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| Blackrock, Inc. |
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Mission statement:
Our mission is to create a better financial future for our clients. As we pursue that mission, we’re guided by our culture and a set of principles and values that ensure we never forget what we stand for.
We are a Fiduciary to Our Clients
Their interests come first—always. We speak with the courage of our convictions. We say what we do and do what we say. We have a responsibility to be the voice of the investor, and we represent each client fairly and equally.
We are Passionate about Performance
We are passionate about our work and intensely focused on performing at the highest levels. Our success requires that we out-think and out-work our competitors. We prize strong subject matter expertise and an insatiable appetite to learn.
We are One BlackRock
We know that the best solutions result from the ideas and contributions of a diverse team of partners. Diversity strengthens us and delivers better results for our clients. We expect our employees to have a strong working knowledge of the firm beyond their core responsibilities, and constant communication is critical to our success.
We are Innovators
Continuous innovation helps us bring the best of BlackRock to our clients. Innovation requires us to be respectfully anti-bureaucratic, to challenge the status quo and not be afraid of failure. We’re proud of our long history of innovation, and that history of introducing new and innovative approaches across our entire business has been the foundation of our success. |
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Overview:
BlackRock is one of the world’s preeminent asset management firms and a premier provider of global investment management, risk management and advisory services to institutional, intermediary and individual investors around the world. BlackRock offers a range of solutions — from rigorous fundamental and quantitative active management approaches aimed at maximizing outperformance to highly efficient indexing strategies designed to gain broad exposure to the world’s capital markets. Our clients can access our investment solutions through a variety of product structures, including individual and institutional separate accounts, mutual funds and other pooled investment vehicles, and the industry-leading iShares® ETFs.
The foundation of BlackRock’s business is our belief that our clients’ needs are of paramount importance. Our commitment to investment excellence is anchored in a shared culture that always places a client’s interests first, from individual investors to the world’s largest institutions. We act always as a fiduciary for our clients, never trading as a principal on our own behalf.
BlackRock’s investment approach is based on our conviction that we can combine our market insights, our global reach and scale, our proprietary technology, our culture of information sharing and our unwavering focus on risk management into an ability to deliver performance in all market environments. BlackRock is committed to providing a broad set of investment solutions for our clients, striving to achieve the best balance between risk and opportunity.
BlackRock is a truly global firm that combines the benefits of worldwide reach with local service and relationships. We manage assets for clients in North and South America, Europe, Asia, Australia, the Middle East and Africa. The firm employs more than 8,500 talented professionals and maintains offices in 24 countries around the world. Our client base includes corporate, public, union and industry pension plans; governments; insurance companies; third-party mutual funds; endowments; foundations; charities; corporations; official institutions; sovereign wealth funds; banks; financial professionals; and individuals worldwide.
As of September 30, 2010, BlackRock’s assets under management total US$3.45 trillion across equity, fixed income, cash management, alternative investment, real estate and advisory strategies. Through BlackRock Solutions® — the natural evolution of our long-standing investment in developing sophisticated and highly integrated systems — we offer risk management, strategic advisory and enterprise investment system services to a broad base of clients with portfolios totaling approximately US$9.5 trillion.
Our firm’s ownership structure is designed to maintain the independence we believe is necessary to retain our commitments to client focus and investment excellence. BlackRock, Inc. (NYSE: BLK) has no single majority stockholder and has a majority of independent directors. Merrill Lynch & Co., Inc., a wholly-owned subsidiary of Bank of America Corporation, The PNC Financial Services Group, Inc. and Barclays PLC own economic interests in BlackRock approximating 34.1%, 24.6% and 19.9%, respectively, with the remainder owned by institutional and individual investors, as well as BlackRock employees. |
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History:
Something different: 1988-1994
BlackRock began in 1988 with eight people in a single room who believed they could build a better asset management firm. They shared a determination to put client needs and interests first and a dedication to clear thinking and fact-based, data-driven investing, as well as a passion for understanding and managing risk.
Founded under the umbrella of The Blackstone Group, the firm initially focused primarily on fixed-income. By listening to clients and understanding their unmet needs, the firm was able to develop important early innovations related to closed-end funds, trusts, defined contribution plans and more. One of these was the Blackstone Term Trust, which raised $1 billion and set the business on a path of steady growth and success.
In 1992, the firm adopted the name BlackRock. By the end of that year, BlackRock had $17 billion in assets under management; at the end of 1994, the figure was $53 billion.
Seeds of diversification: 1995-2004
Now established as BlackRock, in 1995 the firm became a subsidiary of the bank holding company, PNC Financial, and soon began managing open-end mutual funds, including equity funds. The association with PNC gave BlackRock access to PNC’s large distribution network and opportunities for diversification through alliances and mergers with PNC affiliates specializing in equity and other investments.
As it diversified, the firm developed the concept of One BlackRock, which would become a core principle. Where many companies were structured with autonomous business units, BlackRock insisted instead on a coordinated platform. Managing fixed-income, equity and other businesses together, BlackRock put in place a client-centric business model in which the entire firm’s resources and products can be leveraged for the benefit of clients.
In 1999, BlackRock went public with broad employee ownership. By the end of that year, the firm had $165 billion in assets under management and that figure would grow to $342 billion by the end of 2004.
A diversified global asset manager: 2005 to today
By 2005 BlackRock had strong fixed-income, equity and advisory businesses. The firm now undertook a series of transformational mergers that added core investment competencies. These acquisitions strengthened BlackRock's products and services mix with more offerings in equity, multi-asset products and alternatives, and they greatly expanded the firm's scale and global reach. The biggest of the mergers took place in 2009, when BlackRock acquired Barclays Global Investors, giving the firm additional active, index and exchange traded fund capabilities through iShares.
In this period, BlackRock pioneered multi-asset solutions. The firm became the market leader by bringing together teams that provided a range of client offerings into one unit, combining asset allocation and a host of product solutions that spanned asset classes.
Leveraging earlier work, including BlackRock Solutions, BlackRock began providing impartial advice through Financial Markets Advisory (FMA). The FMA team helps governments, financial institutions and other public and private capital markets participants around the world understand their investments and risk.
Today, BlackRock is the leading global asset manager, serving many of the world's largest companies, pension funds, foundations, and public institutions as well as millions of people from all walks of life. |
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