BlackRock, Inc.

BlackRock is a global investment management and technology firm that oversees portfolios for institutions and retail investors across public and private markets. Its core business is managing client assets through index, active, cash management, and private markets strategies, while also selling technology and subscription services built around the Aladdin platform and related tools. The company expanded its private markets and credit capabilities through the 2024 GIP acquisition and the 2025 HPS acquisition, strengthening its position in alternatives and insurance-related mandates. BlackRock earns revenue mainly from asset-based fees, performance fees, and technology/subscription contracts, so its results are closely tied to market levels, client flows, and the mix of assets it manages.

30,3 %

22,9 %

+89,3 %

— BlackRock, Inc.
%
Investment management80% Public and private market investment strategies across equities, fixed income, alternatives, cash and multi-asset portfolios.
ETF and index products10% iShares and other exchange-traded and index-based vehicles distributed through intermediaries and direct channels.
Technology and subscription services8% Aladdin, Aladdin Wealth, eFront, Preqin, Cachematrix and related data, analytics and workflow tools.
Advisory and solutions2% Portfolio construction, outsourcing, and advisory services for institutions and wealth clients.

BlackRock sells to a broad mix of institutional and retail clients, with distribution through financial professionals,...

  • Institutional asset ownersprimary

    Pension funds, sovereign wealth funds, endowments, foundations and official institutions buy mandates, multi-asset solutions and private market exposure to meet long-term return and liability objectives.

  • Insurance companiesprimary

    Insurers buy long-duration fixed income, private credit, infrastructure and portfolio solutions to match liabilities and improve yield.

  • Wealth managers and financial advisorsprimary

    Advisors and wealth platforms buy ETFs, model portfolios, digital wealth tools and portfolio construction technology to serve retail clients efficiently.

  • Retail investorssecondary

    Individuals access BlackRock mainly through iShares ETFs, mutual funds and other pooled vehicles for low-cost diversification and market exposure.

  • Asset management and financial services firmssecondary

    Other institutions license Aladdin, Aladdin Wealth, eFront, Preqin and Cachematrix for investment, risk and data workflows.

BlackRock operates in more than 30 countries and serves clients in over 100 countries, giving it a highly international...

  • •Operations span more than 30 countries with clients in over 100 countries
  • •About 60% of employees are outside the United States
  • •Roughly 35% of AUM is managed for non-US domiciled clients
  • •UK and EU regulated entities create local compliance and conduct obligations
  • •Local presence supports distribution, client service and investment capabilities
  • •International exposure adds FX, regulatory and political risk

BlackRock’s strategy is to keep alpha at the center while expanding ETFs, private markets and technology as the main...

01
Expand private markets and private creditmedium-term

Private markets are a structural growth area and improve BlackRock's ability to win larger, multi-asset mandates, especially with insurers and wealth clients.

02
Scale technology and data servicesmedium-term

Technology and subscription revenue is less market-sensitive than AUM fees and increases client retention through embedded workflows.

03
Grow ETFs and whole-portfolio solutionsshort-term

ETF leadership and model-based portfolio construction support broad retail and advisor distribution and help capture asset allocation shifts.

04
Deepen insurer and outsourcing relationshipsmedium-term

Insurance and outsourcing mandates can be large, sticky and long-duration, supporting base fee growth and recurring assets.

BlackRock’s earnings are highly sensitive to market levels because most investment management fees are based on AUM, so...

high

Market-driven AUM decline

Most revenue is based on asset values, so falling markets or client redemptions directly reduce fees and can pressure earnings.

Scope
Global public markets, alternatives and cash management
Materiality
high
high

Distribution channel disruption

BlackRock relies on third-party distributors and intermediaries; renegotiation or loss of access can reduce product sales and fee income.

Scope
Retail intermediaries, pension consultants, wealth platforms
Materiality
high
high

Technology and cloud dependency

Aladdin and corporate systems rely on Microsoft Azure, AWS and other partners, creating migration, outage and cybersecurity risk.

Scope
Aladdin infrastructure and internal systems
Materiality
high
high

Regulatory and cross-border compliance

Operating in many jurisdictions exposes BlackRock to conduct, prudential, AML, sanctions and data-privacy requirements.

Scope
UK, EU and other international regulated entities
Materiality
high
medium

Valuation and goodwill impairment

Acquisitions and private assets require judgmental fair value and goodwill testing, which can create earnings volatility if assumptions weaken.

Scope
GIP, HPS, Preqin and other acquired assets
Materiality
medium
Fair value measurements
Can affect nonoperating income and net income attributable to NCI
Goodwill and intangible assets
Can materially affect earnings if assumptions weaken
Revenue mix and timing
Affects revenue volatility and comparability across periods
Acquisition-related accounting
Impacts operating income and adjusted measures

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: 11/08/2026