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Not to be confused with Blackstone Group, a private equity and alternative investments firm. See also: Black Rock
  BlackRock is a global investment management firm based in New York City. As of 30 September 2009, BlackRock's assets under management totaled US$3.2 trillion across equity, fixed income, cash management, alternative investment and real estate strategies.[2] BlackRock is publicly-traded, with Merrill Lynch, PNC Financial Services, and Barclays PLC holding 34.1%, 24.6%, and 19.9% respectively, with the remainder owned by institutional and individual investors, as well as BlackRock employees.[2] The company merged with Barclays Global Investors in December 2009 under the BlackRock name, making it the largest money manager in the world.[3] The deal had been approved by Barclays shareholders and announced on June 11, 2009.[4]
[edit] HistoryBlackRock was founded as BlackStone Financial Management within the private equity firm Blackstone Group in 1988. Larry Fink, BlackRock’s founder and CEO, had joined Blackstone in 1988 as a partner, along with Ralph Schlosstein, former White House aide under the Carter administration, and Robert Kapito and Sue Wagner. Before joining Blackstone, Fink was a managing director at First Boston, where he pioneered the mortgage-backed securities market in the United States. In 1992 Fink, Schlosstein and Co separated from the Blackstone Group under the name BlackRock and aggressively re-invented it as an independent asset-management company. In 1995, PNC Financial Services Group purchased BlackRock and in 1999, assets under management had grown to $165 billion and the firm decided to go public. Much of BlackRock's recent growth has been through its acquisitions. On January 28, 2005, BlackRock purchased State Street Research Management, a mutual-fund business that had previously been owned by MetLife. This acquisition added a sizable equity business to BlackRock's funds, which had previously comprised mostly fixed-income securities. On September 29, 2006, BlackRock completed its merger with Merrill Lynch Investment Managers (MLIM), halving PNC's ownership and giving Merrill Lynch a 49.5-percent stake in the company. On October 1, 2007, BlackRock acquired the fund-of-funds business of Quellos Capital Management.[5] On April 30, 2009, BlackRock hired 43 employees from R3 Capital Management, LLC and took control of the $1.5 billion fund. Headquartered in New York, BlackRock serves clients from offices in 19 countries, maintaining a major presence in North America, Europe, Asia-Pacific, and the Middle East. With approximately 5,700 employees, including more than 700 investment professionals worldwide. BlackRock Financial Management Inc. has been retained by the New York Fed to manage and eventually liquidate the assets held in a newly formed Delaware limited liability company (LLC) to fund the purchase of residential mortgage-backed securities (RMBS) from the securities lending portfolio of several regulated U.S. insurance subsidiaries of AIG.[6] In the last two quarters, the company's actual earnings exceeded the market's consensus. Analysts' estimates for the quarter ending September 2009 (Q3) range from a low of $1.68 to a high of $2.17, with a consensus of $1.901. For the fiscal quarter ending September 2009, the consensus EPS forecast has increased over the past week from $1.848 to $1.901 (2.87%) and increased over the past month from $1.790 to $1.901 (6.20%). [7] BlackRock's (BLK 233.80, -0.01, -.00%) net profit was up 46% to $317 million, or $2.27 a share, from $217 million or $1.59 a share earned in the year-ago third quarter. [8] In December 2009 the company merged with Barclays Global Investors (BGI), giving it control of the iShares system. The division formerly branded BGI is headquartered in San Francisco[9], and also has research and portfolio management teams in London, Sydney, Tokyo, Toronto and other cities, as well as client service offices in several additional major financial centres in Europe, North America and Asia [10]. BGI began as a unit of Wells Fargo Nikko and Barclays Bank which merged in 1996. It invented the first passive index investing strategy for major institutional investors under the leadership of Frederick L. A. Grauer. Later, it went on to help pioneer the exchange-traded fund business (through its iShares brand), which is a security that can be traded at any time, and whose value is based on the value of a basket of stocks, bonds or commodities. ETFs can give tax advantages and intraday trading mechanical benefits that other products such as mutual funds do not. Since the economics of indexed fund management are heavily influenced by economies of scale, Barclays grew to be the largest asset managing company in the world. Since 2000, BGI's active fund management business grew significantly, to the point where it accounted for approximately 50% of the firm's revenue in 2006. However, like other actively managed hedge funds, it was badly affected in the quant fund meltdown in 2008. The passively managed iShares arm, in contrast, performed extremely well, accounting for about 45% of the revenue of the firm in 2008. At the end of 2008, the iShares division, with more than $290 billion in assets, accounted for about half the U.S. ETF industry. In April 2009, Barclays had proposed selling its iShares arm to CVC Capital Partners, a private equity firm that had agreed to pay more than $4 billion. However, under a 45-day "go shop" clause, a later bid by BlackRock was announced on June 11, 2009[11] for the whole of BGI, in a mixed cash-stock deal worth around $13.5 billion (37.8 million shares of common stock and $6.6 billion in cash)[12]. [edit] Global Client GroupBlackRock serves institutional and retail clients in more than 60 countries, including pension funds, foundations, endowments, official institutions, insurance companies, subadvisory relationships, high net worth individuals, family offices and private banks. Alternative Investments, Cash Management, Financial Institutions, Global Consultant Relations, Marketing, Private Client, Real Estate, Capital Markets, Pensions/Tax-Exempt and Wealth Management are some of the key global product units, client business units, and global cross-channel teams that together form BlackRock’s premier Account Management Group.
US Institutional: Is responsible for developing and maintaining relationships with institutional investors in the United States, including public and private pension plans, foundations, endowments and industry consultants International Institutional: Develops and maintains relationships with institutional investors outside of the United States, including public and private pension plans, foundations, endowments and industry consultants US Retail: Responsible for distribution, marketing and product management for BlackRock’s US-registered products, including open-end funds, closed-end funds and managed accounts International Retail: Handles distribution, marketing and product management for BlackRock’s products registered outside of the United States, including the BGF range of open-end funds, the Global Investment Series portfolios and a number of cash and alternative investments Cash Management: Manages global liquidity assets through a broad lineup of cash management solutions and an advanced, real-time trading and compliance system that automatically monitors industry requirements and investment parameters
Product Specialists: Provides essential services to both the Portfolio Management Group (PMG) and the Account Management Group (AMG), serving as the link between investment teams and account managers Real Estate: Manages a wide range of real estate debt and equity strategies in the United States, Europe, Australia and Asia for a premier list of institutional and private investors BlackRock Alternative Advisors: Responsible for managing assets across absolute return, private capital and hybrid strategies for a broadly diversified global client base Proprietary Alpha Strategies: Manages a range of alternative strategies, including single-strategy hedge funds across a variety of investment styles, asset classes and markets; higher alpha strategies, which are non-traditional investments designed to meet increasingly diverse client objectives; and passive and active commodity related strategies Capital Markets: Focuses on the origination, structuring, distribution and servicing of new debt and equity capital markets products on a global basis, working closely with BlackRock’s Portfolio Management Group, other account managers, and internal and external counsel, as well as various Wall Street investment banks during the development and execution of structured, securitized and other capital markets products Cross Channel Teams Global Marketing: Provides support across the organization in the forms of creative services, including project management and graphic design; e-business solutions, including web design, execution and maintenance; investment and product communications; corporate event planning; and advertising brand management and broadcast media Global Consultant Relations: Serves as resource to institutional consultants and prospective clients through consultant coverage, and fulfillment of new business proposal requests [edit] BlackRock SolutionsIn 2000, BlackRock began offering risk management and trade processing tools to external clients under the BlackRock Solutions brand. BlackRock Solutions offers a number of additional services;
Relationship Management: The Relationship Management Group is responsible for maintaining the partnerships formed with every client that uses BlackRock Solutions' array of investment technology and risk analytics tools. These clients are located around the world and include large and sophisticated institutional investors such as insurance companies, corporations, asset managers, pension funds, hedge funds, banks and other financial institutions. Solution Center: The Solution Center provides training and day-to-day support for users of Aladdin. Analysts start in the Solution Center and over a two- to three-year period develop an in-depth knowledge of the investment management process, the Aladdin system and clients’ businesses. During this time, analysts often contribute to the implementation phases associated with Aladdin installations. Portfolio Analytics Group: The Portfolio Analytics Group (PAG) is a risk and analytics group in BlackRock Solutions that utilizes sophisticated analytics on fixed income, equity and alternatives businesses. PAG provides the daily risk reporting and ad-hoc analytical support to over $7 trillion worth of assets under risk management across thousands of portfolios. The group provides business and market knowledge to guide the development, maintenance and enhancement for the analytics and tools that are used to support the investment management needs of BlackRock Solutions’ risk management clients. Financial Modeling Group: The Financial Modeling Group (FMG) is responsible for the research and development of financial models underpinning the risk management analytics produced at BlackRock. The group also contributes to the infrastructure and software responsible for the production of analytics and the delivery of analytic content to portfolio and risk management professionals both within and outside BlackRock. Given the diversity of business objectives among BlackRock Solutions clients and within BlackRock itself, the models developed and supported by the Financial Modeling Group span a wide array of financial products, ranging from equity to fixed income to derivatives. In addition, members of FMG seek to provide analysis and insight on many different levels from analysis of the cash flows of a single bond to the overall financial risk associated with an entire portfolio, enterprise or balance sheet. Transition Management: The Transition Management Group manages significant portfolio reorganizations on behalf of clients with the aim of minimizing cost and controlling risk. These transitions are multi asset class and multi currency and based on a proven process and risk management systems that can be adapted to suit specific client needs, prevailing market conditions or any unforeseen circumstances. The Transition Management Group is split into two functions: project management and trading strategy. Combined they are responsible for all aspects of service delivery, including operations, analysis, strategy and trading. The Transition Project Manager role requires involvement in virtually all aspects of this process with emphasis on working in a team environment to help coordinate the transition from the initial planning and preparation stage, through the implementation phase and towards a successful completion. The role requires liaising with clients, consultants, investment banks, fund managers and custodians. The Transition Trader has prime responsibility for devising and implementing the trading strategy, including preand post-analysis of a transition at a market and individual security level. Investment Accounting: BlackRock Solutions’ Investment Accounting services offer customized solutions to a wide range of financial institutions. The Investment Accounting team is responsible for providing these services, including accounting reports in multiple bases, Schedule D preparation, custodian reconciliation and performance measurement. The Investment Accounting group consists of three primary teams: Implementations, Client Service and Reconciliation. The Implementations team is responsible for business development and the process of taking on new clients, including account set up data conversions and business process redesign. The Client Service team is responsible for ensuring clients' ongoing requirements are met including preparing accounting and performance measurement reports and responding to client inquiries. Finally, the Reconciliation team is responsible for the reconciliation between BlackRock Solutions’ accounting platform and various third parties including custodian banks and asset managers. Implementation and Delivery: Implementation and Delivery provides project management and subject matter expertise in support of deploying Aladdin to both internal and external clients. The Implementation team works closely with external clients on large-scale projects during which time they review and revamp clients' investment business process to align it with market practice while migrating it to the Aladdin investment platform. The Delivery team ensures that newly developed functionality is deployed to existing clients (internal and external), including providing training and conducting mini-business process reviews, and provides on-going second level support for such functions. [edit] Key people
[edit] Footnotes and References
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