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Corporate headquarters in New York
BlackRock is a global investment management firm based in New York Citymarker. As of 30 September 2009, BlackRock's assets under management totaled US$1.435 trillion across equity, fixed income, cash management, alternative investment and real estate strategies. BlackRock is publicly-traded, with Merrill Lynch and PNC Financial Services holding 47.4% and 31.5% of capital stock, respectively.

Blackrock announced on June 11, 2009 that it had acquired Barclays Global Investors, making it the largest money manager in the world. On August 6, 2009 Barclays shareholders approved the proposed sale of Barclays Global Investors to BlackRock.

History

BlackRock is a provider of global investment management, risk management and advisory services to institutional and retail clients around the world. As of 30 June 2009, BlackRock's assets under management total US$1.37 trillion across equity, fixed income, cash management, alternative investment and real estate strategies.

BlackRock was founded as BlackStone Financial Management within the private equity firm Blackstone Group in 1988. Larry Fink, BlackRock’s founder and CEO, had joined Blackstone in 1988 as a partner, along with Ralph Schlosstein, former White House aide under the Carter administration, and Robert Kapito and Sue Wagner. Before joining Blackstone, Fink was a managing director at First Boston, where he pioneered the mortgage-backed securities market in the United States. In 1992 Fink, Schlosstein and Co separated from the Blackstone Group under the name BlackRock and aggressively re-invented it as an independent asset-management company. In 1995, PNC Financial Services Group purchased BlackRock and in 1999, assets under management had grown to $165 billion and the firm decided to go public.

Much of BlackRock's recent growth has been through its acquisitions. On January 28, 2005, BlackRock purchased State Street Research Management, a mutual-fund business that had previously been owned by MetLife. This acquisition added a sizable equity business to BlackRock's funds, which had previously comprised mostly fixed-income securities. On September 29, 2006, BlackRock completed its merger with Merrill Lynch Investment Managers (MLIM), halving PNC's ownership and giving Merrill Lynch a 49.5-percent stake in the company. On October 1, 2007, BlackRock acquired the fund-of-funds business of Quellos Capital Management. On April 30, 2009, BlackRock hired 43 employees from R3 Capital Management, LLC and took control of the $1.5 billion fund.

Headquartered in New York, BlackRock serves clients from offices in 19 countries, maintaining a major presence in North America, Europe, Asia-Pacific, and the Middle East. With approximately 5,700 employees, including more than 700 investment professionals worldwide.

BlackRock Financial Management Inc. has been retained by the New York Fed to manage and eventually liquidate the assets held in a newly formed Delaware limited liability company (LLC) to fund the purchase of residential mortgage-backed securities (RMBS) from the securities lending portfolio of several regulated U.S. insurance subsidiaries of AIG.

In the last two quarters, the company's actual earnings exceeded the market's consensus. Analysts' estimates for the quarter ending September 2009 (Q3) range from a low of $1.68 to a high of $2.17, with a consensus of $1.901. For the fiscal quarter ending September 2009, the consensus EPS forecast has increased over the past week from $1.848 to $1.901 (2.87%) and increased over the past month from $1.790 to $1.901 (6.20%). BlackRock's (BLK 233.80, -0.01, -.00%) net profit was up 46% to $317 million, or $2.27 a share, from $217 million or $1.59 a share earned in the year-ago third quarter.

Global Client Group

BlackRock serves institutional and retail clients in more than 60 countries, including pension funds, foundations, endowments, official institutions, insurance companies, subadvisory relationships, high net worth individuals, family offices and private banks.

Alternative Investments, Cash Management, Financial Institutions, Global Consultant Relations, Marketing, Private Client, Real Estate, Capital Markets, Pensions/Tax-Exempt and Wealth Management are some of the key global product units, client business units, and global cross-channel teams that together form BlackRock’s premier Account Management Group.

Client Business Units

US Institutional: Is responsible for developing and maintaining relationships with institutional investors in the United States, including public and private pension plans, foundations, endowments and industry consultants

International Institutional: Develops and maintains relationships with institutional investors outside of the United States, including public and private pension plans, foundations, endowments and industry consultants

US Retail: Responsible for distribution, marketing and product management for BlackRock’s US-registered products, including open-end funds, closed-end funds and managed accounts

International Retail: Handles distribution, marketing and product management for BlackRock’s products registered outside of the United States, including the BGF range of open-end funds, the Global Investment Series portfolios and a number of cash and alternative investments

Cash Management: Manages global liquidity assets through a broad lineup of cash management solutions and an advanced, real-time trading and compliance system that automatically monitors industry requirements and investment parameters

Global Product Units

Product Specialists: Provides essential services to both the Portfolio Management Group (PMG) and the Account Management Group (AMG), serving as the link between investment teams and account managers

Real Estate: Manages a wide range of real estate debt and equity strategies in the United States, Europe, Australia and Asia for a premier list of institutional and private investors

BlackRock Alternative Advisors: Responsible for managing assets across absolute return, private capital and hybrid strategies for a broadly diversified global client base

Proprietary Alpha Strategies: Manages a range of alternative strategies, including single-strategy hedge funds across a variety of investment styles, asset classes and markets; higher alpha strategies, which are non-traditional investments designed to meet increasingly diverse client objectives; and passive and active commodity related strategies

Capital Markets: Focuses on the origination, structuring, distribution and servicing of new debt and equity capital markets products on a global basis, working closely with BlackRock’s Portfolio Management Group, other account managers, andinternal and external counsel, as well as various Wall Street investment banks during the development and execution of structured, securitized and other capital markets products

Multi-Asset Portfolio Strategies (MAPS): Researches, develops, assembles and manages investment solutions involving multiple strategies and asset classes, while also providing strategic investment advice and analytical expertise around riskbudgeting, benchmarking, regulatory issues, capital efficiency and fiduciary advice

Cross Channel Teams

Global Marketing: Provides support across the organization in the forms of creative services, including project management and graphic design; e-business solutions, including web design, execution and maintenance; investment andproduct communications; corporate event planning; and advertising brand management and broadcast media

Global Consultant Relations: Serves as resource to institutional consultants and prospective clients through consultant coverage, and fulfillment of new business proposal requests

BlackRock Solutions

In 2000, BlackRock began offering risk management and trade processing tools to external clients under the BlackRock Solutions brand.

BlackRock Solutions offers a number of additional services;

Financial Markets Advisory Group: The Financial Markets Advisory Group provides counsel to senior executives in banks, insurance companies, mortgage companies and other financial institutions on their most difficult—and interesting—capital market issues.

Relationship Management: The Relationship Management Group is responsible for maintaining the partnerships formed with every client that uses BlackRock Solutions' array of investment technology and risk analytics tools. These clients are located around the world and include large and sophisticated institutional investors such as insurance companies, corporations, asset managers, pension funds, hedge funds, banks and other financial institutions.

Solution Center: The Solution Center provides training and day-to-day support for users of Aladdin. Analysts start in the Solution Center and over a two- to three-year period develop an in-depth knowledge of the investment management process, the Aladdin system and clients’ businesses. During this time, analysts often contribute to the implementation phases associated with Aladdin installations.

Portfolio Analytics Group: The Portfolio Analytics Group (PAG) is a risk and analytics group in BlackRock Solutions that utilizes sophisticated analytics on fixed income, equity and alternatives businesses. PAG provides the daily risk reporting and ad-hoc analytical support to over $7 trillion worth of assets under risk management across thousands of portfolios.The group provides business and market knowledge to guide thedevelopment, maintenance and enhancement for the analytics and tools that are used to support the investment managementneeds of BlackRock Solutions’ risk management clients.

Financial Modeling Group: The Financial Modeling Group (FMG) is responsible for the research and development of financial models underpinning the risk management analytics produced at BlackRock. The group also contributes to the infrastructure and software responsible for the production of analytics and the delivery of analytic content to portfolio and risk management professionals both within and outside BlackRock. Given the diversity of business objectives among BlackRock Solutions clients and within BlackRock itself, the models developed and supported by the Financial Modeling Group span a wide array of financial products, ranging from equity to fixed income to derivatives. In addition, members of FMG seek to provide analysis and insight on many different levels from analysis of the cash flows of a single bond to the overall financial risk associated with an entire portfolio, enterprise or balance sheet.

Transition Management: The Transition Management Group manages significant portfolio reorganizations on behalf of clients with the aim of minimizing cost and controlling risk. These transitions are multi asset class and multi currency and based on a proven process and risk management systems that can be adapted to suit specific client needs, prevailing market conditions or any unforeseen circumstances. The Transition Management Group is split into two functions: project management and trading strategy. Combined they are responsible for all aspects of service delivery, including operations, analysis, strategy and trading. The Transition Project Manager role requires involvement in virtually all aspects of this process with emphasis on working in a team environment to help coordinate the transition from the initial planning and preparation stage, through the implementation phase and towards a successful completion. The role requires liaising with clients, consultants, investment banks, fund managers and custodians. The Transition Trader has prime responsibility for devising and implementing the trading strategy, including preand post-analysis of a transition at a market and individual security level.

Investment Accounting: BlackRock Solutions’ Investment Accounting services offer customized solutions to a wide range of financial institutions. The Investment Accounting team is responsible for providing these services, including accounting reports in multiple bases, Schedule D preparation, custodian reconciliation and performance measurement. The Investment Accounting group consists of three primary teams: Implementations, Client Service and Reconciliation. The Implementations team is responsible for business development and the process of taking on new clients, including account set up data conversions and business process redesign. The Client Service team is responsible for ensuring clients' ongoing requirements are met including preparing accounting and performance measurement reports and responding to client inquiries. Finally, the Reconciliation team is responsible for the reconciliation between BlackRock Solutions’ accounting platform and various third parties including custodian banks and asset managers.

Implementation and Delivery: Implementation and Delivery provides project management and subject matter expertise in support of deploying Aladdin to both internal and external clients. The Implementation team works closely with external clients on large-scale projects during which time they review and revamp clients' investment business process to align it with market practice while migrating it to the Aladdin investment platform. The Delivery team ensures that newly developed functionality is deployed to existing clients (internal and external), including providing training and conducting mini-business process reviews, and provides on-going second level support for such functions.

Key people

  • Laurence D. Fink — Chairman & CEO
  • Robert S. Kapito — President
  • Susan L. Wagner - Vice Chairman, Co-Chief Operating Officer
  • Charles S. Hallac - Vice Chairman, Co-Chief Operating Officer
  • Bennett W. Golub - Chief Risk Officer
  • Robert W. Fairbairn - Vice Chairman, Head of Global Client Group


Footnotes and References



External links










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