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BlackRock Inc BLK Stock Quote

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NYSE:BLK

Morningstar‘s Stock Analysis BLK

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Is it the right time to buy or sell?

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Economic Moat

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Capital Allocation

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Equity and Credit Market Dislocation Unlikely to Upend BlackRock's Core Strengths Longer Term

Greggory Warren, CFA Sector Strategist

Business Strategy and Outlook

| Greggory Warren, CFA |

For much of the past decade, we have bemoaned the fortunes of many of the traditional U.S.-based asset managers, noting that they would face significant secular headwinds (from aging baby boomers to the growth of passive investing) and cyclical headwinds (primarily from a waning bull market for equities) that would pressure both their top and bottom lines. Our core thesis for the group has noted that regulatory changes around the globe aimed at increasing transparency around fees and performance, as well as pushing for a greater degree of fiduciary responsibility in retail-advised relationships, would raise the hurdles for the more traditional U.S.-based asset managers we cover. With the gatekeepers for retail intermediary platforms also becoming much more focused on fees and performance when deciding what products to place on their platforms, the industry has been ripe for fee and margin compression with active asset managers expected to not only narrow the spread between the management fees charged for their funds and the fees attached to index-based products but spend more heavily to improve investment performance and enhance product distribution.

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Key Statistics BLK

Company Profile BLK

Business Description

BlackRock is the largest asset manager in the world, with $7.961 trillion in AUM at the end of September 2022. Product mix is fairly diverse, with 50% of the firm's managed assets in equity strategies, 30% in fixed income, 8% in multi-asset class, 9% in money market funds, and 3% in alternatives. Passive strategies account for around two thirds of long-term AUM, with the company's iShares ETF platform maintaining a leading market share domestically and on a global basis. Product distribution is weighted more toward institutional clients, which by our calculations account for around 80% of AUM. BlackRock is also geographically diverse, with clients in more than 100 countries and more than one third of managed assets coming from investors domiciled outside the U.S. and Canada.

Contact
55 East 52nd Street
New York, NY, 10055
T +1 212 810-5300
Industry Asset Management
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 19,900

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