INVESTOR RELATIONS:Samantha Tortora212.810.5397
MEDIA RELATIONS:
Brian Beades212.810.5596
New York, October 16, 2018 - BlackRock, Inc. (NYSE: BLK) today reported financial results for the three and nine months ended September 30, 2018.
BlackRock Reports Third Quarter 2018 Diluted EPS of $7.54, or $7.52 as adjusted
$6.4 trillion of AUM, up 8%year-over-year, including $28 billion of net AUM added from strategic transactions
$11 billion of quarterly long-term net inflows, led byiShares®, active multi-asset and illiquid alternatives
2% growth in revenueyear-over-year driven by 4% base fee growth and 18% technology services revenue growth, partially offset by lower performance fees
1% increase in operating incomeyear-over-year also reflects $42 million of transaction-related expense
31% diluted EPS growth (27% as adjusted)driven by higher nonoperating income and a lower effective tax rate
$500 millionof share repurchases in the current quarter and$3.13dividend per share
FINANCIAL RESULTS
GAAP basis:
Revenue Operating income Operating margin Net income(1)Diluted EPSWeighted averagediluted shares
$ $ $
96,112 | Americas: | $ | 18.2 billion |
EMEA: | $ | (9.7) billion | |
APAC: | $ | 2.1 billion |
3,576
$1,396$39.0%
3,5081,38939.6%
2% 1%(60) bps
$ $
1,216
$7.54$
9445.76
29 % 31 %
161.4
163.8
(1
)%
As Adjusted:
Operating income(2)
Operating margin(2)
Net income(1)(2)
$
1,400$44.2%
1,39345.1%
1%(90) bps
$ $
1,214$7.52$
9665.90
26 %
Diluted EPS(2)
27 %
*
Results for 2017 were recast to reflect the adoption of the new revenue recognition standard. For further information, refer to the Current Report on Form 8-K furnished on March 22, 2018.
(1)Net income represents net income attributable to BlackRock, Inc.
(2)
See notes (1) through (3) to the condensed consolidated statements of income and supplemental information on pages 11 and 12 for more information on as adjusted items and the reconciliation to GAAP.
Laurence D. Fink, Chairman and CEO:
"BlackRock's third quarter results highlight the resilience of our differentiated platform and our ability to generate organic growth, even in the face of significant industry headwinds. Our holistic, client-centric approach brings together our global product breadth, portfolio construction capabilities, digital tools and industry-leading technology, and positions us well to deliver long-term value to clients and shareholders.
"BlackRock generated $11 billion of long-term net inflows in the third quarter, despite more than $30 billion of institutional non-ETF index equity outflows that resulted from de-risking associated with ongoing divergent monetary policy and geopolitical uncertainty. Over the last twelve months, total net inflows of $177 billion reflect continued growth in key areas of our business, including iShares, multi-asset solutions, illiquid alternatives and Aladdin.
"We continue to build and evolve our business in order to stay ahead of clients' needs and industry disruption, and completed several strategic transactions during the quarter to accelerate future growth. We are more confident than ever before in our ability to be a strategic partner to clients as a result of our broad array of integrated investment and technology offerings."
NET FLOW HIGHLIGHTS
Long-term net inflows of $10.6 billion by region:Long-term net inflows of $10.6 billion by client type:
Retail:
U.S.: International:
iShares:
Core: Non-Core:
Institutional:
$ 1.7 billion
$ 2.5 billion
$ (0.8) billion
$ 33.7 billion
$ 20.3 billion
$ 13.4 billion
$ (24.8) billion
Index: Active:
$ (23.6) billion
$ (1.2) billion
Cash management net outflows of $(14.6) billion
BUSINESS RESULTS
September 30, 2018 | Q3 2018 | |||||||||||||||
Q3 2018 | September 30, 2018 | Q3 2018 | AUM | Base fees(1) | ||||||||||||
(in millions), (unaudited) | Net flows | AUM | Base fees(1) | % of Total | % of Total | |||||||||||
RESULTS BY CLIENT TYPE | ||||||||||||||||
Retail | $ | 1,697 | 663,261 | 860 | 10 | % | 30 | % | ||||||||
iSharesETFs | 33,673 | 1,853,188 | 1,113 | 29 | % | 39 | % | |||||||||
Institutional: | ||||||||||||||||
Active | (1,204 | 1,130,921 | 504 | 18 | % | 17 | % | |||||||||
Index | (23,554 | 2,351,785 | 252 | 36 | % | 9 | % | |||||||||
Total institutional | (24,758 | 3,482,706 | 756 | 54 | % | 26 | % | |||||||||
Long-term | 10,612 | 5,999,155 | 2,729 | 93 | % | 95 | % | |||||||||
Cash management | (14,570 | 443,185 | 154 | 7 | % | 5 | % | |||||||||
Advisory | 853 | 1,760 | - | - | - | |||||||||||
Total | $ | (3,105 | 6,444,100 | 2,883 | 100 | % | 100 | % | ||||||||
RESULTS BY INVESTMENT STYLE | ||||||||||||||||
Active | $ | (1,109 | 1,713,576 | 1,346 | 26 | % | 47 | % | ||||||||
Index andiSharesETFs | 11,721 | 4,285,579 | 1,383 | 67 | % | 48 | % | |||||||||
Long-term | 10,612 | 5,999,155 | 2,729 | 93 | % | 95 | % | |||||||||
Cash management | (14,570 | 443,185 | 154 | 7 | % | 5 | % | |||||||||
Advisory | 853 | 1,760 | - | - | - | |||||||||||
Total | $ | (3,105 | 6,444,100 | 2,883 | 100 | % | 100 | % | ||||||||
RESULTS BY PRODUCT TYPE | ||||||||||||||||
Equity | $ | (17,264 | 3,482,687 | 1,459 | 54 | % | 52 | % | ||||||||
Fixed income | 22,908 | 1,883,806 | 763 | 29 | % | 26 | % | |||||||||
Multi-asset | 3,228 | 492,810 | 298 | 8 | % | 10 | % | |||||||||
Alternatives | 1,740 | 139,852 | 209 | 2 | % | 7 | % | |||||||||
Long-term | 10,612 | 5,999,155 | 2,729 | 93 | % | 95 | % | |||||||||
Cash management | (14,570 | 443,185 | 154 | 7 | % | 5 | % | |||||||||
Advisory | 853 | 1,760 | - | - | - | |||||||||||
Total | $ | (3,105 | 6,444,100 | 2,883 | 100 | % | 100 | % | ||||||||
(1)Base fees include investment advisory, administration fees andsecurities lending revenue.
INVESTMENT PERFORMANCE AT SEPTEMBER 30, 2018(1)
One-year period | Three-year period | Five-year period | |
Fixed income: | |||
Actively managed AUM above benchmark or peer median | |||
Taxable | 66% | 72% | 84% |
Tax-exempt | 74% | 74% | 78% |
Index AUM within or above applicable tolerance | 98% | 99% | 100% |
Equity: | |||
Actively managed AUM above benchmark or peer median | |||
Fundamental | 66% | 70% | 80% |
Systematic | 74% | 85% | 92% |
Index AUM within or above applicable tolerance | 97% | 99% | 98% |
(1)Past performance is not indicative of future results. The performance information shown is based on preliminary available data. Please refer to page 13 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 Tuesday, October 16, 2018 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, (800) 374-0176, or from outside the United States, (706) 679-8281, shortly before 8:30 a.m. and reference the BlackRock Conference Call (ID Number 4488387). A live, listen-only webcast will also be available via the investor relations section ofwww.blackrock.com.
Both the teleconference and webcast will be available for replay by 12:30 p.m. (Eastern Time) on Tuesday, October 16, 2018 and ending at midnight on Tuesday, October 30, 2018. To access the replay of the teleconference, callers from the United States should dial (855) 859-2056 and callers from outside the United States should dial (404) 537-3406 and enter the Conference ID Number 4488387. To access the webcast, please visit the investor relations section ofwww.blackrock.com.
ABOUT BLACKROCK
BlackRock helps investors build better financial futures. As a fiduciary to our clients, we provide the investment and technology solutions they need when planning for their most important goals. As of September 30, 2018, the firm managed approximately $6.44 trillion in assets on behalf of investors worldwide. For additional information on BlackRock, please visitwww.blackrock.com| Twitter:@blackrock| Blog:www.blackrockblog.com| LinkedIn:www.linkedin.com/company/blackrock.
Three Months | |||||||||||||
Three Months Ended | Ended | ||||||||||||
September 30, | June 30, | ||||||||||||
2018 | 2017* | Change | 2018 | Change | |||||||||
Revenue | |||||||||||||
Investment advisory, administration fees andsecurities lending revenue | $ | 2,883 | $ | 2,781 | $ | 102 | $ | 2,944 | $ | (61 | |||
Investment advisory performance fees | 151 | 191 | (40 | 91 | 60 | ||||||||
Technology services revenue | 200 | 169 | 31 | 198 | 2 | ||||||||
Distribution fees | 279 | 298 | (19 | 294 | (15 | ||||||||
Advisory and other revenue | 63 | 69 | (6 | 78 | (15 | ||||||||
Total revenue | 3,576 | 3,508 | 68 | 3,605 | (29 | ||||||||
Expense | |||||||||||||
Employee compensation and benefits | 1,097 | 1,087 | 10 | 1,082 | 15 | ||||||||
Distribution and servicing costs | 408 | 419 | (11 | 415 | (7 | ||||||||
Direct fund expense | 249 | 231 | 18 | 264 | (15 | ||||||||
General and administration | 413 | 355 | 58 | 393 | 20 | ||||||||
Amortization of intangible assets | 13 | 27 | (14 | 11 | 2 | ||||||||
Total expense | 2,180 | 2,119 | 61 | 2,165 | 15 | ||||||||
Operating income | 1,396 | 1,389 | 7 | 1,440 | (44 | ||||||||
Nonoperating income (expense) | |||||||||||||
Net gain (loss) on investments | 50 | 41 | 9 | 3 | 47 | ||||||||
Interest and dividend income | 29 | 15 | 14 | 19 | 10 | ||||||||
Interest expense | (46 | (46 | - | (46 | - | ||||||||
Total nonoperating income (expense) | 33 | 10 | 23 | (24 | 57 | ||||||||
Income before income taxes | 1,429 | 1,399 | 30 | 1,416 | 13 | ||||||||
Income tax expense (benefit) | 226 | 443 | (217 | 338 | (112 | ||||||||
Net income | 1,203 | 956 | 247 | 1,078 | 125 | ||||||||
Less: | |||||||||||||
Net income (loss) attributable to noncontrollinginterests | (13 | 12 | (25 | 5 | (18 | ||||||||
Net income attributable to BlackRock, Inc. | $ | 1,216 | $ | 944 | $ | 272 | $ | 1,073 | $ | 143 | |||
Weighted-average common shares outstanding | |||||||||||||
Basic | 160,141,506 | 161,872,716 | (1,731,210 | 160,980,960 | (839,454 | ||||||||
Diluted | 161,378,217 | 163,773,546 | (2,395,329 | 162,161,937 | (783,720 | ||||||||
Earnings per share attributable to BlackRock, Inc. common stockholders (3) | |||||||||||||
Basic | $ | 7.59 | $ | 5.83 | $ | 1.76 | $ | 6.67 | $ | 0.92 | |||
Diluted | $ | 7.54 | $ | 5.76 | $ | 1.78 | $ | 6.62 | $ | 0.92 | |||
Cash dividends declared and paid per share | $ | 3.13 | $ | 2.50 | $ | 0.63 | $ | 2.88 | $ | 0.25 | |||
Supplemental information: | |||||||||||||
AUM (end of period) | $ | 6,444,100 | $ | 5,976,892 | $ | 467,208 | $ | 6,299,706 | $ | 144,394 | |||
Shares outstanding (end of period) | 159,804,364 | 161,597,770 | (1,793,406 | 160,779,596 | (975,232 | ||||||||
GAAP: | |||||||||||||
Operating margin | 39.0 | % | 39.6 | % | (60 | bps | 39.9 | % | (90 | bps | |||
Effective tax rate | 15.7 | % | 31.9 | % | (1,620 | bps | 24.0 | % | (830 | bps | |||
As adjusted: | |||||||||||||
Operating income (1) | $ | 1,400 | $ | 1,393 | $ | 7 | $ | 1,443 | $ | (43 | |||
Operating margin (1) | 44.2 | % | 45.1 | % | (90 | bps | 45.2 | % | (100 | bps | |||
Nonoperating income (expense), less net income (loss) attributable to noncontrolling interests | $ | 46 | $ | (2 | $ | 48 | $ | (29 | $ | 75 | |||
Net income attributable to BlackRock, Inc. (2) | $ | 1,214 | $ | 966 | $ | 248 | $ | 1,080 | $ | 134 | |||
Diluted earnings attributable to BlackRock, Inc. | |||||||||||||
common stockholders per share (2) (3) | $ | 7.52 | $ | 5.90 | $ | 1.62 | $ | 6.66 | $ | 0.86 | |||
Effective tax rate | 16.0 | % | 30.6 | % | (1,460 | bps | 23.7 | % | (770 | bps | |||
) bps
) bps
) bps
) bps
See pages 11-12 for the reconciliation to GAAP and notes (1) through (3) for more information on as adjusted items.
*Results for 2017 were recast to reflect the adoption of the new revenue recognition standard. For further information, refer to the Current Report on Form 8-K furnished on March 22, 2018.
Nine Months Ended
September 30,2018
2017*
Change
Revenue
Investment advisory, administration fees and securities
lending revenue | $ | $ | 803 |
Investment advisory performance fees | 312 | 309 | 3 |
Technology services revenue | 582 | 481 | 101 |
Distribution fees | 884 | 877 | 7 |
Advisory and other revenue | 212 | 198 | 14 |
Total revenue | 10,764 | 9,836 | 928 |
Expense | |||
Employee compensation and benefits | 3,300 | 3,106 | 194 |
Distribution and servicing costs | 1,255 | 1,230 | 25 |
Direct fund expense | 774 | 658 | 116 |
General and administration | 1,189 | 996 | 193 |
Amortization of intangible assets | 35 | 77 | (42 ) |
Total expense | 6,553 | 6,067 | 486 |
Operating income | 4,211 | 3,769 | 442 |
Nonoperating income (expense) | |||
Net gain (loss) on investments | 68 | 128 | (60 ) |
Interest and dividend income | 63 | 35 | 28 |
Interest expense | (138 ) | (159 ) | 21 |
Total nonoperating income (expense) | (7) | 4 | (11 ) |
Income before income taxes | 4,204 | 3,773 | 431 |
Income tax expense | 829 | 1,085 | (256) |
Net income | 3,375 | 2,688 | 687 |
Less: | |||
Net income (loss) attributable to noncontrolling interests | (3 ) | 31 | (34 ) |
$
8,774
7,971
$
Net income attributable to BlackRock, Inc.
3,378
$
2,657
$
721
Weighted-average common shares outstanding
Basic
Diluted
160,786,768162,140,879
162,459,737164,289,042
(1,672,969)(2,148,163)
Earnings per share attributable to BlackRock, Inc.
common stockholders (3)
Basic
Diluted
Cash dividends declared and paid per share
$ $ $
21.01
$
16.35
$
20.83
$
16.17
$
8.89
$
7.50
$
4.664.661.39
Supplemental information:
AUM (end of period)
$
Shares outstanding (end of period)
$159,804,364
6,444,100
$ 161,597,770
5,976,892
467,208(1,793,406)
GAAP:
Operating margin
Effective tax rateAs adjusted:
39.1%19.7%
38.3%29.0%
80 (930)bps bps
Operating income (1)
$
4,221
Operating margin (1)
$44.5%
3,781
$43.9%
440
60
bps
Nonoperating income (expense), less net income (loss)
attributable to noncontrolling interests
Net income attributable to BlackRock, Inc. (2)
Diluted earnings attributable to BlackRock, Inc.
common stockholders per share (2) (3)
$ $ $
Effective tax rate
20.88
$ | 23 | |
$ | 701 | |
$ | $ | 4.54 |
19.7% | 28.5% | (880) bps |
(4 )
(27 )
$
3,386
2,685
$
16.34
See pages 11-12 for the reconciliation to GAAP and notes (1) through (3) for more information on as adjusted items.
*Results for 2017 were recast to reflect the adoption of the new revenue recognition standard. For further information, refer to the Current Report on Form 8-K furnished on March 22, 2018.
ASSETS UNDER MANAGEMENT
(in millions), (unaudited)
Current Quarter Component Changes by Client Type and Product Type | |||||||||||||||||||||||||||||||
Net | Acquisitions | ||||||||||||||||||||||||||||||
June 30, | inflows | and | Market | September 30, | |||||||||||||||||||||||||||
2018 | (outflows) | dispositions(1) | change | FX impact(2) | 2018 | Average AUM(3) | |||||||||||||||||||||||||
Retail: | |||||||||||||||||||||||||||||||
Equity | $ | 232,617 | $ | (2,889 | $ | 2,137 | $ | 6,362 | $ | (683 | $ | 237,544 | $ | 235,327 | |||||||||||||||||
Fixed income | 266,987 | 3,141 | 14,070 | (1,066 | (253 | 282,879 | 271,896 | ||||||||||||||||||||||||
Multi-asset | 119,299 | 789 | 2,519 | 1,799 | (102 | 124,304 | 121,557 | ||||||||||||||||||||||||
Alternatives | 17,922 | 656 | 7 | (22 | (29 | 18,534 | 18,164 | ||||||||||||||||||||||||
Retail subtotal | 636,825 | 1,697 | 18,733 | 7,073 | (1,067 | 663,261 | 646,944 | ||||||||||||||||||||||||
iSharesETFs: | |||||||||||||||||||||||||||||||
Equity | 1,346,288 | 21,215 | - | 46,621 | (199 | 1,413,925 | 1,388,881 | ||||||||||||||||||||||||
Fixed income | 401,731 | 12,914 | - | (2,094 | (208 | 412,343 | 408,384 | ||||||||||||||||||||||||
Multi-asset | 3,767 | (9 | - | 55 | 1 | 3,814 | 3,803 | ||||||||||||||||||||||||
Alternatives | 24,979 | (447 | - | (1,435 | 9 | 23,106 | 24,152 | ||||||||||||||||||||||||
iSharesETFs subtotal | 1,776,765 | 33,673 | - | 43,147 | (397 | 1,853,188 | 1,825,220 | ||||||||||||||||||||||||
Institutional: | |||||||||||||||||||||||||||||||
Active: | |||||||||||||||||||||||||||||||
Equity | 134,986 | (4,745 | (4,296 | 3,564 | (534 | 128,975 | 131,834 | ||||||||||||||||||||||||
Fixed income | 550,444 | (398 | 2,417 | 722 | (1,594 | 551,591 | 552,157 | ||||||||||||||||||||||||
Multi-asset | 350,545 | 2,471 | (1,593 | 5,932 | (468 | 356,887 | 353,321 | ||||||||||||||||||||||||
Alternatives | 87,413 | 1,468 | 4,995 | (164 | (244 | 93,468 | 90,308 | ||||||||||||||||||||||||
Active subtotal | 1,123,388 | (1,204 | 1,523 | 10,054 | (2,840 | 1,130,921 | 1,127,620 | ||||||||||||||||||||||||
Index: | |||||||||||||||||||||||||||||||
Equity | 1,652,589 | (30,845 | 4,749 | 80,833 | (5,083 | 1,702,243 | 1,689,785 | ||||||||||||||||||||||||
Fixed income | 639,447 | 7,251 | 2,051 | (6,660 | (5,096 | 636,993 | 640,079 | ||||||||||||||||||||||||
Multi-asset | 8,055 | (23 | (243 | 110 | (94 | 7,805 | 7,914 | ||||||||||||||||||||||||
Alternatives | 4,673 | 63 | 1 | 39 | (32 | 4,744 | 4,680 | ||||||||||||||||||||||||
Index subtotal | 2,304,764 | (23,554 | 6,558 | 74,322 | (10,305 | 2,351,785 | 2,342,458 | ||||||||||||||||||||||||
Institutional subtotal | 3,428,152 | (24,758 | 8,081 | 84,376 | (13,145 | 3,482,706 | 3,470,078 | ||||||||||||||||||||||||
Long-term | 5,841,742 | 10,612 | 26,814 | 134,596 | (14,609 | 5,999,155 | 5,942,242 | ||||||||||||||||||||||||
Cash management | 457,054 | (14,570 | 686 | 630 | (615 | 443,185 | 455,852 | ||||||||||||||||||||||||
Advisory(4) | 910 | 853 | - | (10 | 7 | 1,760 | 1,308 | ||||||||||||||||||||||||
Total | $ | 6,299,706 | $ | (3,105 | $ | 27,500 | $ | 135,216 | $ | (15,217 | $ | 6,444,100 | $ | 6,399,402 | |||||||||||||||||
Current Quarter Component Changes by Investment Style and Product Type (Long-term) | |||||||||||||||||||||||||||||||
Net | Acquisitions | ||||||||||||||||||||||||||||||
June 30, | inflows | and | Market | September 30, | |||||||||||||||||||||||||||
2018 | (outflows) | dispositions(1) | change | FX impact(2) | 2018 | Average AUM(3) | |||||||||||||||||||||||||
Active: | |||||||||||||||||||||||||||||||
Equity | $ | 304,098 | $ | (7,737 | $ | (2,160 | $ | 7,729 | $ | (881 | $ | 301,049 | $ | 302,744 | |||||||||||||||||
Fixed income | 803,515 | 1,244 | 16,487 | (199 | (1,715 | 819,332 | 809,629 | ||||||||||||||||||||||||
Multi-asset | 469,845 | 3,260 | 926 | 7,731 | (570 | 481,192 | 474,878 | ||||||||||||||||||||||||
Alternatives | 105,336 | 2,124 | 5,002 | (186 | (273 | 112,003 | 108,472 | ||||||||||||||||||||||||
Active subtotal | 1,682,794 | (1,109 | 20,255 | 15,075 | (3,439 | 1,713,576 | 1,695,723 | ||||||||||||||||||||||||
Index andiSharesETFs: | |||||||||||||||||||||||||||||||
iSharesETFs: | |||||||||||||||||||||||||||||||
Equity | 1,346,288 | 21,215 | - | 46,621 | (199 | 1,413,925 | 1,388,881 | ||||||||||||||||||||||||
Fixed income | 401,731 | 12,914 | - | (2,094 | (208 | 412,343 | 408,384 | ||||||||||||||||||||||||
Multi-asset | 3,767 | (9 | - | 55 | 1 | 3,814 | 3,803 | ||||||||||||||||||||||||
Alternatives | 24,979 | (447 | - | (1,435 | 9 | 23,106 | 24,152 | ||||||||||||||||||||||||
iSharesETFs subtotal | 1,776,765 | 33,673 | - | 43,147 | (397 | 1,853,188 | 1,825,220 | ||||||||||||||||||||||||
Non-ETF Index: | |||||||||||||||||||||||||||||||
Equity | 1,716,094 | (30,742 | 4,750 | 83,030 | (5,419 | 1,767,713 | 1,754,202 | ||||||||||||||||||||||||
Fixed income | 653,363 | 8,750 | 2,051 | (6,805 | (5,228 | 652,131 | 654,503 | ||||||||||||||||||||||||
Multi-asset | 8,054 | (23 | (243 | 110 | (94 | 7,804 | 7,914 | ||||||||||||||||||||||||
Alternatives | 4,672 | 63 | 1 | 39 | (32 | 4,743 | 4,680 | ||||||||||||||||||||||||
Non-ETF Index subtotal | 2,382,183 | (21,952 | 6,559 | 76,374 | (10,773 | 2,432,391 | 2,421,299 | ||||||||||||||||||||||||
Index &iSharesETFs subtotal | 4,158,948 | 11,721 | 6,559 | 119,521 | (11,170 | 4,285,579 | 4,246,519 | ||||||||||||||||||||||||
Long-term | $ | 5,841,742 | $ | 10,612 | $ | 26,814 | $ | 134,596 | $ | (14,609 | $ | 5,999,155 | $ | 5,942,242 | |||||||||||||||||
Current Quarter Component Changes by Product Type (Long-term) | |||||||||||||||||||||||||||||||
Net | Acquisitions | ||||||||||||||||||||||||||||||
June 30, | inflows | and | Market | September 30, | |||||||||||||||||||||||||||
2018 | (outflows) | dispositions(1) | change | FX impact(2) | 2018 | Average AUM(3) | |||||||||||||||||||||||||
Equity | $ | 3,366,480 | $ | (17,264 | $ | 2,590 | $ | 137,380 | $ | (6,499 | $ | 3,482,687 | $ | 3,445,827 | |||||||||||||||||
Fixed income | 1,858,609 | 22,908 | 18,538 | (9,098 | (7,151 | 1,883,806 | 1,872,516 | ||||||||||||||||||||||||
Multi-asset | 481,666 | 3,228 | 683 | 7,896 | (663 | 492,810 | 486,595 | ||||||||||||||||||||||||
Alternatives: | |||||||||||||||||||||||||||||||
Core | 102,768 | 2,092 | 4,995 | (162 | (228 | 109,465 | 105,918 | ||||||||||||||||||||||||
Currency and commodities(5) | 32,219 | (352 | 8 | (1,420 | (68 | 30,387 | 31,386 | ||||||||||||||||||||||||
Alternatives subtotal | 134,987 | 1,740 | 5,003 | (1,582 | (296 | 139,852 | 137,304 | ||||||||||||||||||||||||
Long-term | $ | 5,841,742 | $ | 10,612 | $ | 26,814 | $ | 134,596 | $ | (14,609 | $ | 5,999,155 | $ | 5,942,242 | |||||||||||||||||
(1)Amounts include 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)Foreign exchange reflects the impact of translating non-U.S. dollar denominated AUM into U.S. dollars for reporting purposes.
(3)Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing four months.
(4)Advisory AUM represents long-term portfolio liquidation assignments.
(5)Amounts include commodityiSharesETFs.
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BlackRock Inc. published this content on 16 October 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 16 October 2018 10:52:10 UTC