 

 

67,605

 

Total

$

2,240,065

 

 

$

184,885

 

 

$

227,646

 

 

$