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Edge30 May 2025
MSCI: Indexing the World
The story of how MSCI has become the backbone of global finance through its indexes, powering decision-making across trillions in assets.
BlackRock (BLK) investor relations material
BlackRock Goldman Sachs U.S. Financial Services Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Goldman Sachs U.S. Financial Services Conference summary9 Dec, 2025
Business performance and growth outlook
Organic base fee growth reached 8% over the last 12 months, exceeding previous targets and driven by diversified sources such as systematic strategies, private credit, cash, OCIO, active ETFs, and models.
Five consecutive quarters of 5%+ organic base fee growth, with Q4 2025 showing strong iShares flows and a record year for ETF asset gathering.
Recent acquisitions, including HPS, have boosted forward growth, with $80 billion in inflows from Citi's private wealth mandate expected in December.
Fee yield on new money is six to seven times higher than in 2023, supporting the strategy to increase average fee rates and double revenue by 2030.
Targeting consistent 6-7% organic base fee growth, with potential upside from positive market conditions.
Margins, expenses, and operating leverage
Adjusted operating margins are targeted at 45% or greater, with private markets and scaled businesses driving further expansion.
Recent deals (HPS, GIP, Preqin) have been accretive to fee-related earnings, with private markets businesses running over 50% FRE margins.
Systematic budgeting aligns organic revenue growth with controllable expenses (salaries, benefits, G&A), supporting margin expansion.
Q3 margin on fee-related recurring earnings reached 46.3%, up 110 basis points year-over-year.
Scaled franchises like ETFs, SMAs, and digital assets are expected to drive best-in-class margin trajectories.
Institutional and portfolio management trends
Institutional investors are shifting from Strategic Asset Allocation (SAA) to a Total Portfolio Approach (TPA), emphasizing nimble risk and return management.
TPA adoption is growing, with 26 large institutions ($6 trillion in assets) moving to this model, changing how asset managers and owners interact.
Aladdin risk models are increasingly used for TPA, positioning integrated managers with technology as key partners.
TPA adoption: impact on BlackRock's business?
Private credit: how to differentiate in stress?
Tokenization: vision for iShares & digital wallets?
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Next BlackRock earnings date
Q4 202514 Jan, 2026
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Frequently asked questions
Investment management giants
BlackRock is a global investment management firm headquartered in NYC that offers a range of financial services to clients across the world. With a diverse portfolio of investment products and financial services, BlackRock serves both individual and institutional investors alike, providing asset management and advice for clients.
A global reach
BlackRock was founded in 1988 and has since grown to become one of the largest investment management firms globally. The company's growth can be attributed to a combination of strategic acquisitions, expansion into new markets, and the ability to deliver consistent results for clients. Over the years, BlackRock has built a strong reputation for its risk management capabilities and data-driven investment strategies. Today, the firm manages trillions of dollars in assets, serving a client base that includes individuals, corporations, pension funds, and governments worldwide.
Investment services
BlackRock offers a comprehensive range of investment services. Through its iShares brand, BlackRock provides exchange-traded funds (ETFs) that cover a spectrum of asset classes, including equities, fixed income, and commodities. These ETFs offer investors a cost-effective, accessible, and efficient way to gain exposure to different market segments.
Additionally, BlackRock's active management strategies aim to deliver strong investment performance through its actively managed mutual funds and separate accounts. The firm's investment teams employ rigorous research and analysis to identify attractive investment opportunities and manage portfolios in line with clients' objectives.
BlackRock also provides risk management and advisory services to institutional investors, including pension funds and insurance companies. These services help clients manage risks, optimize portfolio construction, and achieve their long-term investment goals. However, BlackRock operates in a cutthroat industry and competition is fierce. Some of their largest publicly traded competitors include names such as State Street, JPMorgan, and Goldman Sachs.
Serving both individuals and organizations
As previously mentioned, BlackRock serves both individual investors and institutional clients. For individuals, BlackRock offers mutual funds, ETFs, and managed accounts. Institutional clients, such as pension funds and endowments, have access to customized investment strategies and risk management services. BlackRock's expertise in portfolio construction and risk management is crucial in optimizing institutional clients' portfolios. Additionally, the firm provides digital investment platforms and tools, like Aladdin, for convenient access to portfolios and market information.
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