Kirsty Craig was named a tech fellow at BlackRock, one of the firm's highest technical honors. She helped build Asimov, an agentic AI platform for the firm's investors. Craig, the only woman to become a fellow this year, said her advocacy has informed her success. For 15 years, BlackRock's Kirsty Craig has operated as a kind of "translator" inside the world's largest asset manager, sitting between portfolio managers making big bets and engineers building the systems that help inform those decisions ...

Kirsty Craig, David Woodhead, and Michael Duncan are among this year's tech fellows.BlackRock BlackRock announced that 5 new technologists are joining its elite Tech Fellows program. Tech Fellows help drive BlackRock's technology strategy and culture. Meet the five newest fellows, who span operations and geographies. The holidays came early for five BlackRock employees, who joined an elite circle of some of the firm's most accomplished technologists on Tuesday. They became members of BlackRock's ...

Summary of BlackRock Conference Call - December 09, 2025 Company Overview - **Company**: BlackRock (NYSE: BLK) - **Assets Under Management**: $13.5 trillion - **Growth Target**: Plans to double the business by 2030 - **Current Growth**: Organic base fee growth at 8% for the last 12 months, exceeding the 5% target [10][12][20] Key Points and Arguments Financial Performance - **Organic Base Fee Growth**: Achieved 8% growth, with expectations for continued strong performance into Q4 2025 [12][20] - **iShares Flows**: Approximately $100 billion in iShares flows for Q4, totaling $450 billion for the year, setting an annual record [21] - **Private Markets**: $16 billion in private markets through Q3, with a strong pipeline for Q4 [22] - **Revenue Growth Strategy**: Focus on structural growth engines such as SMAs, models, systematic equities, and digital assets, aiming for 6-7% organic base fee growth in the future [24][25] Market Trends and Strategic Shifts - **Total Portfolio Approach (TPA)**: Shift from traditional strategic asset allocation to TPA, allowing for more nimble investment strategies [70][72] - **Institutional Investor Trends**: Notable movement among large institutional investors, including CalPERS, towards TPA, indicating a significant market shift [72][78] Acquisitions and Integration - **HPS Investment Partners**: Integration has led to increased origination opportunities and a larger pipeline for credit investments [81][87] - **Credit Market Conditions**: Current credit conditions remain stable, with non-accruals and recovery rates in line with historical norms [88][90] Product Development and Innovations - **New Product Launches**: Plans to develop a family of retail alternative funds and expand private market offerings [109][110] - **401(k) Opportunities**: Target date funds with private market allocations expected to launch in 2026, aiming to bring private market exposure to defined contribution plans [126][127] Digital Assets and Tokenization - **Tokenization Strategy**: Focus on bridging traditional finance with decentralized finance (DeFi), including plans to tokenize iShares and develop digital wallet capabilities [139][143] - **Stablecoin Management**: Managing approximately $65 billion in Circle Stablecoin, with expectations for significant growth in digital wallets and tokenized assets [140][142] Additional Important Insights - **Expense Management**: BlackRock aims for adjusted operating margins of 45% or greater, with a focus on aligning organic revenue growth with controllable expenses [49][52] - **Market Conditions**: Anticipation of increased default rates in the credit market, particularly among smaller companies, while larger companies are expected to perform better [92][96] This summary encapsulates the key insights and strategic directions discussed during the BlackRock conference call, highlighting the company's robust growth trajectory, market adaptations, and innovative product developments.

Key Takeaways BLK ties up with AccessFintech to enhance bilateral connectivity and real-time post-trade collaboration.The partnership aims to give Aladdin clients transparency, faster resolution and lower operational risk.BLK also made a strategic investment in AccessFintech to aid product growth, global expansion and integration.BlackRock Inc. (BLK) has entered into a strategic tie-up with AccessFintech (“AFT”), a leading data and workflow collaboration network for financial markets, to deliver bilateral c ...

Core Insights - BlackRock's assets under management reached $13.46 trillion in Q3 2025, up from $11.48 trillion a year earlier, indicating a rapid integration of traditional finance with digital assets [1][2][4] - CEO Larry Fink emphasized the potential of tokenizing traditional investment products, which could attract new investors to the crypto market, marking a significant opportunity for BlackRock [2][3] - The firm's iShares Bitcoin Trust (IBIT) has become the top-earning ETF, generating $244.5 million annually, with assets nearing $100 billion in under 450 days, showcasing the growing institutional interest in Bitcoin ETFs [6] Financial Performance - BlackRock reported long-term net inflows of $171 billion, with revenue rising to $6.5 billion, reflecting an 8% increase in organic base fees [4] - Total expenses increased to $4.6 billion, while private-market inflows reached $13.2 billion and retail inflows rose to $9.7 billion [4] - Technology revenue surged by 28% to $515 million, driven by the Aladdin system, which is increasingly utilized for managing tokenized portfolios [5] Market Trends - Digital-asset exposure in BlackRock's funds has tripled since 2024, indicating a significant rise in demand for Bitcoin ETFs and tokenization initiatives [3] - Fink compared the role of crypto to that of gold, highlighting its function as an alternative store of value amid growing institutional demand [3] - Bitcoin ETFs are projected to attract $30 billion this quarter, reflecting Wall Street's increasing control over crypto liquidity [6]

Core Insights - BlackRock is experiencing a significant shift in its revenue sources, with private markets businesses now outpacing traditional fixed-income revenues [1][3] - The firm has made substantial investments in private markets, acquiring companies like HPS and Global Infrastructure Partners, which are expected to drive future growth [2][4] - CEO Larry Fink expressed strong optimism about BlackRock's future, particularly in the context of its expanding private market operations [5] Revenue Growth - Revenues from private market funds and technology subscriptions have surpassed those from fixed-income funds, indicating a strategic pivot in BlackRock's business model [3][4] - The firm added approximately $105 billion in private market assets last quarter, with over $100 billion attributed to the acquisition of HPS [4] - Fees from private market funds have seen a remarkable 136% growth in the first three quarters of 2025 compared to the same period in 2024 [4] Strategic Focus - BlackRock is shifting its focus towards private markets, where fees are higher and capital is more stable, while still maintaining a significant presence in fixed-income investments [9][10] - The firm has over $3 trillion in fixed-income products, but is increasingly aligning its strategy with where institutional capital is flowing [10] - The recent acquisition of GIP, which raised the largest infrastructure fund ever at over $25 billion, highlights BlackRock's commitment to expanding its private market capabilities [10]

Financial Data and Key Metrics Changes - BlackRock reported third quarter revenue of $6.5 billion, a 25% increase year over year, driven by acquisitions and organic base fee growth [13] - Operating income rose to $2.6 billion, up 23% year over year, while earnings per share increased by 1% to $11.55 [13] - The company finished the quarter with record assets under management (AUM) of $13.5 trillion, with net inflows of $205 billion in the third quarter, reflecting 10% annualized organic base fee growth [12][19] Business Line Data and Key Metrics Changes - The organic base fee growth was 8% over the last 12 months, the highest level in over four years, with significant contributions from ETFs, private markets, and cash management [10][12] - Performance fees increased by 33% year over year to $516 million, primarily due to contributions from HPS [15] - Technology services and subscription revenue rose by 28% year over year, reflecting strong demand for Aladdin technology offerings [15] Market Data and Key Metrics Changes - iShares ETFs generated record net inflows of $153 billion in the third quarter, with core equity and index fixed income leading the way [19] - The cash management platform crossed $1 trillion in AUM, growing 45% over the last three years, with $34 billion of net inflows in the quarter [21] - Institutional active franchise saw $22 billion of net inflows, driven by a $30 billion pension outsourcing mandate [20] Company Strategy and Development Direction - BlackRock's strategy focuses on integrating capabilities across private markets, digital assets, and technology to unlock growth opportunities [12][22] - The company aims to leverage its acquisitions to enhance client engagement and expand its service offerings, particularly in private credit and digital assets [27][29] - BlackRock is exploring tokenization to bridge traditional capital markets with digital assets, aiming to create a seamless investment experience for clients [31][33] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong client engagement and the potential for continued organic growth [22][24] - The company highlighted the importance of adapting to market changes and client needs, particularly in the context of digital assets and private markets [36][37] - Management noted that the fourth quarter is typically the strongest for organic growth, positioning the company well for continued success [21][22] Other Important Information - BlackRock repurchased $375 million worth of shares in the third quarter and plans to continue share repurchases in the fourth quarter [19] - The company expects a low teens percentage increase in core G&A expenses year over year, driven by recent acquisitions [18] Q&A Session Summary Question: What was the contribution of various business lines to the 10% base fee organic growth? - Management noted that organic base fee growth was highly diversified across franchises, with significant contributions from digital assets, active ETFs, and systematic strategies [45][48] Question: What are BlackRock's ambitions regarding tokenization? - Management emphasized the potential of tokenization to enhance access to traditional assets for younger investors and mentioned ongoing discussions with major platforms to advance this initiative [58][60] Question: How is BlackRock addressing concerns in the private credit market? - Management reassured that credit quality remains strong and that private credit markets are well-positioned for continued growth, despite recent market anxieties [72][75] Question: What impact could ETF share classes have on BlackRock? - Management views the introduction of ETF share classes as a positive development that could enhance distribution and allow for greater flexibility in investment strategies [80][84] Question: How is BlackRock expanding its distribution in private credit? - Management highlighted ongoing discussions with leading insurers and plans to accelerate the launch of semi-liquid products across various private credit strategies [96]

Core Insights - The partnership between OTCX and BlackRock's Aladdin represents a significant advancement in the digital transformation of OTC derivatives trading, aiming to enhance automation and transparency throughout the trade lifecycle [3][5]. Group 1: Partnership Overview - OTCX has entered a multi-year partnership with Aladdin, BlackRock's technology platform, to digitize dealer-to-client "voice" trading, moving away from manual workflows to more efficient electronic solutions [1][2]. - The integration will provide buy-side and sell-side participants with streamlined tools for price discovery, order execution, and post-trade management, reducing reliance on traditional communication methods [2][4]. Group 2: Workflow Modernization - The integration will offer Aladdin clients comprehensive end-to-end workflow support, covering price discovery, request-for-market, execution, and post-trade processing, thereby improving operational efficiency and cost-effectiveness for institutions [4][6]. - OTCX aims to provide market participants with more choices, lower costs, and efficient workflows in a historically complex and fragmented market [5]. Group 3: Operational Efficiency - By connecting to Aladdin, OTCX enables institutional traders to compare quotes, manage risk, and execute trades in a regulated environment, enhancing visibility into pricing and liquidity [6][8]. - The initiative addresses inefficiencies caused by manual, voice-based interactions, which have historically limited transparency and increased the risk of human error in OTC derivatives trading [7][8].

Core Insights - BlackRock Inc.'s Aladdin platform has entered a multi-year collaboration with OTCX to digitize dealer-to-client voice derivative trading and expand options for clients [1][9] Group 1: Partnership Rationale - The partnership aims to address the industry's reliance on manual, voice-based workflows in complex derivatives, providing better choices for vanilla derivatives for electronic trading [2] - The collaboration will integrate OTCX's execution venues into the Aladdin platform, enhancing efficiency, transparency, and cost-effectiveness in pricing, risk management, and trade execution for OTC derivatives [3] Group 2: Workflow Support and Revenue Diversification - Aladdin clients will benefit from comprehensive workflow support, including price discovery, request-for-market to execution, and post-trade processing, with connectivity across a wide range of OTC derivatives [4] - This partnership supports BlackRock's strategy to diversify its revenue mix towards high-margin, recurring tech income, reinforcing Aladdin's role as a key differentiator and growth catalyst [4] Group 3: Growth Efforts - BlackRock is actively pursuing growth through both organic and inorganic means, including the recent acquisition of ElmTree Funds to enhance private market offerings and managing an approximately $80 billion customized portfolio for Citigroup's global wealth clients [5] Group 4: Market Performance - Year-to-date, BlackRock's shares have increased by 15%, contrasting with a 6% decline in the industry [7]

Core Insights - BlackRock's technology arm has partnered with fintech OTCX to digitize over-the-counter derivatives trading, moving away from traditional voice-based methods [1][3][11] Group 1: Partnership Details - The multi-year partnership will integrate OTCX's electronic marketplace with BlackRock's Aladdin system, allowing users to manage complex derivatives trades without phone calls [2][6] - OTCX aims to provide market participants with more choices, lower costs, and efficient workflows in a historically fragmented market [4][10] Group 2: Market Context - The OTC derivatives market, valued at $700 trillion, still relies heavily on phone calls and spreadsheets for trade matching despite regulatory efforts [3][9] - The integration aligns with regulatory changes like the EMIR Refit in the EU and the CFTC's swap-reporting rules in the US, which demand improved data quality and compliance [7][10] Group 3: Technological Advancements - The partnership enhances Aladdin's connectivity to various trading venues, expanding its reach into opaque derivatives markets [6][10] - Other technology vendors are also innovating in the post-trade space, indicating a broader trend towards electronification in OTC derivatives [8][9]