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EXCERPTS FROM THE 2015 ANNUAL REPORT
TECHNOLOGY IS CHANGING DEMOGRAPHICS ARE CHANGING THE INVESTMENT LANDSCAPE IS CHANGING OUR CLIENTS NEEDS ARE CHANGING
BlackRock’s foundation, built on a diverse global investment platform, commitment to technology and risk management and a principled fiduciary culture, drives our ability to anticipate and adapt ahead of change to create better financial futures for our clients.
GLOBAL INVESTMENT PLATFORM BLACKROCK’S FOUNDATION BUILT FOR CHANGE At BlackRock, our goal is to create better financial futures for our clients — and their clients — from institutions, corporations and governments to individuals planning for retirement and saving for their children’s college educations. We do this by providing investment advice and managing investment strategies across one of the deepest, broadest investment platforms in the financial services industry. BREADTH AND DEPTH OF DIVERSE INVESTMENT PLATFORM BlackRock offers clients a full range of investment solutions across styles, asset classes and regions, extensive market insights and industry-leading risk management and analytical capabilities supported by Aladdin.® BlackRock’s investment management teams span Alpha and Beta Strategies, including fundamental and quantitative equity and fixed income, Multi-Asset, Alternative and Trading & Liquidity Strategies, with more than 1,800 investment professionals in more than 25 investment centers around the world. INDEX & iSHARES® iSHARES Chart above reflects mix of assets under management by style, asset class, client type and region. 2
$ 4.6 TRILLION AUM BlackRock’s clients trust us to manage more money than any other investment firm in the world. Our diverse global investment platform positions us to focus on what our clients need, when they need it. Statement above based on AUM as of 12/31/15.
GLOBAL INVESTMENT PLATFORM BLACKROCK’S FOUNDATION BUILT FOR CHANGE Changes in the investment landscape are prompting investors to search for new sources of return. And changes in demographics, environmental issues and government regulation are driving an increasing number of investors to portfolios that simultaneously generate positive social or environmental impact. Building on the strength of our global investment platform, BlackRock continues to make investments in our platform to provide our clients with solutions for their changing needs. SUSTAINABLE INVESTING Launched in 2015, BlackRock’s sustainable investing platform provides clients with a range of sustainable investment strategies across asset classes, investment vehicles and impact profiles. With more than $200 billion in sustainable assets under management, BlackRock leverages our differentiated investment platform, proprietary technology, data analytics, deep environmental, social and governance (ESG) expertise and culture of innovation to offer our institutional and retail clients access to: • Exclusionary screens that avoid specific companies or industries not aligned with investors’ values (e.g., alcohol, tobacco, firearms, fossil fuels) • ESG factor strategies that incorporate environmental, social and governance factors to identify investment risks and opportunities • Impact investments that target measurable social or environmental outcomes and financial returns FACTOR INVESTING Factors drive risk and return in portfolios. Factor investing — a time-tested concept now taken to new levels by advances in technology — is a framework that empowers investors by identifying and precisely targeting broad, persistent and long-recognized drivers of return. Leveraging a world-class research team and strong history of expertise in systematic strategies, BlackRock offers a range of solutions from smart beta to enhanced-factor strategies designed to help investors pursue specific objectives. BlackRock manages more than $125 billion in factor-based strategies. 4
INFRASTRUCTURE INVESTING Infrastructure investments can provide clients with long-duration income, uncorrelated returns, inflation protection, diversification and the potential for capital appreciation while providing economies with economic growth, job creation and in many cases promoting sustainability and providing other social benefits. BlackRock has grown our infrastructure platform to more than $8.7 billion in assets, including one of the industry’s leading renewable power franchises, a premier infrastructure debt platform and an innovative Infrastructure Solutions business. In 2015, we developed our footprint in Latin America through the acquisition of I Cuadrada, one of Mexico’s leading infrastructure investment firms. 5
INNOVATION IN TECHNOLOGY AND RISK MANAGEMENT BLACKROCK’S FOUNDATION BUILT FOR CHANGE BlackRock was founded on the idea that technology can help us better understand and manage risk in our clients’ portfolios. The combined power of human insight, financial science and technology at the heart of our business enables us to solve our clients’ most complex investment challenges. ALADDIN: BLACKROCK’S UNIFYING TECHNOLOGY PLATFORM Aladdin is BlackRock’s investment and risk management technology platform. It unites the information, people and technology needed to manage money on a single platform, and helps facilitate better decision-making, more effective risk management and more efficient trading by investment professionals. In addition to supporting BlackRock’s asset management business, Aladdin and its risk analytics are relied on by more than 160 institutions around the world to manage and monitor their own investment portfolios. ALADDIN COMBINES COMPREHENSIVE PORTFOLIO SOPHISTICATED RISK + MANAGEMENT, TRADING AND ANALYTICS OPERATIONAL TOOLS TO DELIVER BETTER RESULTS FOR ITS 20,000 USERS FOCUS ON RISK & QUANTITATIVE ANALYSIS (“RQA”) BlackRock’s independent RQA team partners with investment, operational and technology professionals to ensure deliberate, diversified and scaled risk-taking in our clients’ portfolios. Our risk management philosophy is rooted in a culture of constructive challenge and is a prime example of the benefits of technology and people working together. This helps BlackRock set the standard for risk management, analytics and investment technology. 6
“TECHNOLOGY WITHOUT PEPOLE NOTHING TECHNOLOGY WITH PEPOLE IS EVERYTHING” CHARLIE HALLAC CO-PRESIDENT IN MEMORIAM 7
INNOVATION IN TECHNOLOGY AND RISK MANAGEMENT BLACKROCK’S FOUNDATION BUILT FOR CHANGE Technology is democratizing access to information that was previously inaccessible and changing the way consumers engage with the world, including how they interact with their investment portfolios. In 2015, BlackRock continued to make investments in technology to better serve our clients — most notably through investing in technology that expands our intermediary partners’ reach and investment management capabilities and harnessing big data to generate alpha. FUTUREADVISOR: ENHANCING DIGITAL WEALTH MANAGEMENT In 2015, BlackRock acquired FutureAdvisor, a leading digital wealth management platform whose technology-enabled advice capabilities include: • Personalized advice across the breadth of clients’ existing investment accounts • Tax-efficient portfolio management • Mobile and desktop interface, online account enrollment and multi-custodian support Building on BlackRock’s diverse investment platform, Aladdin risk analytics, proprietary retire- ment technology and experience as a long-standing enterprise technology partner, FutureAdvisor and BlackRock’s combined solution can accelerate our intermediary partner firms’ abilities to deliver high-quality, technology-enabled advice to an increasing number of investors. LEVERAGING BIG DATA TO GENERATE ALPHA Every second, the world is generating massive amounts of data. BlackRock’s ability to analyze data is increasing as computing power continues to grow — creating new opportunities to generate consistent, differentiated alpha for our clients across quantitative and fundamental investment styles. BlackRock’s sophisticated machine learning and text analysis algorithms search for investment signals by sifting through vast amounts of public data and aggregating millions of viewpoints within seconds, enabling us to respond quickly to opportunities that other investors may overlook. We leverage insights from the analysis of big data across our investment platform with the goal of enhancing alpha generation for our clients. 8
95% 92% 71% 72% Tax- Funda- Scien- Exempt Taxable mental tific Active Active Active Active Fixed Fixed Equity Equity Income Income ASSETS ABOVE BENCHMARK OR PEER MEDIAN 5-YEAR PERIOD
DEDICATED PEOPLE BLACKROCK’S FOUNDATION BUILT FOR CHANGE It takes the dedication and connectivity of many people to fulfill our mission of creating better financial futures for our clients. Our people, whether they are managing portfolios, working with clients or analyzing risk, are our most important asset. BlackRock has grown our employee base from eight employees in a single office at our founding to more than 12,000 in 30 countries today. As we pursue our mission together, we are guided by our culture and principles, which have remained unchanged since the founding of the firm. 10
THE BLACKROCK PRINCIPLES WE ARE: Our principles define who we are and how we operate. We place our clients’ interests first, perform at the highest level on behalf of our clients, shareholders and fellow employees, stay connected, challenge each other to collectively raise our game and continuously innovate and bring the best of BlackRock to our clients. A FIDUCIARY TO OUR CLIENTSPASSIONATE ABOUT PERFORMANCE ONE BLACKROCK INNOVATORS
DEDICATED PEOPLE BLACKROCK’S FOUNDATION BUILT FOR CHANGE To continue to anticipate and adapt ahead of change, BlackRock’s employees must be students of the markets and connected with one another and with our clients. BlackRock fosters a culture of connectivity and collaboration, learning and innovation across all levels of the organization, so that we can create solutions for our clients’ future needs. ENHANCING CONNECTIVITY ACROSS OUR INVESTMENT PLATFORM The BlackRock Investment Institute plays a key role in enabling BlackRock to anticipate change in the investment landscape by keeping our investment professionals connected and well-informed, and then sharing our insights with our clients. The BlackRock Investment Institute aims to: • Foster an ongoing dialogue and culture of knowledge-sharing across the investment platform • Leverage the macroeconomic and policy expertise across the firm to develop investment insights • Ensure we deliver value-added market and investment insights consistently to our clients PROMOTING INNOVATION ACROSS THE ORGANIZATION All employees are responsible for being students of technology. We are constantly challenging ourselves and each other as to how we can better leverage technology to invest, to service our clients and to improve the experience of BlackRock employees. BlackRock’s annual hackathon, HACK:BLK, is just one example of our firm-wide innovation initiatives. This global innovation challenge is focused on improving Aladdin and using technology to solve the world’s most complex financial challenges. It provides employees with the opportunity to transform their own ideas into a working prototype and collaborate with creative minds across the firm. The 2015 Hackathon generated nearly 340 new ideas. The 2016 Hackathon categories are designed to reflect the firm’s strategic focus areas and include: • Advancing Alpha and Investment Strategies • Pioneering New Client Solutions • Enhancing Employee Experience • New Frontier & Emerging Technologies • Sustainable Investing and Social Good 12
GLOBAL EXECUTIVE COMMITTEE Nearly every year, we take a fresh look at our organization with our Board of Directors to ensure our leaders are in roles that can broaden their experiences and maximize their potential both for BlackRock and our clients. The strength of our Global Executive Committee has been built through our intentional approach to talent development and is critical to leading an enduring company through times of significant change. Laurence D. Fink Robert S. Kapito David J. Blumer Geraldine Buckingham Robert W. Fairbairn Chairman & Chief President Head of Europe, Global Head of Global Head of Retail Executive Officer Middle East & Africa Corporate Strategy & iShares Robert L. Goldstein Bennett W. Golub, PhD Philipp Hildebrand J. Richard Kushel Matthew J. Mallow Chief Operating Officer Chief Risk Officer Vice Chairman Global Head of Chief Legal Officer & Global Head of Multi-Asset Strategies BlackRock Solutions Mark S. McCombe Barbara G. Novick Linda G. Robinson Amy L. Schioldager Gary S. Shedlin Global Head of Vice Chairman Global Head of Global Head of Beta Chief Financial Officer Institutional Client Marketing Strategies Business and Co- & Communications Head of BlackRock Alternative Investors Jeffrey A. Smith, PhD Derek N. Stein Ryan Stork Mark K. Wiedman Kendrick R. Wilson III Global Head of Human Global Head of Head of Asia Pacific Global Head of iShares Vice Chairman Resources Business Operations & Technology 13
FINANCIAL HIGHLIGHTS ($mm, except per share data) 2015 2014 2013 Revenue $ 11,401 $ 11,081 $ 10,180 Net income attributable to BLK, GAAP 3,345 3,294 2,932 Net income attributable to BLK, as adjusted 3,313 3,310 2,882 Operating income, as adjusted 4,695 4,563 4,024 Operating margin, as adjusted 42.9% 42.9% 41.4% Per Share Diluted earnings, GAAP $ 19.79 $ 19.25 $ 16.87 Diluted earnings, as adjusted 19.60 19.34 16.58 Dividends declared 8.72 7.72 6.72 Diluted weighted-average common shares 169,038,571 171,112,261 173,828,902 Total AUM (end of period) $ 4,645,412 $ 4,651,895 $ 4,324,088 Please review the Important Notes on page 25 for information on certain non-GAAP figures shown above and through page 24, as well as for source information on other data points on pages 2 through 24. 14
MY FELLOW SHAREHOLDERS: LAURENCE D. FINK Chairman and Chief Executive Officer Since BlackRock’s founding 28 years ago, we have earned the trust of our clients and created value for our shareholders by helping investors navigate the global markets to build better financial futures. Investors today are facing tremendous uncertainty feel to clients stronger. We believe the trust that fueled by slowing economic growth, technological clients place in us must be earned every day, and that’s disruption and social and geopolitical instability. why we remain committed to constant improvement Particularly worrying is the adoption of negative interest and reinvention. rates by central banks attempting to spark economic growth. These actions are severely punishing the world’s BlackRock has always worked to anticipate and savers and creating incentives to reach for yield, pushing embrace the changes affecting our clients, the investors into less liquid asset classes and increased global markets and the financial services industry levels of risk, with potentially dangerous financial and itself. From our earliest efforts to build our own economic consequences. technology to help clients quantify risk in their portfolios, to providing investors with access to a Markets are still digesting the dramatic shift in the cost full range of active and index investment solutions of energy as a mix of technology and geopolitics has on a single platform, to expanding the use of new transformed supply. Beyond its effect on energy prices, investment strategies like factor investing and big technology continues to disrupt many industries, and data, BlackRock has never stopped innovating — even societies, as it reshapes global employment and we never will. markets. In China, growth is slowing, with global effects. In the U.S., the quality of corporate earnings Our commitment to our clients and to constantly is deteriorating, with record share repurchases in evolving our organization to meet their needs is also 2015 driving valuations — an indication of companies central to our framework for creating long-term value succumbing to the pressures of short-termism in place for our shareholders. In a letter I sent earlier this year of constructive, long-term strategies. Finally, electoral to CEOs of companies in which we invest on behalf politics is contributing to market uncertainty around of our clients, I asked every CEO to lay out for their the globe. Polarizing elections in the U.S. and Germany; shareholders a strategic framework for long-term government transitions in Spain, Taiwan and Canada; value creation — one that provides a perspective on political and economic crises in Brazil and the UK vote the future, articulates the impact of the ecosystem on in June on whether to leave the European Union will their strategy, explains how changes in that ecosystem all continue to drive volatility. might force the company to change course and identifies metrics that support a framework for long-In such a hostile landscape, our mission for investors term sustainability. In this letter, it is my goal to do that has never been more vital, nor the responsibility we for you, BlackRock’s shareholders. 15
This year’s annual report explores how the foundation clients), leverage scale to increase operating margins we have constructed over the past 28 years at over time and return capital to shareholders on a BlackRock is built for change. It tells the story of how consistent basis. evolution and transformation are core to how we serve clients and the way we manage the firm; how our Our long-term shareholder value creation framework global investment platform, use of technology and One was developed in close collaboration with our Board of BlackRock culture allow us to serve our clients; how we Directors and our Board continues to play an active role help our clients invest with purpose and advocate on in overseeing our strategies to deliver on the framework their behalf and how we are developing the firm’s next and in measuring our progress against it. At each of generation of leaders — all of which will generate value our full Board meetings, which take place a minimum for our shareholders over the long term. of six times per year and include at least one full session dedicated to firm-level strategy, BlackRock’s GENERATING LONG-TERM SHAREHOLDER VALUE Board reviews our financial performance as well as the high-level and business-specific strategies directed BlackRock’s Strategic Framework for Long-Term at driving our results. The Board fosters constructive Shareholder Value Creation debate with senior business leaders on their near- BlackRock’s framework for long-term shareholder and long-term strategies in the context of the markets, value creation is directly aligned with acting as a the regulatory environment and the competitive fiduciary to our clients. Our goal is not simply to landscape in which we operate. sell individual products, but rather to understand clients’ objectives and fashion cohesive solutions While our long-term value-creation framework has that help achieve those objectives. While many firms remained consistent over the past several years, we claim to do the same, no other firm can draw on our are constantly evaluating the ecosystem in which breadth of active, index and alternative strategies; we operate to identify areas that might require us to of investment styles across asset classes and regions pivot our strategy. For example, in response to market and of risk management and technology capabilities. volatility in recent quarters, we have sharpened our And because our clients’ needs are constantly focus on expense discipline and resource allocation changing, we regularly take a step back, think about to ensure our ongoing investment spend is optimized what products, services and solutions they will need to achieve our long-term growth strategy. in the future, and invest in those areas. In our strategic framework, we have set a firm-level We believe that investing in and building our platform organic asset growth target of 5%. We seek to achieve to meet client needs will enable us to deliver industry- that goal by executing on our strategies across client leading organic growth (net new asset flows from businesses, which we anticipate will drive organic base DRIVERS OF SHAREHOLDER VALUE % % % 5 % 42.9 42.9 4 % 41.4 3 % 2013 2014 2015 2013 2014 2015 LONG-TERM OPERATING ORGANIC MARGIN, AUM GROWTH AS ADJUSTED 16
fee growth in excess of 5%, as growth in our higher-fee capabilities that enhance our ability to serve clients Retail and iShares businesses outpaces that in our and drive future organic growth. We target a dividend Institutional business. payout ratio of 40–50% and implement a balanced share repurchase program, while maintaining flexibility Specifically, we are working to achieve: to address strategic opportunities should they arise. • high-single-digit organic asset growth in Retail by enhancing our product set, focusing on an outcome- Tactically, generating shareholder value is a function oriented approach to creating client solutions and of enhancing our global investment platform while more deeply penetrating distribution channels; leveraging our distribution capabilities and our global • low-double-digit organic asset growth for iShares reach. Over the past several years, we have made by driving global market expansion and increasing significant investments in areas that are generating our global market share as we pursue growth growth and, therefore, value for shareholders today. themes in client and product segments, including core investments, financial instruments, precision However, we do not generate value for our shareholders exposures and fixed income ETFs; and in a vacuum. Fluctuations in market dynamics and • low-single-digit organic asset growth in Institutional, longer-term changes in the investment and regulatory by deepening client relationships through a solutions- landscape, in technology and in demographics have oriented approach, effective cross-selling and implications for our growth strategy and how we leveraging BlackRock Solutions’ analytical and risk execute on it. In the next few pages, I will discuss management expertise. how these developments are impacting our business and the future needs of our clients, how BlackRock We believe in scale as an important driver of operating performed against this backdrop in 2015 and how leverage, and capitalize on it in areas including index- BlackRock is adapting our strategy in light of changes based investment strategies, brand building and our in our ecosystem in order to continue generating technology platform and associated Aladdin business. consistent growth over time. Finally, we are committed to leveraging our cash flow first Executing on Our Strategic Framework in Volatile and foremost to invest in our business for growth, and Markets: BlackRock’s 2015 Results then returning all excess cash to shareholders through The key driver of BlackRock’s performance in 2015 a consistent and predictable capital management was not our actions during the year, but rather our policy. We use our cash to seed and co-invest in our deliberate effort over time to build a diverse, future-own products to facilitate time-to-market and align focused platform that positions our business to interests with clients, and we take a targeted approach generate results and deliver value to shareholders to acquisitions, focusing on strategic, complementary in a changing world. We grew revenue and operating 14% 9% CAGR 8.72 CAGR $ 19.34 19.60 7.72 $ $ 6.72 $ $ 16.58 $ ShareRepurchases $1.0B $1.0B $1.1B 2013 2014 2015 2013 2014 2015 CAPITAL EARNINGS MANAGEMENT: PER SHARE, DIVIDENDS AS ADJUSTED PER SHARE 17
income, as adjusted, each by 3% in 2015, despite more As ETF adoption spreads, we are forecasting global ETF than $150 billion of negative foreign exchange impact and assets to double to $6 trillion over the next five years. market depreciation on our assets under management. Growth in iShares will be driven by the growth of the overall market — via new product uses and deeper and We generated industry-leading organic asset growth broader adoption across client segments. of 4% through $152 billion of long-term net inflows, maintained a stable operating margin, as adjusted, at Across our Institutional Client base, we remain focused 42.9% while continuing to invest in our business on further deepening relationships, and 53% of our in a challenging market environment and returned largest institutional clients now have five or more products approximately $2.6 billion of capital to our shareholders, with BlackRock. Using strategies across our diverse representing a total payout ratio of 77%. platform, we create multi-asset, hybrid solutions to solve our clients’ most complex investment needs. While our long-term value-creation We leverage the analytical capabilities of Aladdin, our proprietary risk management and operational framework has remained consistent platform, as well as the advisory capabilities of our over the past several years, Client Solutions and Financial Markets Advisory teams to provide the guidance our clients need to achieve we are constantly evaluating the their long-term objectives. ecosystem in which we operate Across client types, we generated $53 billion of net to identify areas that might require inflows in equity, $77 billion in fixed income, $17 billion us to pivot our strategy. in multi-asset and $5 billion in alternatives. And the global and diverse nature of our platform is Organic growth was the result of global client demand resonating with clients, as we achieved net inflows for both active and index solutions across asset in excess of $1 billion in each of 13 countries, and a record classes and across regions. 65 Retail and iShares funds each generated more than $1 billion of net inflows for the year. We saw $61 billion of net inflows in active and $92 billion in index & iShares. BlackRock’s diverse platform enables us to generate stable cash flow through market cycles, which We constantly strive to improve our active performance positions us to invest for the long term. If we continue to and, in 2015, we continued to invest in our team and distinguish ourselves from our competitors — especially capabilities to build the industry’s most durable alpha- in terms of organic growth — and strike an appropriate generating franchise. balance between investing for future growth and practical discretionary expense management, we will Flows into active products in 2015 were driven by the continue to deliver value for our shareholders. strength of our active performance. At year end, 91% of our active taxable fixed income assets and 90% of our ADDRESSING CHANGES IN THE INVESTMENT scientific active equity assets were above benchmark or LANDSCAPE: IMPACT ON OUR CLIENTS AND peer median for the three-year period. Our fundamental OUR BUSINESS active equity business benefited from our efforts to reinvigorate and globalize the team, generating strong BlackRock’s ability to create value for shareholders returns for our clients, with 76% of assets above depends on our ability to understand, anticipate and benchmark or peer median for the one-year period. adapt ahead of changes to the ecosystem in which we operate. We raised $39 billion of net inflows in Retail, $130 billion in iShares and $27 billion in Institutional Active, offset Markets have struggled to digest the dramatic shift by $43 billion in low-fee Institutional Index outflows. in the cost of energy over the past 18 months. Producers, exporters, equipment suppliers and other In Retail, we manage more than $540 billion on behalf sector participants have suffered, but we have yet of clients and have significant room to increase to see a noticeable uptick in spending as consumers our share of global distribution. We are enhancing pay less at the pump. Markets are also weighed down distribution by harnessing our technological by oil-producing nations selling securities to meet advantages, building on existing strength with liquidity needs. integrated wealth management firms and leveraging our differentiated platform to increase our presence In China, the waning construction boom has left a lasting in the fast-growing Registered Investment Advisor impact on real estate values and bank balance sheets, channel. We continually evolve our product set to raising questions on how the country will fuel future ensure we have both the active and index strategies growth. Sell-offs in the Chinese markets and inconsistent our clients need to achieve desired outcomes, and policy responses have heightened investor frustration we continue to invest in the BlackRock brand. and uncertainty and threatened global growth. 18
Extraordinary monetary policy continues to be a major Governments around the world must adopt more driver of markets. According to Bloomberg, average aggressive plans to address the retirement-savings yields on more than $1 trillion of German debt have been crisis and the resulting broad set of economic risks. held below zero for a record stretch, and more than two-thirds of Japanese government debt has a The failure of governments globally, including the negative yield. To be fair, these actions are the result United States, to develop and execute plans for long-of central banks being asked to solve economic term growth and address the dire need for investment problems without the help of coherent (and in the case in infrastructure distorts the role of monetary policy, of Europe, cross-border) fiscal policies. diminishes employment opportunities and hurts savers by robbing them of vibrant economies to invest in. There has been plenty of discussion about how the extended period of low interest rates has contributed The United States, in particular, is at a crossroads to inflation in asset prices. Investors are being forced in our efforts to address the questions of technology, to trade liquidity for yield by taking on more risk and longevity, climate change, trade and immigration — investing in less liquid asset classes — a potentially not to mention massive geopolitical instability — dangerous combination for retirement savers. questions that should be front and center as the country prepares to choose its next president. Not nearly enough attention has Taken in totality, these and other risks create a level been paid to the toll these low of fragility in the global economy that we have not rates — and now negative rates — seen since the lead-up to the financial crisis. While there are some positive indicators, like sustained, are taking on the ability of investors albeit modest, growth in Europe and the United States, to save and plan for the future. and the probability for ongoing recovery remains high, the tail risk if that recovery falters has profound and far-reaching consequences. Not nearly enough attention has been paid to the toll these low rates — and now negative rates — We are working across our platform at BlackRock are taking on the ability of investors to save and plan and with our clients around the world to understand for the future. People need to invest more today to and anticipate the impact of these changing market achieve their desired annual retirement income in the dynamics. It is in times like this, marked by volatility future. For example, a 35-year-old looking to generate and rapid change, that we believe BlackRock’s $48,000 per year in retirement income beginning at differentiation can most benefit clients and truly age 65 would need to invest $178,000 today in a sets us apart as a firm. 5% interest rate environment. In a 2% interest rate environment, however, that individual would need to INVESTING IN OUR FUTURE: STRATEGIC invest $563,000 (or 3.2 times as much) to achieve INVESTMENTS THAT WILL DRIVE LONG-TERM the same outcome in retirement. SHAREHOLDER VALUE This reality has profound implications for economic Our Technological Edge growth: consumers saving for retirement need From Aladdin’s humble beginnings on a single computer to reduce spending if they are going to reach their sandwiched between the refrigerator and coffeemaker retirement income goals, and retirees with lower to its current configuration as one of the world’s leading incomes will need to cut consumption as well. technology platforms, BlackRock has always used the A monetary policy intended to spark growth, then, power of technology to help our clients understand and in fact, risks reducing consumer spending. navigate markets. With more than 1,000 developers and technology professionals today, we remain true to Against this backdrop, the world is undergoing our roots as a technology firm. significant technological and demographic changes. While the valuations of many high-growth tech firms Aladdin — the heart and soul of our technology have fallen in recent months, automation and innovation platform — is more than a system: it is a common are accelerating, putting downward pressure on jobs language for the firm and a lens for problem and transforming industries. Research cited in the solving. Comprising 25 million lines of code, Aladdin United States’ 2016 Economic Report of the President carries out 250,000 trades and billions of financial suggests an 83% probability that automation calculations every day. We are constantly investing in, will replace jobs that have an hourly wage below $20. building and evolving Aladdin, and are exploring new ways to leverage its capabilities. Workers and governments must also navigate the effects of increased longevity, as large segments of Beyond Aladdin, BlackRock is intensifying efforts to the population are increasingly unable to support leverage the industry’s most advanced technologies to themselves in old age, and we have yet to find effective identify new sources of alpha, build better investment ways to fully harness their economic potential. products and portfolios and enhance client service. 19
Synthesizing Big Data revolution by acquiring the Silicon Valley start-up Second by second, the world is generating massive FutureAdvisor, a cutting-edge solution for BlackRock’s amounts of data — as much as 2.5 quintillion (2.5 x intermediary distribution partners. 1018) bytes every day. IBM estimates that 90% of the data in the world today was created in the last two FutureAdvisor, which operates within BlackRock years. It’s critical to surface and harness the infinite Solutions, allows us to strengthen our relationships number of insights hidden in that data to generate with our partner institutions by offering their alpha for our clients. clients high-quality, technology-enabled advice and thereby improve client acquisition and retention. BlackRock investment teams — including our Scientific Active Equity (SAE), Model-Based Fixed Income and We are complementing FutureAdvisor’s capabilities, Multi-Asset Strategies teams — utilize technology- which include personalized advice across the breadth of based tools and research methodologies, such as clients’ existing investment accounts, with multi-asset machine learning, natural language processing, model portfolios, superior investment products and scientific data visualization and distributed computing, risk management, as well as the power of Aladdin. Since to produce sustainable alpha. We recently unified our we closed the acquisition in the fourth quarter of 2015, equity platform to better leverage SAE’s insights in significant client interest has already produced several fundamental equity strategies. These tools can help business-to-business contracts. to discern what human indicators, such as analysts and employees, are trying to tell us about individual Aladdin — the heart and soul of companies, as well as to construct better economic indicators that may offer clues to the outlook for entire our technology platform — is more industries and countries. than a system: it is a common Focusing on Factors language for the firm and a lens Advances in data science and analytics are highlighting the importance of factors, creating the potential for for problem solving. deeper understanding of these return drivers and their causes and effects. Enhancing Connectivity Every year, we assess how BlackRock’s organizational Factor-based investing seeks to identify, structure might be enhanced to stay ahead of changes systematically target and capture broad, persistent in the market and our clients’ needs. More than ever, drivers of return. It formalizes, for example, the clients demand guidance and unified solutions that concept of identifying inexpensive companies (value span the globe, asset classes and the full spectrum of investing) or high-quality balance sheets (quality products. This year, to better meet our clients’ evolving investing) — investment styles that have long been investment objectives and to strengthen our investment part of the active management toolkit. platform for the long term, we made a number of changes to enhance connectivity across regions and BlackRock manages more than $125 billion in factor- investment strategies. based strategies across equities, fixed income and commodities. The platform is led by Dr. Andrew Ang, who In equities, our clients increasingly seek sophisticated joined us from Columbia Business School in 2015. active solutions, whether fundamental or quantitative Dr. Ang is a pioneer in the field of factor investing and strategies. To drive connectivity (and returns), we the study of risk and return in asset prices. recently combined our Fundamental Active Equity and SAE groups into a unified active equity business to Our platform combines “Smart Beta” and enhanced- allow our investment professionals to deliver alpha by factor strategies. Smart Beta consists of long-only, more effectively drawing on both SAE’s data expertise benchmark-driven strategies built to capture one or and our fundamental franchise’s depth of research. multiple factors while pursuing a variety of outcomes — such as reducing risk, enhancing returns or improving We also strengthened the role of our regional diversification. Our enhanced-factor strategies are leadership to drive local growth opportunities and dynamic multi-asset solutions managed with discretion, attract talent, helping support our goal of being including strategies such as risk parity or market- both global and local in how we manage investment neutral offerings. products and serve clients. We are sharpening our focus on key growth areas, such as multi-asset New Ways of Reaching and Serving Clients strategies, where our breadth of capabilities gives According to BlackRock’s 2015 Global Investor Pulse us a strong competitive advantage. Survey, 87% of investors use the Internet for some form of financial activity, from online banking to Finally, we are creating a common, unified infrastructure managing their investments. Understandably, clients to support our investment professionals and also want financial advisors to use technology to help communicate with clients about our products and them save and invest. In 2015, we embraced this investment insights. As part of this evolution, we 20
broadened the mandate of the BlackRock Investment Survey indicated they would increase their allocation Institute (BII) to include deeper research capabilities to real assets in 2016. Infrastructure investments and more market insights for clients. BII is a vital tool offer clients diversification, yield, inflation protection to offer our investment professionals a more cohesive and potential for capital appreciation and long-understanding of the world and provide better duration returns. insights to our clients. Infrastructure investments, however, are not just a Investing for Purpose growing source of return for our clients — they As a global citizen, BlackRock is committed to making are a global necessity, providing numerous benefits a positive impact on the countries in which we do to society. According to The Economist, a $1 trillion business and on the lives of our clients — from annual gap in global infrastructure investment is providing clients investment products that align with decreasing productivity and economic opportunity. their values, to investing in infrastructure that both Infrastructure investing helps create a more fertile delivers desirable investment outcomes and drives long-term economic environment, generates jobs economic growth, to helping clients think about and and aligns with the longer time horizons afforded by plan their retirements more effectively. greater longevity. Infrastructure investing helps These growing needs create both an opportunity and a responsibility to further develop our infrastructure create a more fertile long-term capabilities. We recently acquired Latin America’s economic environment, leading infrastructure firm, I Cuadrada, and are working closely with governments and institutions around the generates jobs and aligns with world to connect public projects and private capital. the longer time horizons This year, we also unified our multi-product infrastructure afforded by greater longevity. and real estate businesses to form a Real Assets group, leveraging their complementary capabilities and expanding their global presence in a combined platform Sustainable Investing with more than 320 professionals across 22 offices Demand — and opportunity — are growing for globally, managing more than $30 billion in assets. investment approaches that combine positive social or environmental outcomes with financial results. Closing the Retirement Gap with iRetire Life expectancy continues to rise, but the structure The diverse motivations driving this demand range and quality of retirement planning and policy are not from risks posed by global challenges, asset owners’ keeping pace. For too long, investors have planned missions and regulations and pressure from various for retirement using the outdated concept of the nest third-party constituents to demographic shifts, as egg, which provides little clarity on how much income women and millennials gather more assets. their investments will yield in retirement. We launched BlackRock’s sustainable investing BlackRock is offering distribution partners a new platform to provide three primary categories of solution for their financial advisors to help turn client sustainable investment strategies for clients who focus from the nest egg to retirement income. iRetire seek to invest for purpose and performance: enables advisors to combine the best of BlackRock’s • Exclusionary screens, which avoid specific companies technology and retirement thinking — model or industries not aligned with clients’ values; portfolios, our CoRI® retirement income indices and • Environmental, social and governance (ESG) Factor the risk management and analytics of Aladdin — strategies, which incorporate ESG factors to identify to help clients reach their retirement income goals. investment risks and opportunities; and • Impact investing solutions, which target measurable iRetire is more than a technology and investment social or environmental outcomes and financial platform: it’s part of BlackRock’s effort to help reframe returns. the retirement conversation. By providing advisors and investors with a powerful tool to plan for the future, we BlackRock currently manages more than $200 billion can not only help clients meet their financial goals, but across sustainable investment strategies. also change the retirement mind-set for all investors. Building Infrastructure Taking Responsibility Another increasingly attractive investment that also BlackRock’s fiduciary perspective and sense of provides a social benefit is infrastructure. Persistent responsibility as a public company drive us not only low rates and modest risk premiums are elevating to secure better financial futures for our clients and real assets, including infrastructure, as an attractive those they serve, but also to ensure the long-term way to achieve clients’ long-term financial goals: sustainability of our own firm and of the companies 53% of respondents to a BlackRock Institutional Client we invest in on behalf of our clients. 21
BOARD OF DIRECTORS Laurence D. Fink Abdlatif Y. Al-Hamad Mathis Cabiallavetta Pamela Daley William S. Demchak Chairman & Chief Director General/ Former Vice Chairman Former Senior Vice President & Chief Executive Officer, Chairman of the Board of the Board, Swiss Re President of Corporate Executive Officer, BlackRock, Inc. of Directors, Arab Fund Business Development, The PNC Financial for Economic & Social General Electric Company Services Group, Inc. Development Jessica Einhorn Fabrizio Freda Murry S. Gerber James Grosfeld Robert S. Kapito Former Dean, President & Chief Former Chairman Former Chairman President, Paul H. Nitze School of Executive Officer, & Chief Executive Officer, & Chief Executive Officer, BlackRock, Inc. Advanced International The Estée Lauder EQT Corporation Pulte Homes, Inc. Studies (SAIS) at The Companies Inc. Johns Hopkins University David H. Komansky Sir Deryck Maughan Cheryl D. Mills Gordon Nixon Thomas H. O’Brien Former Chairman Former Senior Advisor, Chief Executive Officer, Former President & Chief Former Chairman & Chief Executive Officer, Kohlberg Kravis Roberts BlackIvy Group Executive Officer, RBC & Chief Executive Officer, Merrill Lynch & Co., Inc. The PNC Financial Services Group, Inc. Ivan G. Seidenberg Marco Antonio John Varley Susan L. Wagner Former Chairman Slim Domit Former Chief Executive, Former Vice Chairman, of the Board & Chief Chairman of the Board Barclays PLC BlackRock, Inc. Executive Officer, of Directors, Verizon Communications Grupo Financiero Inbursa 22
Financial Regulatory Reform corporate environment. We also firmly believe in a pay-Financial regulatory reform began with the banking for-performance culture, aligning employee incentives system and has expanded over the past few years and compensation with company-level performance. to encompass an increasing number of capital markets issues as well as other aspects of asset management. With more than 12,000 employees throughout Just a few examples illustrate the breadth of change that offices in 30 countries, BlackRock is deliberate in is under way: the chair of the Securities and Exchange our commitment to using resources responsibly. We Commission has laid out a series of initiatives addressing continuously look for new ways to reduce or offset our investment advisors and mutual funds, the UK’s Financial environmental impact. By investing in LED technology, Conduct Authority has announced its asset management upgrading mechanical equipment, using renewable market study and the U.S. Department of Labor hydroelectric power for two of our largest data centers is changing the landscape for retirement accounts. and pursuing a high utilization rate of our corporate offices, BlackRock has reduced our carbon footprint BlackRock supports financial regulatory reform that and cut our energy consumption by 11% per employee increases transparency, protects investors and since 2012. facilitates responsible growth of capital markets while preserving consumer choice, assessing benefits versus BlackRock’s fiduciary perspective implementation costs and maintaining a level playing field across products. Our Government Relations and sense of responsibility as a and Public Policy team has provided thought leadership public company drive us not only to on a wide range of regulatory reform issues based on these guiding principles. secure better financial futures Investment Stewardship for our clients and those they serve, To engage effectively with companies in which we invest but also to ensure the long-term on behalf of our clients, we have built the industry’s sustainability of our own firm and largest investment stewardship team. This global team engages with approximately 1,500 companies per of the companies we invest in on year on a range of issues and votes at more than 15,000 shareholder meetings worldwide on more than behalf of our clients. 130,000 proposals. We pride ourselves on our reputation for conducting We continue to encourage these companies to create business activities in the highest ethical and professional long-term shareholder value by asking CEOs to lay manner, guided by our corporate governance principles out a strategic framework for long-term value creation and practices as well as strong Board oversight. and affirm that it has been reviewed by their board. The goal is not only to diminish short-term pressures OUR BOARD OF DIRECTORS: in financial markets, but also to create a more vibrant ENGAGED AND VITAL TO SUCCESS and sustainable economic environment. It has always been important to me that BlackRock’s Generating sustainable long-term returns for our Board of Directors function as a key strategic partner clients also requires us to factor the ESG challenges and sounding board for management, challenging companies face today, such as climate or changing us to be better and more innovative. This perspective labor markets, into our investment analysis and is in line with our broader corporate governance decision-making processes. To better inform our philosophy: Boards should be deeply engaged, portfolio managers on these issues, we have integrated providing informed and frank guidance and feedback, ESG ratings and data on our portfolio companies and rely on an open dialogue with management, based directly into Aladdin. on a clear understanding of short- and longer-term strategic plans. Corporate Sustainability at BlackRock BlackRock’s approach to corporate sustainability is BlackRock’s Board continues to play just such an integral critical to delivering on our framework for long-term oversight role in our growth and success. As I mentioned shareholder value creation. We embrace a long-term earlier, at each Board meeting, we review components of perspective in the way we operate, invest, serve our our strategy with our Directors, and each discussion clients and give back to the communities in which we results in thorough dialogue and robust debate, which and our clients live and work. our leadership team embraces. Those discussions are not without controversy and disagreement — and As an asset management firm, BlackRock is a those tough conversations push us to make the difficult human-capital intensive business, and our long-term decisions required to build a better BlackRock. The sustainability depends on our people. We’re dedicated to Board plays an active part in our talent development as developing and retaining talent, fostering a strong firm- well, dedicating at least one meeting per year to talent to wide culture and maintaining an inclusive and diverse ensure we have the right people in place to execute on our 23
strategies now and are developing others to fill these ever had at BlackRock. In designing a plan to develop roles in the future. Building a generation of leaders that the next generation of leaders, we aim to elevate is open to both Board and external ideas is vital to people who embody BlackRock’s principles — our BlackRock’s long-term success. identity as fiduciaries and innovators. Our Board also takes an active role in ensuring While we have many talented leaders who have lived best corporate governance practices, and in 2015, those principles, no one embodied that identity more incorporated feedback from shareholders on than Charlie Hallac, our Co-President, who passed proxy access policies and practices to inform the away last year. management proposal for proxy access included in this year’s Proxy Statement. Charlie was BlackRock, and to all of us who cherished him as a friend and part of our families for so many It has always been important years, it is still difficult to adjust to working in a world without him. As much as anyone, he helped shape our to me that BlackRock’s Board of culture and the firm’s passion for innovation — and Directors function as a key he envisioned using technology to transform our industry in unique and powerful ways. But what enabled him strategic partner and sounding to turn this vision into reality was his ability to lead board for management, people — to see their potential and develop it. He believed deeply that technology without people was challenging us to be better nothing. That vision continues to guide us today: even as and more innovative. we invest in powerful new technologies, developing our people is the most fundamental element of our success. As BlackRock has evolved, so has our Board’s pursuit THE OPPORTUNITY AHEAD of strong corporate governance and standards of excellence. This year, Gordon Nixon joined the Board, Each year, I have the privilege of writing to you about having led Royal Bank of Canada, a global and BlackRock to recognize our accomplishments, to diversified financial services organization, at a time address our challenges and to share with you our of substantial regulatory and economic change. outlook and plans for the future. And each year, I am more excited about the pace and scale of change BlackRock is fortunate to have the partnership and that the firm is undertaking to fulfill our unwavering oversight of a strong and multi-faceted Board that focus on serving our clients. offers diverse perspectives rooted in deep experience in finance, industry, academia and government. Our As we continue to enhance and implement our strategies Directors’ counsel is invaluable, and I thank them for to do that, we will simultaneously advance our strategic their service. framework for long-term shareholder value creation. OUR CULTURE: FIDUCIARIES AND INNOVATORS The uncertain environment we face, while unsettling for many, is also an opportunity to look out to the BlackRock’s fiduciary and innovative culture guides us future, to use technology in innovative ways and to as we work to reinvent and improve the firm. Developing build on our platform. talent and new leadership has always been a core part of who we are and drives our ongoing assessment of our But most important, it is an opportunity to shape the people and organization to surface ways to improve. future of our industry — and, more than ever before, to fulfill our founding mission of shaping better financial In keeping with this commitment, this year we futures for our clients. again announced a number of enhancements to our leadership team — as we did in 2012 and 2014 — Sincerely, many of which I touched on above. Each time, these organizational changes have been a great benefit to our clients, our shareholders and the development of the leaders themselves. I’m incredibly proud of our depth of talent, and I believe Laurence D. Fink that we now have the strongest leadership team we’ve Chairman and Chief Executive Officer 24
IMPORTANT NOTES OPINIONS data shown reflects information for all actively and passively managed equity and fixed income accounts, Opinions expressed through page 24 are those of including U.S. registered investment companies, BlackRock, Inc. as of March 2016 and are subject European-domiciled retail funds and separate accounts to change. for which performance data is available, including performance data for high-net-worth accounts available BLACKROCK DATA POINTS as of November 30, 2015. The performance data does not include accounts terminated prior to December 31, All data through page 24 reflects as-adjusted full-year 2015 and accounts for which data has not yet been 2015 results or as of December 31, 2015, unless verified. If such accounts had been included, the otherwise noted. 2015 organic growth is defined as performance data provided may have substantially full-year 2015 net flows divided by assets under differed from that shown. management (AUM) for the entire firm, a particular segment or particular product as of December 31, 2014. Performance comparisons shown are gross-of-fees Long-term product offerings include active and for institutional and high-net-worth separate accounts, passive strategies across equity, fixed income, multi- and net-of-fees for retail funds. The performance asset and alternatives, and exclude AUM and flows from tracking shown for index accounts is based on the cash management and advisory businesses. gross-of-fees performance and includes all institutional accounts and all iShares funds globally using an index GAAP AND AS-ADJUSTED RESULTS strategy. AUM information is based on AUM available as of December 31, 2015 for each account or fund in See pages 35–36 of the Financial Section of the complete the asset class shown without adjustment for overlapping 2015 Annual Report for explanation of the use of Non- management of the same account or fund. Fund GA AP Financial Measures. performance reflects the reinvestment of dividends and distributions. PERFORMANCE NOTES Source of performance information and peer medians Past performance is not indicative of future results. is BlackRock, Inc. and is based in part on data Except as specified, the performance information from Lipper Inc. for U.S. funds and Morningstar, Inc. shown is as of December 31, 2015 and is based on for non-U.S. funds. preliminary data available at that time. The performance 25
CORPORATE INFORMATION CORPORATE HEADQUARTERS Deloitte & Touche LLP has provided its consent to the BlackRock, Inc. inclusion of its reports dated February 26, 2016, relating to 55 East 52nd Street the consolidated financial statements of BlackRock, Inc., New York, NY 10055 and the effectiveness of BlackRock, Inc.’s internal control (212) 810-5300 over financial reporting, in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015, STOCK LISTING which has been filed as Exhibit 23.1 to such report. BlackRock, Inc.’s common stock is traded on the New York Stock Exchange under the symbol BLK. At the close INQUIRIES of business on March 22, 2016, there were 317 common BlackRock will provide, free of charge to each stockholder stockholders of record. upon written request, a copy of BlackRock’s Annual Report to Stockholders, Annual Report on Form 10-K, Quarterly INTERNET INFORMATION Reports on Form 10-Q, Current Reports on Form 8-K, Information on BlackRock’s financial results and its Proxy Statement and Form of Proxy and all amendments products and services is available on the Internet at to those reports. Requests for copies should be addressed www.blackrock.com. to Investor Relations, BlackRock, Inc., 55 East 52nd Street, New York, NY 10055. Requests may also be directed to FINANCIAL INFORMATION (212) 810-5300 or via e-mail to invrel@blackrock.com. BlackRock makes available, free of charge, through its Copies may also be accessed electronically by means of website at www.blackrock.com, under the heading “Investor the SEC’s home page on the Internet at www.sec.gov. Relations,” its Annual Report to Stockholders, Annual Stockholders and analysts should contact Investor Relations Report on Form 10-K, Quarterly Reports on Form 10-Q, at (212) 810-5300 or via e-mail at invrel@blackrock.com. Current Reports on Form 8-K, its Proxy Statement and Form of Proxy and all amendments to those reports as soon as DIVIDEND POLICY reasonably practicable after such material is electronically The declaration of and payment of dividends by BlackRock filed with or furnished to the Securities and Exchange are subject to the discretion of our Board of Directors. Commission. The Company has included as Exhibit 31 On January 14, 2016, the Board of Directors approved to its Annual Report on Form 10-K for fiscal year ended BlackRock’s quarterly dividend of $2.29 to be paid on December 31, 2015, with the Securities and Exchange March 23, 2016, to stockholders of record at the close of Commission, certificates of the Chief Executive Officer and business on March 7, 2016. Chief Financial Officer of the Company certifying the quality of the Company’s public disclosure, and the Company has REGISTRAR AND TRANSFER AGENT submitted to the New York Stock Exchange a certificate of Computershare the Chief Executive Officer of the Company certifying that 480 Washington Boulevard he is not aware of any violation by the Company of New York Jersey City, NJ 07310-1900 Stock Exchange corporate governance listing standards. (800) 903-8567 BLACKROCK AMERICAS New York EMEA Paris ASIA-PACIFIC OFFICES WORLDWIDE Atlanta Newport Beach Amsterdam Peterborough Beijing BlackRock has Baltimore Palm Beach Bratislava St. Helier Brisbane offices in more than Bloomfield Hills Philadelphia Brussels Stockholm Gurgaon 30 countries and a Bogotá Phoenix Cape Town Vienna Hong Kong major presence Boston Pittsburgh Copenhagen Warsaw Kuala Lumpur in key global markets, Chapel Hill Princeton Douglas Zürich Melbourne including North Charlotte San Francisco Dubai Seoul and South America, Chicago Santiago Dublin Shanghai Europe, Asia, Australia Dallas São Paulo Edinburgh Singapore and the Middle East Houston Seattle Frankfurt Sydney and Africa. Jacksonville St. Louis Geneva Taipei La Jolla Toronto London Tokyo Los Angeles Washington, DC Luxembourg York Mexico City West Des Moines Madrid New Miami Wilmington Milan Sequel, Montreal Munich Design: ©2016 BlackRock, Inc. All Rights Reserved. BlackRock, iShares, BlackRock Solutions, Aladdin and CoRi are registered trademarks of BlackRock, Inc. or its subsidiaries in the United States and elsewhere.
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