INVESTOR RELATIONS: Samantha Tortora 212.810.5397
MEDIA RELATIONS:
Brian Beades 212.810.5596
New York, January 16, 2019 - BlackRock, Inc. (NYSE: BLK) today reported financial results for the three months and year ended December 31, 2018.
BlackRock Reports Full Year 2018 Diluted EPS of $26.58, or $26.93 as adjusted
Fourth Quarter 2018 Diluted EPS of $5.78, or $6.08 as adjusted
$124 billion of full year total net inflows, led by iShares®, active multi-asset and illiquid alternatives
Record $81 billion of quarterly iShares inflows reflects market leadership in high-growth ETF sector
4% increase in full year revenue driven by growth in base fees and technology services revenue, partially offset by lower performance fees
Restructuring charge of $60 million from initiative to modify the size and shape of the workforce excluded from as adjusted results
4% growth in full year operating income (5% as adjusted)
$3.6 billion returned to shareholders in 2018, including $1.7 billion of full year share repurchases
5% increase in quarterly cash dividend to $3.30 per share approved by Board of Directors
Laurence D. Fink, Chairman and CEO:
"BlackRock's scale and strategic positioning allowed us to deliver organic growth, revenue growth, and operating leverage in 2018, while simultaneously investing in our highest growth opportunities and returning $3.6 billion in capital to shareholders. The benefits of the investments we have made to build the most diversified global asset management and technology services firm in the world are clearer today than at any point in our history.
"BlackRock generated total net inflows of $124 billion in 2018. This included $50 billion of fourth quarter net inflows and record quarters for iShares and illiquid alternative strategies. Technology services revenue grew 19% in 2018, driven by strong demand for Aladdin and our digital wealth technologies. Our results reflect continued growth in these key initiatives and the resilience of our platform.
"BlackRock is well positioned to deliver the holistic portfolio solutions, technology services and strategic counsel that clients increasingly are seeking, especially in the face of meaningful headwinds for the asset management industry. We will continue to invest in our platform to ensure BlackRock is even better positioned to serve clients and consistently deliver long-term value to shareholders in the years ahead."
FINANCIAL RESULTS
(in millions, | Q4 | Q4 | Full Year | ||||||
except per share data) | 2018 | 2017* | 2018 | 2017* | |||||
AUM | $ | 5,975,818 | $ | 6,288,195 | $ | 5,975,818 | $ | 6,288,195 | |
% change | (5 | )% | (5 | )% | |||||
Total net flows | $ | 49,773 | $ | 102,929 | $ | 123,629 | $ | 367,254 | |
GAAP basis: | |||||||||
Revenue | $ | 3,434 | $ | 3,764 | $ | 14,198 | $ | 13,600 | |
% change | (9 | )% | 4 | % | |||||
Operating income | $ | 1,246 | $ | 1,485 | $ | 5,457 | $ | 5,254 | |
% change | (16 | )% | 4 | % | |||||
Operating margin | 36.3 | % | 39.5 | % | 38.4 | % | 38.6 | % | |
Net income(1) (2) | $ | 927 | $ | 2,295 | $ | 4,305 | $ | 4,952 | |
% change | (60 | )% | (13 | )% | |||||
Diluted EPS | $ | 5.78 | $ | 14.01 | $ | 26.58 | $ | 30.12 | |
% change | (59 | )% | (12 | )% | |||||
Weighted average diluted shares | 160.5 | 163.8 | 161.9 | 164.4 | |||||
% change | (2 | )% | (2 | )% | |||||
As Adjusted: | |||||||||
Operating income(3) | $ | 1,310 | $ | 1,488 | $ | 5,531 | $ | 5,269 | |
% change | (12 | )% | 5 | % | |||||
Operating margin(3) | 43.5 | % | 44.7 | % | 44.3 | % | 44.1 | % | |
Net income(2) (3) | $ | 975 | $ | 1,013 | $ | 4,361 | $ | 3,698 | |
% change | (4 | )% | 18 | % | |||||
Diluted EPS(3) | $ | 6.08 | $ | 6.19 | $ | 26.93 | $ | 22.49 | |
% change | (2 | )% | 20 | % |
%
%
* | 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) | GAAP net income for fourth quarter 2017 reflected $1.2 billion of net tax benefit related to the Tax Cuts and |
Jobs Act. | |
(2) | Net income represents net income attributable to BlackRock, Inc. |
(3) | See notes (1) through (3) to the condensed consolidated statements of income and supplemental information |
on pages 10 and 11 for more information on as adjusted items and the reconciliation to GAAP. |
NET FLOW HIGHLIGHTS
Q4 | Full Year | |||||||
(in billions) | 2018 | 2018 | ||||||
Long-term net flows: | $ | 43.6 | $ | 123.3 | ||||
By region: | ||||||||
Americas: | 60.5 | 156.9 | ||||||
EMEA: | (0.4 | ) | (23.3 | ) | ||||
APAC: | (16.5 | ) | (10.3 | ) | ||||
By client type: | ||||||||
Retail: | $ | (3.2 | ) | $ | 20.7 | |||
U.S.: | 6.5 | 25.9 | ||||||
International: | (9.7 | ) | (5.2 | ) | ||||
iShares: | $ | 81.4 | $ | 167.5 | ||||
Core: | 33.2 | 106.2 | ||||||
Non-Core: | 48.2 | 61.3 | ||||||
Institutional: | $ | (34.6 | ) | $ | (64.9 | ) | ||
Index: | (27.0 | ) | (53.7 | ) | ||||
Active: | (7.6 | ) | (11.2 | ) | ||||
Cash management net flows: | $ | 6.1 | $ | 0.0 |
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)
)))
BUSINESS RESULTS
December 31, 2018 | Q4 2018 | |||||||||||||||
Q4 2018 | December 31, 2018 | Q4 2018 | AUM | Base fees(1) | ||||||||||||
(in millions), (unaudited) | Net flows | AUM | Base fees(1) | % of Total | % of Total | |||||||||||
RESULTS BY CLIENT TYPE | ||||||||||||||||
Retail | $ | (3,178 | 610,850 | 840 | 10 | % | 30 | % | ||||||||
iShares ETFs | 81,402 | 1,731,425 | 1,054 | 29 | % | 38 | % | |||||||||
Institutional: | ||||||||||||||||
Active | (7,568 | 1,079,979 | 502 | 18 | % | 18 | % | |||||||||
Index | (27,064 | 2,103,230 | 238 | 35 | % | 9 | % | |||||||||
Total institutional | (34,632 | 3,183,209 | 740 | 53 | % | 27 | % | |||||||||
Long-term | 43,592 | 5,525,484 | 2,634 | 92 | % | 95 | % | |||||||||
Cash management | 6,146 | 448,565 | 145 | 8 | % | 5 | % | |||||||||
Advisory | 35 | 1,769 | - | - | - | |||||||||||
Total | $ | 49,773 | 5,975,818 | 2,779 | 100 | % | 100 | % | ||||||||
RESULTS BY INVESTMENT STYLE | ||||||||||||||||
Active | $ | (12,283 | 1,617,780 | 1,328 | 27 | % | 48 | % | ||||||||
Index and iShares ETFs | 55,875 | 3,907,704 | 1,306 | 65 | % | 47 | % | |||||||||
Long-term | 43,592 | 5,525,484 | 2,634 | 92 | % | 95 | % | |||||||||
Cash management | 6,146 | 448,565 | 145 | 8 | % | 5 | % | |||||||||
Advisory | 35 | 1,769 | - | - | - | |||||||||||
Total | $ | 49,773 | 5,975,818 | 2,779 | 100 | % | 100 | % | ||||||||
RESULTS BY PRODUCT TYPE | ||||||||||||||||
Equity | $ | 28,292 | $ | 3,035,825 | $ | 1,365 | 50 | % | 49 | % | ||||||
Fixed income | 3,100 | 1,884,417 | 766 | 32 | % | 28 | % | |||||||||
Multi-asset | 7,297 | 461,884 | 287 | 8 | % | 10 | % | |||||||||
Alternatives | 4,903 | 143,358 | 216 | 2 | % | 8 | % | |||||||||
Long-term | 43,592 | 5,525,484 | 2,634 | 92 | % | 95 | % | |||||||||
Cash management | 6,146 | 448,565 | 145 | 8 | % | 5 | % | |||||||||
Advisory | 35 | 1,769 | - | - | - | |||||||||||
Total | $ | 49,773 | $ | 5,975,818 | $ | 2,779 | 100 | % | 100 | % |
(1) Base fees include investment advisory, administration fees and securities lending revenue.
INVESTMENT PERFORMANCE AT DECEMBER 31, 2018(1)
One-year period | Three-year period | Five-year period | ||||
Fixed income: | ||||||
Actively managed AUM above benchmark or peer median | ||||||
Taxable | 48% | 69% | 82% | |||
Tax-exempt | 47% | 71% | 76% | |||
Index AUM within or above applicable tolerance | 98% | 99% | 98% | |||
Equity: | ||||||
Actively managed AUM above benchmark or peer median | ||||||
Fundamental | 50% | 67% | 78% | |||
Systematic | 32% | 83% | 93% | |||
Index AUM within or above applicable tolerance | 97% | 98% | 99% |
(1) Past performance is not indicative of future results. The performance information shown is based on preliminary available data. Please refer to page 12 for performance disclosure detail.
CAPITAL MANAGEMENT
BlackRock's Board of Directors approved a 5% increase in the quarterly cash dividend to $3.30 per share, payable March 21, 2019, to shareholders of record at the close of business on March 6, 2019.
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 Wednesday, January 16, 2019 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 7965387). 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 3:30 p.m. (Eastern Time) on Wednesday, January 16, 2019 and ending at midnight on Wednesday, January 30, 2019. 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 7965387. 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 December 31, 2018, the firm managed approximately $5.98 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 MonthsThree Months Ended
Ended
December 31,
September 30,
2018 | Change | ||||
Revenue | |||||
Investment advisory, administration fees and | |||||
securities lending revenue | $ | $ | 2,883$ | (104 ) | |
Investment advisory performance fees | 100 | 285 | 151 | (51 ) | |
Technology services revenue | 203 | 176 | 27 | 200 | 3 |
Distribution fees | 271 | 306 | (35 ) | 279 | (8 ) |
Advisory and other revenue | 81 | 100 | (19 ) | 63 | 18 |
Total revenue | 3,434 | 3,764 | (330 ) | 3,576 | (142 ) |
Expense | |||||
Employee compensation and benefits | 1,020 | 1,147 | (127 ) | 1,097 | (77 ) |
Distribution and servicing costs | 420 | 433 | (13 ) | 408 | 12 |
Direct fund expense | 224 | 237 | (13 ) | 249 | (25 ) |
General and administration | 449 | 450 | (1 ) | 413 | 36 |
Restructuring charge | 60 | - | 60 | - | 60 |
Amortization of intangible assets | 15 | 12 | 3 | 13 | 2 |
Total expense | 2,188 | 2,279 | (91 ) | 2,180 | 8 |
Operating income | 1,246 | 1,485 | (239 ) | 1,396 | (150 ) |
Nonoperating income (expense) | |||||
Net gain (loss) on investments | (67 ) | 33 | (100 ) | 50 | (117 ) |
Interest and dividend income | 41 | 14 | 27 | 29 | 12 |
Interest expense | (46 ) | (46 ) | - | (46 ) | - |
Total nonoperating income (expense) | (72 ) | 1 | (73 ) | 33 | (105 ) |
Income before income taxes | 1,174 | 1,486 | (312 ) | 1,429 | (255 ) |
Income tax expense (benefit) | 247 | (815 ) | 1,062 | 226 | 21 |
Net income | 927 | 2,301 | (1,374 ) | 1,203 | (276 ) |
Less: | |||||
Net income (loss) attributable to noncontrolling | |||||
interests | - | 6 | (6 ) | (13 ) | 13 |
2,897
2018
2017*
Change
$
2,779
(118 ) (185 )
$
$
Net income attributable to BlackRock, Inc.
927
$
2,295
$
(1,368 )
$
1,216
$
(289 )
Weighted-average common shares outstanding
Basic
Diluted
158,859,998160,450,266
161,272,950163,777,534
(2,412,952 ) (3,327,268 )
160,141,506161,378,217
(1,281,508 ) (927,951 )
Earnings per share attributable to BlackRock, Inc.
common stockholders (3)
Basic
Diluted
Cash dividends declared and paid per share
$ $ $
5.84$ 5.78$ 3.13$
14.23
$
(8.39 )
$
7.59
$
(1.75 )
14.01
$
(8.23 )
$
7.54
$
(1.76 )
2.50
$
0.63
$
3.13$
-
Supplemental information:
AUM (end of period)
$
Shares outstanding (end of period)
5,975,818$ 158,520,147
6,288,195$ 161,046,825
(312,377 ) (2,526,678 )
$
6,444,100
$
(468,282 )
159,804,364
(1,284,217 )
GAAP:
Operating margin
Effective tax rate As adjusted:
Operating income (1)
$
1,310
Operating margin (1)
36.3 %21.0 %
7,610 | bps | 530 | ||
$ | $ | (178 ) | $ | (90 ) |
43.5 % | 44.7 % |
39.5 %(55.1 )%
(320) bps
39.0 %
15.7
%
(270) bps bps
1,488
1,400
$
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
(70) bps | |||||
$ | $ | (67 ) | $ | (118 ) | |
$ | $ | (38 ) | $ | (239 ) | |
$ | $ | (0.11 ) | $ | $ | (1.44 ) |
21.2 % | 31.7 % | 16.0 % |
520
(120) bps
44.2 %
(72 )
(5 )
46
$
975
1,013
1,214
$
6.08
6.19
7.52
(1,050) bps
bps
See pages 10-11 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.
Year Ended December 31,2018
2017*
Change
Revenue | |||
Investment advisory, administration fees and securities | |||
lending revenue | 11,553$ | 10,868$ | 685 |
Investment advisory performance fees | 412 | 594 | (182 ) |
Technology services revenue | 785 | 657 | 128 |
Distribution fees | 1,155 | 1,183 | (28 ) |
Advisory and other revenue | 293 | 298 | (5 ) |
Total revenue | 14,198 | 13,600 | 598 |
Expense | |||
Employee compensation and benefits | 4,320 | 4,253 | 67 |
Distribution and servicing costs | 1,675 | 1,663 | 12 |
Direct fund expense | 998 | 895 | 103 |
General and administration | 1,638 | 1,446 | 192 |
Restructuring charge | 60 | - | 60 |
Amortization of intangible assets | 50 | 89 | (39 ) |
Total expense | 8,741 | 8,346 | 395 |
Operating income | 5,457 | 5,254 | 203 |
Nonoperating income (expense) | |||
Net gain (loss) on investments | 1 | 161 | (160 ) |
Interest and dividend income | 104 | 49 | 55 |
Interest expense | (184 ) | (205 ) | 21 |
Total nonoperating income (expense) | (79 ) | 5 | (84 ) |
Income before income taxes | 5,378 | 5,259 | 119 |
Income tax expense | 1,076 | 270 | 806 |
Net income | 4,302 | 4,989 | (687 ) |
Less: | |||
Net income (loss) attributable to noncontrolling interests | (3 ) | 37 | (40 ) |
$
$
Net income attributable to BlackRock, Inc.
4,305
$
4,952
$
(647 )
Weighted-average common shares outstanding
Basic
Diluted
Earnings per share attributable to BlackRock, Inc.
common stockholders (3)
Basic
Diluted
Cash dividends declared and paid per share
$ $ $
Supplemental information:
AUM (end of period)
$
Shares outstanding (end of period)
GAAP:
Operating margin
Effective tax rate As adjusted:
Operating income (1)
$
Operating margin (1)
160,301,116 |
161,948,732 |
26.86$ |
26.58$ |
12.02$ |
5,975,818
162,160,601 | (1,859,485 ) |
164,415,035 | (2,466,303 ) |
30.54$ | (3.68 ) |
30.12$ | (3.54 ) |
10.00$ | 2.02 |
6,288,195$ | (312,377 ) |
161,046,825 | (2,526,678 ) |
38.6 % | (20) bps |
5.2 % | |
$ | 5,269$ |
44.3 % | 44.1 % |
$ 158,520,147
38.4 %20.0 %
1,480
5,531
bps 262
20
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
26.93 |
4,361
$ | ||
$ | 663 | |
$ | $ | 4.44 |
20.0 % | 29.4 % | (940) bps |
(76 )
(32 )
$
(44 )
3,69822.49
$
See pages 10-11 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 | |||||||||||||||||||||||||||
September 30, | inflows | Market | December 31, | ||||||||||||||||||||||||
2018 | (outflows) | change | FX impact (1) | 2018 | Average AUM (2) | ||||||||||||||||||||||
Retail: | |||||||||||||||||||||||||||
Equity | $ | 237,544 | $ | 2,295 | $ | (32,766 | $ | (1,359 | $ | 205,714 | $ | 220,909 | |||||||||||||||
Fixed income | 282,879 | (7,877 | (1,947 | (1,467 | 271,588 | 276,755 | |||||||||||||||||||||
Multi-asset | 124,304 | 170 | (10,701 | (356 | 113,417 | 119,109 | |||||||||||||||||||||
Alternatives | 18,534 | 2,234 | (575 | (62 | 20,131 | 19,045 | |||||||||||||||||||||
Retail subtotal | 663,261 | (3,178 | (45,989 | (3,244 | 610,850 | 635,818 | |||||||||||||||||||||
iShares ETFs: | |||||||||||||||||||||||||||
Equity | 1,413,925 | 60,509 | (196,608 | (3,564 | 1,274,262 | 1,339,103 | |||||||||||||||||||||
Fixed income | 412,343 | 18,858 | (1,939 | (1,666 | 427,596 | 413,580 | |||||||||||||||||||||
Multi-asset | 3,814 | 988 | (312 | (5 | 4,485 | 3,950 | |||||||||||||||||||||
Alternatives | 23,106 | 1,047 | 960 | (31 | 25,082 | 23,717 | |||||||||||||||||||||
iShares ETFs subtotal | 1,853,188 | 81,402 | (197,899 | (5,266 | 1,731,425 | 1,780,350 | |||||||||||||||||||||
Institutional: | |||||||||||||||||||||||||||
Active: | |||||||||||||||||||||||||||
Equity | 128,975 | (1,641 | (15,655 | (703 | 110,976 | 119,411 | |||||||||||||||||||||
Fixed income | 551,591 | (13,315 | 2,189 | (1,504 | 538,961 | 543,033 | |||||||||||||||||||||
Multi-asset | 356,887 | 5,675 | (23,444 | (2,881 | 336,237 | 347,598 | |||||||||||||||||||||
Alternatives | 93,468 | 1,713 | (953 | (423 | 93,805 | 93,594 | |||||||||||||||||||||
Active subtotal | 1,130,921 | (7,568 | (37,863 | (5,511 | 1,079,979 | 1,103,636 | |||||||||||||||||||||
Index: | |||||||||||||||||||||||||||
Equity | 1,702,243 | (32,871 | (220,536 | (3,963 | 1,444,873 | 1,572,931 | |||||||||||||||||||||
Fixed income | 636,993 | 5,434 | 10,142 | (6,297 | 646,272 | 635,009 | |||||||||||||||||||||
Multi-asset | 7,805 | 464 | (619 | 95 | 7,745 | 7,787 | |||||||||||||||||||||
Alternatives | 4,744 | (91 | (296 | (17 | 4,340 | 4,548 | |||||||||||||||||||||
Index subtotal | 2,351,785 | (27,064 | (211,309 | (10,182 | 2,103,230 | 2,220,275 | |||||||||||||||||||||
Institutional subtotal | 3,482,706 | (34,632 | (249,172 | (15,693 | 3,183,209 | 3,323,911 | |||||||||||||||||||||
Long-term | 5,999,155 | 43,592 | (493,060 | (24,203 | 5,525,484 | 5,740,079 | |||||||||||||||||||||
Cash management | 443,185 | 6,146 | 550 | (1,316 | 448,565 | 445,872 | |||||||||||||||||||||
Advisory (3) | 1,760 | 35 | 7 | (33 | 1,769 | 1,762 | |||||||||||||||||||||
Total | $ | 6,444,100 | $ | 49,773 | $ | (492,503 | $ | (25,552 | $ | 5,975,818 | $ | 6,187,713 | |||||||||||||||
Current Quarter Component Changes by Investment Style and Product Type (Long-term) | |||||||||||||||||||||||||||
Net | |||||||||||||||||||||||||||
September 30, | inflows | Market | December 31, | ||||||||||||||||||||||||
2018 | (outflows) | change | FX impact (1) | 2018 | Average AUM (2) | ||||||||||||||||||||||
Active: | |||||||||||||||||||||||||||
Equity | $ | 301,049 | $ | (1,312 | $ | (40,089 | $ | (1,443 | $ | 258,205 | $ | 278,269 | |||||||||||||||
Fixed income | 819,332 | (20,763 | 116 | (2,700 | 795,985 | 804,945 | |||||||||||||||||||||
Multi-asset | 481,192 | 5,845 | (34,146 | (3,237 | 449,654 | 466,707 | |||||||||||||||||||||
Alternatives | 112,003 | 3,947 | (1,529 | (485 | 113,936 | 112,639 | |||||||||||||||||||||
Active subtotal | 1,713,576 | (12,283 | (75,648 | (7,865 | 1,617,780 | 1,662,560 | |||||||||||||||||||||
Index and iShares ETFs: | |||||||||||||||||||||||||||
iShares ETFs: | |||||||||||||||||||||||||||
Equity | 1,413,925 | 60,509 | (196,608 | (3,564 | 1,274,262 | 1,339,103 | |||||||||||||||||||||
Fixed income | 412,343 | 18,858 | (1,939 | (1,666 | 427,596 | 413,580 | |||||||||||||||||||||
Multi-asset | 3,814 | 988 | (312 | (5 | 4,485 | 3,950 | |||||||||||||||||||||
Alternatives | 23,106 | 1,047 | 960 | (31 | 25,082 | 23,717 | |||||||||||||||||||||
iShares ETFs subtotal | 1,853,188 | 81,402 | (197,899 | (5,266 | 1,731,425 | 1,780,350 | |||||||||||||||||||||
Non-ETF Index: | |||||||||||||||||||||||||||
Equity | 1,767,713 | (30,905 | (228,868 | (4,582 | 1,503,358 | 1,634,982 | |||||||||||||||||||||
Fixed income | 652,131 | 5,005 | 10,268 | (6,568 | 660,836 | 649,852 | |||||||||||||||||||||
Multi-asset | 7,804 | 464 | (618 | 95 | 7,745 | 7,787 | |||||||||||||||||||||
Alternatives | 4,743 | (91 | (295 | (17 | 4,340 | 4,548 | |||||||||||||||||||||
Non-ETF Index subtotal | 2,432,391 | (25,527 | (219,513 | (11,072 | 2,176,279 | 2,297,169 | |||||||||||||||||||||
Index & iShares ETFs subtotal | 4,285,579 | 55,875 | (417,412 | (16,338 | 3,907,704 | 4,077,519 | |||||||||||||||||||||
Long-term | $ | 5,999,155 | $ | 43,592 | $ | (493,060 | $ | (24,203 | $ | 5,525,484 | $ | 5,740,079 | |||||||||||||||
Current Quarter Component Changes by Product Type (Long-term) | |||||||||||||||||||||||||||
Net | |||||||||||||||||||||||||||
September 30, | inflows | Market | December 31, | ||||||||||||||||||||||||
2018 | (outflows) | change | FX impact (1) | 2018 | Average AUM (2) | ||||||||||||||||||||||
Equity | $ | 3,482,687 | $ | 28,292 | $ | (465,565 | $ | (9,589 | $ | 3,035,825 | $ | 3,252,354 | |||||||||||||||
Fixed income | 1,883,806 | 3,100 | 8,445 | (10,934 | 1,884,417 | 1,868,377 | |||||||||||||||||||||
Multi-asset | 492,810 | 7,297 | (35,076 | (3,147 | 461,884 | 478,444 | |||||||||||||||||||||
Alternatives: | |||||||||||||||||||||||||||
Core | 109,465 | 4,061 | (1,435 | (546 | 111,545 | 110,167 | |||||||||||||||||||||
Currency and commodities(4) | 30,387 | 842 | 571 | 13 | 31,813 | 30,737 | |||||||||||||||||||||
Alternatives subtotal | 139,852 | 4,903 | (864 | (533 | 143,358 | 140,904 | |||||||||||||||||||||
Long-term | $ | 5,999,155 | $ | 43,592 | $ | (493,060 | $ | (24,203 | $ | 5,525,484 | $ | 5,740,079 | |||||||||||||||
(1) Foreign exchange reflects the impact of translating non-U.S. dollar denominated AUM into U.S. dollars for reporting purposes.
(2) Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing four months.
(3) Advisory AUM represents long-term portfolio liquidation assignments.
(4) Amounts include commodity iShares ETFs.
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BlackRock Inc. published this content on 16 January 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 16 January 2019 11:38:04 UTC