INVESTOR RELATIONS: | MEDIA RELATIONS: |
Caroline Rodda 212.810.3442 | Brian Beades 212.810.5596 |
BlackRock Reports Second Quarter 2022 Diluted EPS of $7.06, or $7.36 as adjusted
New York, July 15, 2022 - BlackRock, Inc. (NYSE: BLK) today reported financial results for the three and six months ended June 30, 2022.
$90 billion of quarterly total net inflows reflects continued strength of broad-based platform with positive flows across all product types and regions
6% decrease in revenue year-over-year primarily driven by the impact of significantly lower markets and dollar appreciation on average AUM and lower performance fees
5% increase in technology services revenue year-over-year reflects continued strong client demand for Aladdin, despite the negative impact of foreign exchange movements
14% decrease in operating income year-over-year
21% decrease in diluted EPS (30% as adjusted) year-over- year also reflects lower nonoperating income in the current quarter
$500 million of share repurchases in the current quarter
Laurence D. Fink, Chairman and CEO:
"The first half of 2022 brought an investment environment that we have not seen in decades. Investors are simultaneously navigating high inflation, rising rates and the worst start to the year for both stocks and bonds in half a century, with global equity and fixed income indexes down 20% and 10%, respectively.
"BlackRock generated net inflows of $90 billion in the second quarter demonstrating our ability, once again, to deliver industry-leading organic growth even in the most challenging of environments. Our connectivity with clients has never been stronger. Over the last twelve months, we've delivered over $460 billion of net inflows reflecting 5% organic base fee growth.
"I cannot think of a time when BlackRock's strategic focus has been more aligned with the needs of our clients than it is today. ETFs generated $52 billion of net inflows, led by fixed income net inflows of $31 billion. Active strategies continued to reflect demand for systematic equity, LifePath target-date solutions and alternatives, where we raised nearly $8 billion across commitments and net inflows. BlackRock's cash platform reached record AUM levels in the quarter, generating $21 billion of net inflows. And, we had record Aladdin client mandates in the first half of 2022.
"Over the course of BlackRock's 34-year history, we have experienced numerous periods of volatility and uncertainty, and BlackRock has always come through stronger. It is during periods like these that we differentiate ourselves even more with clients and further deepen those relationships. I see more opportunities for BlackRock today than ever before, and remain confident in our ability to deliver long-term growth for our clients, shareholders and employees."
FINANCIAL RESULTS | ||||
Q2 | Q2 | |||
(in millions, except per share data) | 2022 | 2021 | ||
AUM | $ | 8,487,410 | $ | 9,495,993 |
% change | (11 )% | |||
Average AUM | $ | 9,022,278 | $ | 9,317,092 |
% change | (3)% | |||
Total net flows | $ | 89,573 | $ | 80,960 |
GAAP basis: | ||||
Revenue | $ | 4,526 | $ | 4,820 |
% change | (6)% | |||
Operating income | $ | 1,668 | $ | 1,931 |
% change | (14 )% | |||
Operating margin | 36.9% | 40.1% | ||
Net income(1) | $ | 1,077 | $ | 1,378 |
% change | (22 )% | |||
Diluted EPS | $ | 7.06 | $ | 8.92 |
% change | (21 )% | |||
Weighted-average diluted shares | 152.5 | 154.4 | ||
% change | (1)% | |||
As Adjusted: | ||||
Operating income(2) | $ | 1,727 | $ | 2,016 |
% change | (14 )% | |||
Operating margin(2) | 43.7% | 46.9% | ||
Net income(1) (2) | $ | 1,122 | $ | 1,614 |
% change | (30 )% | |||
Diluted EPS(2) | $ | 7.36 | $ | 10.45 |
% change | (30 )% |
- Net income represents net income attributable to BlackRock, Inc.
- See notes (1) and (2) to the condensed consolidated statements of income and supplemental information on pages 11 through 13 for more information on as adjusted items and the reconciliation to GAAP. 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 2021 to reflect the inclusion of such new adjustments.
NET FLOW HIGHLIGHTS
Q2 | YTD | ||||||
2022 | 2022 | ||||||
(in billions) | |||||||
Long-term net flows: | $ | 69 | $ | 182 | |||
By region: | |||||||
Americas | $ | 18 | $ | 46 | |||
EMEA | 15 | 60 | |||||
APAC | 36 | 76 | |||||
By client type:
Retail: | $ | (10) | $ | - |
US | (7) | 1 | ||
International | (3) | (1) | ||
ETFs: | $ | 52 | $ | 108 |
Core equity | 15 | 48 | ||
Strategic | 36 | 50 | ||
Precision | 1 | 10 | ||
Institutional: | $ | 26 | $ | 74 |
Active | 5 | 22 | ||
Index | 21 | 52 | ||
Cash management net flows | $ | 21 | $ | (6) |
Advisory net flows | $ | - | $ | (1) |
Total net flows | $ | 90 | $ | 176 |
1 |
BUSINESS RESULTS
Q2 2022 | ||||||||||||||||||
Q2 2022 | Base fees (1) | |||||||||||||||||
Base fees (1) | June 30, 2022 | and securities | ||||||||||||||||
Q2 2022 | June 30, 2022 | and securities | AUM | lending revenue | ||||||||||||||
(in millions), (unaudited) | Net flows | AUM | lending revenue | % of Total | % of Total | |||||||||||||
RESULTS BY CLIENT TYPE | ||||||||||||||||||
Retail | $ | (9,973 | ) | $ | 863,425 | $ | 1,139 | 10 | % | 31 | % | |||||||
ETFs | 52,103 | 2,784,296 | 1,436 | 33 | % | 39 | % | |||||||||||
Institutional: | ||||||||||||||||||
Active | 5,275 | 1,510,862 | 636 | 18 | % | 17 | % | |||||||||||
Index | 21,208 | 2,580,603 | 245 | 30 | % | 7 | % | |||||||||||
Total institutional | 26,483 | 4,091,465 | 881 | 48 | % | 24 | % | |||||||||||
Long-term | 68,613 | 7,739,186 | 3,456 | 91 | % | 94 | % | |||||||||||
Cash management | 21,218 | 739,457 | 232 | 9 | % | 6 | % | |||||||||||
Advisory | (258 | ) | 8,767 | - | - | - | ||||||||||||
Total | $ | 89,573 | $ | 8,487,410 | $ | 3,688 | 100 | % | 100 | % | ||||||||
RESULTS BY INVESTMENT STYLE | ||||||||||||||||||
Active | $ | (10,339 ) $ | 2,210,648 | $ | 1,727 | 26 % | 47 % | |||||||||||
Index and ETFs | 78,952 | 5,528,538 | 1,729 | 65 % | 47 % | |||||||||||||
Long-term | 68,613 | 7,739,186 | 3,456 | 91% | 94% | |||||||||||||
Cash management | 21,218 | 739,457 | 232 | 9% | 6% | |||||||||||||
Advisory | (258 ) | 8,767 | - | - | - | |||||||||||||
Total | $ | 89,573 | $ | 8,487,410 | $ | 3,688 | 100 % | 100 % | ||||||||||
RESULTS BY PRODUCT TYPE | ||||||||||||||||||
Equity | $ | 28,642 | $ | 4,345,120 | $ | 1,839 | 51 % | 50 % | ||||||||||
Fixed income | 36,126 | 2,439,844 | 879 | 29 % | 24 % | |||||||||||||
Multi-asset | 1,380 | 678,465 | 331 | 8% | 9% | |||||||||||||
Alternatives | 2,465 | 275,757 | 407 | 3% | 11 % | |||||||||||||
Long-term | 68,613 | 7,739,186 | 3,456 | 91% | 94% | |||||||||||||
Cash management | 21,218 | 739,457 | 232 | 9% | 6% | |||||||||||||
Advisory | (258 ) | 8,767 | - | - | - | |||||||||||||
Total | $ | 89,573 | $ | 8,487,410 | $ | 3,688 | 100 % | 100 % | ||||||||||
- Base fees include investment advisory and administration fees.
INVESTMENT PERFORMANCE AT JUNE 30, 2022(1)
One-year period | Three-year period | Five-year period | |
Fixed income: | |||
Actively managed AUM above benchmark or peer median | |||
Taxable | 49% | 83% | 89% |
Tax-exempt | 27% | 33% | 34% |
Index AUM within or above applicable tolerance | 89% | 93% | 94% |
Equity: | |||
Actively managed AUM above benchmark or peer median | |||
Fundamental | 35% | 71% | 83% |
Systematic | 59% | 61% | 81% |
Index AUM within or above applicable tolerance | 95% | 95% | 95% |
- Past performance is not indicative of future results. The performance information shown is based on preliminary available data. Please refer to page 14 for performance disclosure detail.
TELECONFERENCE, WEBCAST AND PRESENTATION INFORMATION
Chairman and Chief Executive Officer, Laurence D. Fink, President, Robert S. Kapito, and Chief Financial Officer, Gary S. Shedlin, will host a teleconference call for investors and analysts on Friday, July 15, 2022 at 8:30 a.m. (Eastern Time). Members of the public who are interested in participating in the teleconference should dial, from the United States, (866) 409-1555, or from outside the United States, (313) 209- 4906, shortly before 8:30 a.m. and reference the BlackRock Conference Call (ID Number 9540818). 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 11:30 a.m. (Eastern Time) on Friday, July 15, 2022 and ending at midnight on Friday, July 29, 2022. To access the replay of the teleconference, callers from the United States should dial (888) 203-1112 and callers from outside the United States should dial (719) 457-0820 and enter the Conference ID Number 9540818. To access the webcast, please visit the investor relations section of www.blackrock.com.
ABOUT BLACKROCK
BlackRock's purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate | Twitter: @blackrock|
LinkedIn: www.linkedin.com/company/blackrock.
2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION
(in millions, except shares and per share data), (unaudited)
Three Months | ||||||||||||
Three Months Ended | Ended | |||||||||||
June 30, | March 31, | |||||||||||
2022 | 2021 | Change | 2022 | Change | ||||||||
Revenue | ||||||||||||
Investment advisory, administration fees and | ||||||||||||
securities lending revenue: | ||||||||||||
Investment advisory and administration fees | $ | 3,528 | $ | 3,617 | $ | (89 | ) | $ | 3,695 | $ | (167 | ) |
Securities lending revenue | 160 | 140 | 20 | 138 | 22 | |||||||
Total investment advisory, administration fees and | ||||||||||||
securities lending revenue | 3,688 | 3,757 | (69 | ) | 3,833 | (145 | ) | |||||
Investment advisory performance fees | 106 | 340 | (234 | ) | 98 | 8 | ||||||
Technology services revenue | 332 | 316 | 16 | 341 | (9 | ) | ||||||
Distribution fees | 361 | 369 | (8 | ) | 381 | (20 | ) | |||||
Advisory and other revenue | 39 | 38 | 1 | 46 | (7 | ) | ||||||
Total revenue | 4,526 | 4,820 | (294 | ) | 4,699 | (173 | ) |
Expense | |||||
Employee compensation and benefits | 1,414 | 1,548 | (134 ) | 1,498 | (84) |
Distribution and servicing costs | 572 | 523 | 49 | 574 | (2) |
Direct fund expense | 304 | 320 | (16 ) | 329 | (25) |
General and administration expense | 530 | 461 | 69 | 496 | 34 |
Amortization of intangible assets | 38 | 37 | 1 | 38 | - |
Total expense | 2,858 | 2,889 | (31 ) | 2,935 | (77) |
Operating income | 1,668 | 1,931 | (263 ) | 1,764 | (96) |
Nonoperating income (expense)
Net gain (loss) on investments | (314 | ) | 314 | (628 | ) | (102 | ) | (212 | ) | |
Interest and dividend income | 21 | 8 | 13 | 18 | 3 | |||||
Interest expense | (54 | ) | (52 | ) | (2 | ) | (54 | ) | - | |
Total nonoperating income (expense) | (347 | ) | 270 | (617 | ) | (138 | ) | (209 | ) | |
Income before income taxes | 1,321 | 2,201 | (880 ) | 1,626 | (305) | |||||
Income tax expense | 358 | 654 | (296 ) | 263 | 95 | |||||
Net income | 963 | 1,547 | (584 ) | 1,363 | (400) | |||||
Less: | ||||||||||
Net income (loss) attributable to noncontrolling | ||||||||||
interests | (114 ) | 169 | (283 ) | (73 ) | (41) | |||||
Net income attributable to BlackRock, Inc. | $ | 1,077 | $ | 1,378 | $ | (301 ) | $ | 1,436 | $ | (359) |
Weighted-average common shares outstanding
Basic | 151,292,580 | 152,443,039 | (1,150,459 | ) | 151,732,845 | (440,265 | ) | |||||
Diluted | 152,452,320 | 154,417,581 | (1,965,261 | ) | 153,530,395 | (1,078,075 | ) | |||||
Earnings per share attributable to BlackRock, Inc. | ||||||||||||
common stockholders | ||||||||||||
Basic | $ | 7.12 | $ | 9.04 | $ | (1.92 | ) | $ | 9.46 | $ | (2.34 | ) |
Diluted | $ | 7.06 | $ | 8.92 | $ | (1.86 | ) | $ | 9.35 | $ | (2.29 | ) |
Cash dividends declared and paid per share | $ | 4.88 | $ | 4.13 | $ | 0.75 | $ | 4.88 | $ | - |
Supplemental information: |
AUM (end of period) | $ | 8,487,410 | $ | 9,495,993 | $ | (1,008,583) | $ | 9,569,513 | $ | (1,082,103) |
Shares outstanding (end of period) | 150,966,457 | 152,298,784 | (1,332,327) | 151,725,643 | (759,186) | |||||
GAAP: | ||||||||||
Operating margin | 36.9 % | 40.1 % | (320 ) bps | 37.5 % | (60) bps | |||||
Effective tax rate | 24.9 % | 32.2 % | (730 ) bps | 15.5 % | 940 bps | |||||
As adjusted: | ||||||||||
Operating income (1) | $ | 1,727 | $ | 2,016 | $ | (289 ) | $ | 1,822 | $ | (95) |
Operating margin (1) | 43.7 % | 46.9 % | (320 ) bps | 44.2 % | (50) bps | |||||
Nonoperating income (expense), less net income | ||||||||||
(loss) attributable to noncontrolling interests | $ | (233 ) | $ | 101 | $ | (334 ) | $ | (65 ) | $ | (168) |
Net income attributable to BlackRock, Inc. (2) | $ | 1,122 | $ | 1,614 | $ | (492 ) | $ | 1,462 | $ | (340) |
Diluted earnings attributable to BlackRock, Inc. | ||||||||||
common stockholders per share (2) | $ | 7.36 | $ | 10.45 | $ | (3.09 ) | $ | 9.52 | $ | (2.16) |
Effective tax rate | 24.9 % | 23.8 % | 110 bps | 16.8 % | 810 bps |
See pages 11 through 13 for the reconciliation to GAAP and notes (1) and (2) to the condensed consolidated statements of income and supplemental
information for more information on as adjusted items. 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 2021 to reflect the inclusion of such new adjustments.
3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION
(in millions, except shares and per share data), (unaudited)
Six Months Ended | ||||||
June 30, | ||||||
2022 | 2021 | Change | ||||
Revenue | ||||||
Investment advisory, administration fees and | ||||||
securities lending revenue: | ||||||
Investment advisory and administration fees | $ | 7,223 | $ | 7,082 | $ | 141 |
Securities lending revenue | 298 | 267 | 31 | |||
Total investment advisory, administration fees and | ||||||
securities lending revenue | 7,521 | 7,349 | 172 | |||
Investment advisory performance fees | 204 | 469 | (265) | |||
Technology services revenue | 673 | 622 | 51 | |||
Distribution fees | 742 | 709 | 33 | |||
Advisory and other revenue | 85 | 69 | 16 | |||
Total revenue | 9,225 | 9,218 | 7 | |||
Expense | ||||||
Employee compensation and benefits | 2,912 | 2,957 | (45) | |||
Distribution and servicing costs | 1,146 | 1,028 | 118 | |||
Direct fund expense | 633 | 640 | (7) | |||
General and administration expense | 1,026 | 1,046 | (20) | |||
Amortization of intangible assets | 76 | 71 | 5 | |||
Total expense | 5,793 | 5,742 | 51 | |||
Operating income | 3,432 | 3,476 | (44) | |||
Nonoperating income (expense) | ||||||
Net gain (loss) on investments | (416 ) | 396 | (812) | |||
Interest and dividend income | 39 | 27 | 12 | |||
Interest expense | (108 ) | (107 ) | (1) | |||
Total nonoperating income (expense) | (485 ) | 316 | (801) | |||
Income before income taxes | 2,947 | 3,792 | (845) | |||
Income tax expense | 621 | 972 | (351) | |||
Net income | 2,326 | 2,820 | (494) | |||
Less: | ||||||
Net income (loss) attributable to noncontrolling | ||||||
interests | (187 ) | 243 | (430) | |||
Net income attributable to BlackRock, Inc. | $ | 2,513 | $ | 2,577 | $ | (64) |
Weighted-average common shares outstanding | ||||||
Basic | 151,511,496 | 152,504,902 | (993,406) | |||
Diluted | 152,990,147 | 154,359,353 | (1,369,206) | |||
Earnings per share attributable to BlackRock, Inc. | ||||||
common stockholders | ||||||
Basic | $ | 16.59 | $ | 16.90 | $ | (0.31) |
Diluted | $ | 16.43 | $ | 16.69 | $ | (0.26) |
Cash dividends declared and paid per share | $ | 9.76 | $ | 8.26 | $ | 1.50 |
Supplemental information: | ||||||
AUM (end of period) | $ | 8,487,410 | $ | 9,495,993 | $ | (1,008,583) |
Shares outstanding (end of period) | 150,966,457 | 152,298,784 | (1,332,327) | |||
GAAP: | ||||||
Operating margin | 37.2 % | 37.7 % | (50) bps | |||
Effective tax rate | 19.8 % | 27.4 % | (760) bps | |||
As adjusted: | ||||||
Operating income (1) | $ | 3,549 | $ | 3,615 | $ | (66) |
Operating margin (1) | 43.9 % | 46.4 % | (250) bps | |||
Nonoperating income (expense), less net income | ||||||
(loss) attributable to noncontrolling interests | $ | (298 ) | $ | 73 | $ | (371) |
Net income attributable to BlackRock, Inc. (2) | $ | 2,584 | $ | 2,854 | $ | (270) |
Diluted earnings attributable to BlackRock, Inc. | ||||||
common stockholders per share (2) | $ | 16.89 | $ | 18.49 | $ | (1.60) |
Effective tax rate | 20.5 % | 22.6 % | (210) bps |
See pages 11 through 13 for the reconciliation to GAAP and notes (1) and (2) to the condensed consolidated statements of income and supplemental information for more information on as adjusted items. 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 2021 to reflect the inclusion of such new adjustments.
4
ASSETS UNDER MANAGEMENT
(in millions), (unaudited)
Current Quarter Component Changes by Client Type and Product Type
Net | ||||||||||||
March 31, | inflows | Market | June 30, | |||||||||
2022 | (outflows) | change | FX impact(1) | 2022 | Average AUM (2) | |||||||
Retail: | ||||||||||||
Equity | $ | 446,043 | $ | (872) | $ | (66,388 ) | $ | (7,557 ) | $ | 371,226 | $ | 409,171 |
Fixed income | 343,712 | (7,563) | (18,397 ) | (3,892 ) | 313,860 | 328,816 | ||||||
Multi-asset | 149,480 | (3,000) | (16,394 ) | (944 ) | 129,142 | 139,662 | ||||||
Alternatives | 49,888 | 1,462 | (1,681 ) | (472 ) | 49,197 | 49,900 | ||||||
Retail subtotal | 989,123 | (9,973) | (102,860 ) | (12,865 ) | 863,425 | 927,549 | ||||||
ETFs: |
Equity | 2,350,421 | 23,328 | (348,798 ) | (14,608 ) | 2,010,343 | 2,178,149 |
Fixed income | 712,767 | 30,739 | (41,926 ) | (5,692 ) | 695,888 | 702,485 |
Multi-asset | 8,716 | 161 | (942 ) | (67 ) | 7,868 | 8,246 |
Alternatives | 78,592 | (2,125) | (6,159 ) | (111 ) | 70,197 | 75,187 |
ETFs subtotal | 3,150,496 | 52,103 | (397,825 ) | (20,478 ) | 2,784,296 | 2,964,067 |
Institutional: | ||||||
Active: | ||||||
Equity | 188,822 | 3,885 | (23,962 ) | (5,048 ) | 163,697 | 176,618 |
Fixed income | 718,225 | (6,774) | (40,123 ) | (9,476 ) | 661,852 | 687,561 |
Multi-asset | 617,843 | 4,866 | (72,880 ) | (15,670 ) | 534,159 | 575,970 |
Alternatives | 151,277 | 3,298 | (805 ) | (2,616 ) | 151,154 | 150,957 |
Active subtotal | 1,676,167 | 5,275 | (137,770 ) | (32,810 ) | 1,510,862 | 1,591,106 |
Index: | ||||||
Equity | 2,133,758 | 2,301 | (287,363 ) | (48,842 ) | 1,799,854 | 1,969,660 |
Fixed income | 871,167 | 19,724 | (73,665 ) | (48,982 ) | 768,244 | 813,260 |
Multi-asset | 9,143 | (647) | (937 ) | (263 ) | 7,296 | 7,863 |
Alternatives | 5,696 | (170) | (99 ) | (218 ) | 5,209 | 5,600 |
Index subtotal | 3,019,764 | 21,208 | (362,064 ) | (98,305 ) | 2,580,603 | 2,796,383 |
Institutional subtotal | 4,695,931 | 26,483 | (499,834 ) | (131,115 ) | 4,091,465 | 4,387,489 |
Long-term | 8,835,550 | 68,613 | (1,000,519 | ) | (164,458 | ) | 7,739,186 | 8,279,105 | ||||||||||||||||||||||||||
Cash management | 724,939 | 21,218 | (130 | ) | (6,570 | ) | 739,457 | 734,270 | ||||||||||||||||||||||||||
Advisory (3) | 9,025 | (258 | ) | - | - | 8,767 | 8,903 | |||||||||||||||||||||||||||
Total | $ | 9,569,514 | $ | 89,573 | $ | (1,000,649 | ) | $ | (171,028 | ) | $ | 8,487,410 | $ | 9,022,278 | ||||||||||||||||||||
Current Quarter Component Changes by Investment Style and Product Type (Long-Term)
Net | ||||||||||||
March 31, | inflows | Market | June 30, | |||||||||
2022 | (outflows) | change | FX impact(1) | 2022 | Average AUM (2) | |||||||
Active: | ||||||||||||
Equity | $ | 472,849 | $ | (1,825) | $ | (69,076 ) | $ | (8,900 ) | $ | 393,048 | $ | 434,212 |
Fixed income | 1,037,813 | (15,139 ) | (56,717 ) | (12,000 ) | 953,957 | 993,668 | ||||||
Multi-asset | 767,316 | 1,865 | (89,273 ) | (16,613 ) | 663,295 | 715,624 | ||||||
Alternatives | 201,162 | 4,760 | (2,486 ) | (3,088 ) | 200,348 | 200,855 | ||||||
Active subtotal | 2,479,140 | (10,339 ) | (217,552 ) | (40,601 ) | 2,210,648 | 2,344,359 |
Index and ETFs: | ||||||
ETFs: | ||||||
Equity | 2,350,421 | 23,328 | (348,798 ) | (14,608 ) | 2,010,343 | 2,178,149 |
Fixed income | 712,767 | 30,739 | (41,926 ) | (5,692 ) | 695,888 | 702,485 |
Multi-asset | 8,716 | 161 | (942 ) | (67 ) | 7,868 | 8,246 |
Alternatives | 78,592 | (2,125) | (6,159 ) | (111 ) | 70,197 | 75,187 |
ETFs subtotal | 3,150,496 | 52,103 | (397,825 ) | (20,478 ) | 2,784,296 | 2,964,067 |
Non-ETF Index: | ||||||||||||
Equity | 2,295,774 | 7,139 | (308,637 ) | (52,547 ) | 1,941,729 | 2,121,237 | ||||||
Fixed income | 895,291 | 20,526 | (75,468 ) | (50,350 ) | 789,999 | 835,969 | ||||||
Multi-asset | 9,150 | (646) | (938 ) | (264 ) | 7,302 | 7,871 | ||||||
Alternatives | 5,699 | (170) | (99 ) | (218 ) | 5,212 | 5,602 | ||||||
Non-ETF Index subtotal | 3,205,914 | 26,849 | (385,142 ) | (103,379 ) | 2,744,242 | 2,970,679 | ||||||
Index and ETFs subtotal | 6,356,410 | 78,952 | (782,967 ) | (123,857 ) | 5,528,538 | 5,934,746 | ||||||
Long-term | $ | 8,835,550 | $ | 68,613 | $ | (1,000,519 ) | $ | (164,458 ) | $ | 7,739,186 | $ | 8,279,105 |
Current Quarter Component Changes by Product Type (Long-Term)
Net | ||||||||||||
March 31, | inflows | Market | June 30, | |||||||||
2022 | (outflows) | change | FX impact(1) | 2022 | Average AUM (2) | |||||||
Equity | $ | 5,119,044 | $ | 28,642 | $ | (726,511 ) | $ | (76,055 ) | $ | 4,345,120 | $ | 4,733,598 |
Fixed income | 2,645,871 | 36,126 | (174,111 ) | (68,042 ) | 2,439,844 | 2,532,122 | ||||||
Multi-asset | 785,182 | 1,380 | (91,153 ) | (16,944 ) | 678,465 | 731,741 | ||||||
Alternatives: | ||||||||||||
Illiquid alternatives | 109,141 | 5,414 | (682 ) | (1,834 ) | 112,039 | 110,501 | ||||||
Liquid alternatives | 87,326 | (932) | (1,518 ) | (1,106 ) | 83,770 | 85,574 |
Currency and commodities(4) | 88,986 | ||
Alternatives subtotal | 285,453 | ||
Long-term | $ | 8,835,550 | $ |
(2,017 | ) | (6,544 | ) | (477 | ) | 79,948 | 85,569 | |||||||||||||||||||
2,465 | (8,744 | ) | (3,417 | ) | 275,757 | 281,644 | ||||||||||||||||||||
68,613 | $ | (1,000,519 | ) | $ | (164,458 | ) | $ | 7,739,186 | $ | 8,279,105 | ||||||||||||||||
- Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.
- Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing four months.
- Advisory AUM represents mandates linked to purchases and disposition of assets and portfolios on behalf of official institutions and long-term portfolio liquidation assignments.
- Amounts include commodity ETFs.
5
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
BlackRock Inc. published this content on 15 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 July 2022 10:03:04 UTC.