{"product_id":"blk-business-model-canvas","title":"BlackRock, Inc. (BLK): Business Model Canvas [June-2026 Updated]","description":"\u003cp\u003eThis ready-made, research-based Business Model Canvas of BlackRock, Inc. gives you a practical snapshot of how the company creates value through a \u003cstrong\u003e$14.041T\u003c\/strong\u003e AUM platform, iShares ETFs, Aladdin software, private credit, and infrastructure investing, while serving institutional investors, wealth managers, retail ETF buyers, pension funds, sovereign wealth clients, and banks. You'll see the key partnerships, channels, cost drivers, and revenue streams behind investment management fees, ETF fee income, technology ACV, and private markets fees, plus strategic moves with AWS, Microsoft Azure, GIP, EQT, Temasek, L'IMAD, ADNOC, and Cathay United Bank.\u003c\/p\u003e\u003ch2\u003eBlackRock, Inc. - Canvas Business Model: Key Partnerships\u003c\/h2\u003e\n\u003cp\u003eBlackRock, Inc.'s partnership base supports cloud delivery, software distribution, and capital formation. The key disclosed numbers tied to this chapter are \u003cstrong\u003e$10.646 trillion\u003c\/strong\u003e in assets under management (AUM) at \u003cstrong\u003e2024-06-30\u003c\/strong\u003e, \u003cstrong\u003e$12.5 billion\u003c\/strong\u003e for the Global Infrastructure Partners transaction announced on \u003cstrong\u003e2024-01-12\u003c\/strong\u003e, and \u003cstrong\u003e$30 billion\u003c\/strong\u003e of initial private capital with potential scale to \u003cstrong\u003e$100 billion\u003c\/strong\u003e announced on \u003cstrong\u003e2024-09-17\u003c\/strong\u003e.\u003c\/p\u003e\n\n\u003cp\u003eAWS and Microsoft Azure sit in the technology layer of the model. They support platform hosting and AI-enabled workflows, but no public transaction amount was disclosed for either partnership.\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003ctr\u003e\n\u003cth\u003ePartnership\u003c\/th\u003e\n\u003cth\u003eDisclosed number\u003c\/th\u003e\n\u003cth\u003eTiming\u003c\/th\u003e\n\u003cth\u003eBusiness model role\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAWS cloud migration\u003c\/td\u003e\n\u003ctd\u003eNo public amount disclosed\u003c\/td\u003e\n\u003ctd\u003eNo public date disclosed\u003c\/td\u003e\n\u003ctd\u003eCloud hosting and platform delivery\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMicrosoft Azure integration\u003c\/td\u003e\n\u003ctd\u003eNo public amount disclosed\u003c\/td\u003e\n\u003ctd\u003eNo public date disclosed\u003c\/td\u003e\n\u003ctd\u003eData and AI workflow integration\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGIP consortium deal\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$12.5 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e2024-01-12\u003c\/td\u003e\n\u003ctd\u003ePrivate infrastructure scale and capital deployment\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEQT consortium deal\u003c\/td\u003e\n\u003ctd\u003eNo public amount disclosed\u003c\/td\u003e\n\u003ctd\u003eNo public date disclosed\u003c\/td\u003e\n\u003ctd\u003eInfrastructure and alternatives distribution\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTemasek, L'IMAD, and ADNOC infrastructure JV\u003c\/td\u003e\n\u003ctd\u003eNo public amount disclosed\u003c\/td\u003e\n\u003ctd\u003eNo public date disclosed\u003c\/td\u003e\n\u003ctd\u003eInfrastructure partnership and capital pooling\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCathay United Bank Aladdin Wealth rollout\u003c\/td\u003e\n\u003ctd\u003eNo public amount disclosed\u003c\/td\u003e\n\u003ctd\u003eNo public date disclosed\u003c\/td\u003e\n\u003ctd\u003eWealth platform distribution\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/table\u003e\n\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003e$10.646 trillion\u003c\/strong\u003e AUM at \u003cstrong\u003e2024-06-30\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$12.5 billion\u003c\/strong\u003e GIP transaction value announced on \u003cstrong\u003e2024-01-12\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$30 billion\u003c\/strong\u003e initial private capital target announced on \u003cstrong\u003e2024-09-17\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$100 billion\u003c\/strong\u003e potential total scale including debt announced on \u003cstrong\u003e2024-09-17\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003eBlackRock, Inc. uses these partnerships to keep technology spend off balance sheet where possible, widen distribution through institutions like Cathay United Bank, and expand infrastructure exposure through large consortium structures.\u003c\/p\u003e\u003ch2\u003eBlackRock, Inc. - Canvas Business Model: Key Activities\u003c\/h2\u003e\n\u003cp\u003eBlackRock's key activities are built around \u003cstrong\u003e$11.6 trillion\u003c\/strong\u003e of assets under management, a \u003cstrong\u003e$4 trillion+\u003c\/strong\u003e ETF platform, private markets expansion, a technology services business that generated about \u003cstrong\u003e$1.6 billion\u003c\/strong\u003e, and stewardship tied to client voting across that asset base.\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003ctr\u003e\n\u003ctd\u003eKey activity\u003c\/td\u003e\n\u003ctd\u003eReal-life number\u003c\/td\u003e\n\u003ctd\u003eBusiness-model role\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGlobal asset management\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$11.6 trillion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eYear-end 2024 assets under management\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eETF and index fund management\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$4 trillion+\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eETF assets under management\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePrivate credit and infrastructure investing\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$12.5 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eGlobal Infrastructure Partners acquisition value\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePrivate credit and infrastructure investing\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$100 billion+\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eGlobal Infrastructure Partners assets under management\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAladdin and AI product development\u003c\/td\u003e\n\u003ctd\u003eabout \u003cstrong\u003e$1.6 billion\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003ctd\u003e2024 technology services revenue\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eClient stewardship and voting\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$11.6 trillion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eClient assets covered by stewardship and proxy voting activity\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\u003cstrong\u003eGlobal asset management\u003c\/strong\u003e is the main operating activity. BlackRock's \u003cstrong\u003e$11.6 trillion\u003c\/strong\u003e in year-end 2024 assets under management is the base that generates management fees, securities-lending income, and performance-related revenue. The scale matters because even small fee rates produce large dollar revenue when applied to trillions of dollars of client assets. The activity spans equities, fixed income, cash management, and alternatives, so the business is not dependent on one product line or one market cycle.\u003c\/p\u003e\n\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003e$11.6 trillion\u003c\/strong\u003e in assets under management at year-end 2024.\u003c\/li\u003e\n\u003cli\u003eRevenue depends on market levels, net inflows, and product mix.\u003c\/li\u003e\n\u003cli\u003eLarge institutional mandates reduce client turnover risk.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eETF and index fund management\u003c\/strong\u003e is the scale engine inside the model. BlackRock's ETF platform had more than \u003cstrong\u003e$4 trillion\u003c\/strong\u003e in assets under management, which shows how passive investing has become a core fee base rather than a side product. Index funds and ETFs usually charge lower fees than active funds, but the economics work because the asset base is so large. This activity also keeps BlackRock close to retirement plans, advisers, and institutional allocators that want low-cost market exposure.\u003c\/p\u003e\n\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003e$4 trillion+\u003c\/strong\u003e in ETF assets under management.\u003c\/li\u003e\n\u003cli\u003eLower fee rates are offset by large asset volume.\u003c\/li\u003e\n\u003cli\u003ePassive products help retain cash flows during market shifts.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003ePrivate credit and infrastructure investing\u003c\/strong\u003e increased in importance as BlackRock pushed deeper into private markets. The \u003cstrong\u003e$12.5 billion\u003c\/strong\u003e acquisition of Global Infrastructure Partners added a platform with more than \u003cstrong\u003e$100 billion\u003c\/strong\u003e in assets under management. Infrastructure and private credit usually carry higher fees than plain index funds, so they improve revenue mix and diversify the business away from public-market fee pressure. This activity also gives BlackRock exposure to long-duration assets such as transport, energy, utilities, and private lending.\u003c\/p\u003e\n\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003e$12.5 billion\u003c\/strong\u003e acquisition value for Global Infrastructure Partners.\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$100 billion+\u003c\/strong\u003e in Global Infrastructure Partners assets under management.\u003c\/li\u003e\n\u003cli\u003ePrivate-market fees are usually higher than index-fund fees.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eAladdin and AI product development\u003c\/strong\u003e is the technology layer of the business model. BlackRock reported about \u003cstrong\u003e$1.6 billion\u003c\/strong\u003e in technology services revenue in 2024, showing that software and data are a separate revenue stream from investment management. Aladdin is used for portfolio management, risk analytics, trading workflows, and reporting, and AI features sit on top of that data stack. This activity matters because it deepens client lock-in: once an institution builds its operating process around a platform, switching costs rise.\u003c\/p\u003e\n\n\u003cul\u003e\n\u003cli\u003eTechnology services revenue: about \u003cstrong\u003e$1.6 billion\u003c\/strong\u003e in 2024.\u003c\/li\u003e\n\u003cli\u003eSoftware and data create recurring, non-AUM revenue.\u003c\/li\u003e\n\u003cli\u003ePlatform use increases switching costs for clients.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eClient stewardship and voting\u003c\/strong\u003e is a core operating task tied to the same \u003cstrong\u003e$11.6 trillion\u003c\/strong\u003e of client assets. The work covers proxy voting, issuer engagement, policy updates, and portfolio oversight. For BlackRock, stewardship is not separate from asset gathering; it is part of maintaining trust with pension funds, sovereign wealth funds, asset owners, and other large clients. When clients commit long-term capital, they also expect voting and engagement behavior that matches their mandates, which is why stewardship is a direct part of client retention.\u003c\/p\u003e\n\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003e$11.6 trillion\u003c\/strong\u003e of client assets are connected to stewardship activity.\u003c\/li\u003e\n\u003cli\u003eProxy voting and engagement support mandate retention.\u003c\/li\u003e\n\u003cli\u003eStewardship is linked to institutional client trust.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003ch2\u003eBlackRock, Inc. - Canvas Business Model: Key Resources\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003e$14.041T\u003c\/strong\u003e of AUM is the central resource base. \u003cstrong\u003e$4T+\u003c\/strong\u003e in iShares ETF AUM, \u003cstrong\u003e$170B\u003c\/strong\u003e in GIP AUM, \u003cstrong\u003e$148B\u003c\/strong\u003e in HPS AUM, and \u003cstrong\u003e70\u003c\/strong\u003e offices in \u003cstrong\u003e30\u003c\/strong\u003e countries support the same platform.\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003ctr\u003e\n\u003cth\u003eKey resource\u003c\/th\u003e\n\u003cth\u003eReal-life number\u003c\/th\u003e\n\u003cth\u003eBusiness model role\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAUM platform\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$14.041T\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eFee base, scale, distribution power\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eiShares ETF franchise\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$4T+\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eLiquid product wrapper for index and asset allocation demand\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGIP private markets expertise\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$170B\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eInfrastructure and private markets capability\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eHPS private markets expertise\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$148B\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003ePrivate credit and direct lending capability\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGlobal client and distribution network\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e70\u003c\/strong\u003e offices in \u003cstrong\u003e30\u003c\/strong\u003e countries\u003c\/td\u003e\n\u003ctd\u003eClient coverage, product placement, institutional reach\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/table\u003e\n\n\u003cp\u003eThe \u003cstrong\u003e$14.041T\u003c\/strong\u003e AUM platform is the core economic asset. It gives BlackRock, Inc. a large base of fee-earning client assets and a scale advantage that smaller managers cannot match.\u003c\/p\u003e\n\n\u003cp\u003eiShares is the main ETF resource. ETF assets of \u003cstrong\u003e$4T+\u003c\/strong\u003e matter because ETFs package exposures at low cost, trade intraday, and draw steady flows from institutions and individuals.\u003c\/p\u003e\n\n\u003cp\u003eGIP adds \u003cstrong\u003e$170B\u003c\/strong\u003e of private markets capability. HPS adds \u003cstrong\u003e$148B\u003c\/strong\u003e of private markets capability. Together, they expand the resource base beyond listed stocks and bonds into infrastructure, private equity, and private credit.\u003c\/p\u003e\n\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003e$14.041T\u003c\/strong\u003e AUM supports management fees across active, index, ETF, and multi-asset products.\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$4T+\u003c\/strong\u003e iShares ETF AUM supports scalable product distribution and recurring fee income.\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$170B\u003c\/strong\u003e GIP AUM supports infrastructure and long-duration capital deployment.\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$148B\u003c\/strong\u003e HPS AUM supports private credit and direct lending capabilities.\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e70\u003c\/strong\u003e offices in \u003cstrong\u003e30\u003c\/strong\u003e countries support client coverage and distribution reach.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003eAladdin is the data and software layer inside the resource base. It sits alongside the asset platform and supports investment, risk, operations, and portfolio workflows across BlackRock, Inc. and its clients.\u003c\/p\u003e\n\n\u003cp\u003eThe global client and distribution network is a physical resource as much as a commercial one. \u003cstrong\u003e70\u003c\/strong\u003e offices in \u003cstrong\u003e30\u003c\/strong\u003e countries give BlackRock, Inc. local coverage for institutions, intermediaries, and wealth channels.\u003c\/p\u003e\n\n\u003cp\u003eThe combination of \u003cstrong\u003e$14.041T\u003c\/strong\u003e, \u003cstrong\u003e$4T+\u003c\/strong\u003e, \u003cstrong\u003e$170B\u003c\/strong\u003e, \u003cstrong\u003e$148B\u003c\/strong\u003e, \u003cstrong\u003e70\u003c\/strong\u003e, and \u003cstrong\u003e30\u003c\/strong\u003e shows that BlackRock, Inc. competes on scale, product breadth, and geographic access.\u003c\/p\u003e\u003ch2\u003eBlackRock, Inc. - Canvas Business Model: Value Propositions\u003c\/h2\u003e\n\u003cp\u003eBlackRock, Inc.'s value proposition is built on a \u003cstrong\u003e$11.55 trillion\u003c\/strong\u003e AUM platform at December 31, 2024, plus private-markets and data expansion through the \u003cstrong\u003e$12.5 billion\u003c\/strong\u003e Global Infrastructure Partners deal and the \u003cstrong\u003e$3.2 billion\u003c\/strong\u003e Preqin deal. The client offer is not just fund management; it is public markets, private markets, risk software, and tokenized exposure in one relationship.\u003c\/p\u003e\n\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e\n\u003cstrong\u003e$11.55 trillion\u003c\/strong\u003e AUM at December 31, 2024\u003c\/li\u003e\n \u003cli\u003e\n\u003cstrong\u003e$12.5 billion\u003c\/strong\u003e Global Infrastructure Partners acquisition\u003c\/li\u003e\n \u003cli\u003e\n\u003cstrong\u003e$3.2 billion\u003c\/strong\u003e Preqin acquisition\u003c\/li\u003e\n \u003cli\u003e\n\u003cstrong\u003e1,000+\u003c\/strong\u003e Aladdin clients\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eMarch 2024\u003c\/strong\u003e BlackRock USD Institutional Digital Liquidity Fund launch\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003ctable\u003e\n\u003ctr\u003e\n\u003cth\u003eValue proposition\u003c\/th\u003e\n\u003cth\u003eReal-life numbers\u003c\/th\u003e\n\u003cth\u003eWhy it matters\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOne-stop public and private markets platform\u003c\/td\u003e\n \u003ctd\u003e\n\u003cstrong\u003e$11.55 trillion\u003c\/strong\u003e AUM; \u003cstrong\u003e$12.5 billion\u003c\/strong\u003e GIP; \u003cstrong\u003e$3.2 billion\u003c\/strong\u003e Preqin\u003c\/td\u003e\n \u003ctd\u003eGives clients one provider across listed assets, infrastructure, and private-market data\u003c\/td\u003e\n \u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLarge-scale low-cost ETF access\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e0.03%\u003c\/strong\u003e, \u003cstrong\u003e0.03%\u003c\/strong\u003e, \u003cstrong\u003e0.40%\u003c\/strong\u003e, \u003cstrong\u003e0.47%\u003c\/strong\u003e\n\u003c\/td\u003e\n \u003ctd\u003eCore index exposure can be bought at a fee floor of \u003cstrong\u003e$3\u003c\/strong\u003e per \u003cstrong\u003e$10,000\u003c\/strong\u003e at \u003cstrong\u003e0.03%\u003c\/strong\u003e\n\u003c\/td\u003e\n \u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRisk analytics and AI-enabled tools\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e1,000+\u003c\/strong\u003e Aladdin clients; \u003cstrong\u003e$3.2 billion\u003c\/strong\u003e Preqin\u003c\/td\u003e\n \u003ctd\u003eSoftware and data are embedded in client workflows, not sold as a one-time product\u003c\/td\u003e\n \u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePrivate credit, infrastructure, and tokenized exposure\u003c\/td\u003e\n \u003ctd\u003e\n\u003cstrong\u003e$12.5 billion\u003c\/strong\u003e GIP; \u003cstrong\u003eMarch 2024\u003c\/strong\u003e tokenized fund launch; \u003cstrong\u003eJanuary 11, 2024\u003c\/strong\u003e bitcoin ETF launch\u003c\/td\u003e\n \u003ctd\u003eExpands access beyond listed stocks and bonds into private and digital wrappers\u003c\/td\u003e\n \u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eExposure to energy, AI, and digital assets\u003c\/td\u003e\n \u003ctd\u003e\n\u003cstrong\u003e0.40%\u003c\/strong\u003e, \u003cstrong\u003e0.47%\u003c\/strong\u003e, \u003cstrong\u003eJanuary 11, 2024\u003c\/strong\u003e\n\u003c\/td\u003e\n \u003ctd\u003ePackages thematic exposure into listed funds instead of separate portfolios\u003c\/td\u003e\n \u003c\/tr\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\u003cstrong\u003eOne-stop public and private markets platform.\u003c\/strong\u003e BlackRock, Inc. can offer exposure across listed equities, bonds, cash, alternatives, infrastructure, and data because the platform sits at \u003cstrong\u003e$11.55 trillion\u003c\/strong\u003e of AUM. The \u003cstrong\u003e$12.5 billion\u003c\/strong\u003e Global Infrastructure Partners acquisition matters because it pushes the offer beyond ETFs and mutual funds into hard assets. The \u003cstrong\u003e$3.2 billion\u003c\/strong\u003e Preqin acquisition matters because private markets are data-heavy and illiquid, so pricing, benchmarking, and manager selection become part of the product.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLarge-scale low-cost ETF access.\u003c\/strong\u003e BlackRock's fee advantage shows up in core funds priced at \u003cstrong\u003e0.03%\u003c\/strong\u003e. On \u003cstrong\u003e$10,000\u003c\/strong\u003e, that is \u003cstrong\u003e$3\u003c\/strong\u003e a year. iShares Global Clean Energy ETF is \u003cstrong\u003e0.40%\u003c\/strong\u003e, or \u003cstrong\u003e$40\u003c\/strong\u003e on \u003cstrong\u003e$10,000\u003c\/strong\u003e. iShares Robotics and Artificial Intelligence Multisector ETF is \u003cstrong\u003e0.47%\u003c\/strong\u003e, or \u003cstrong\u003e$47\u003c\/strong\u003e on \u003cstrong\u003e$10,000\u003c\/strong\u003e. The spread between \u003cstrong\u003e0.03%\u003c\/strong\u003e and \u003cstrong\u003e0.47%\u003c\/strong\u003e is \u003cstrong\u003e0.44\u003c\/strong\u003e percentage points, which is \u003cstrong\u003e44\u003c\/strong\u003e basis points.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eRisk analytics and AI-enabled tools.\u003c\/strong\u003e Aladdin has \u003cstrong\u003e1,000+\u003c\/strong\u003e clients, which means BlackRock is selling workflow infrastructure, not just products. The value is in portfolio construction, risk monitoring, and reporting used every day by institutions. BlackRock's \u003cstrong\u003e$3.2 billion\u003c\/strong\u003e Preqin purchase adds private-market data to that stack, which matters because private credit, infrastructure, and private equity need more manual data collection than listed securities.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003ePrivate credit, infrastructure, and tokenized exposure.\u003c\/strong\u003e BlackRock's move into infrastructure is anchored by the \u003cstrong\u003e$12.5 billion\u003c\/strong\u003e Global Infrastructure Partners acquisition. Tokenized exposure entered the lineup in \u003cstrong\u003eMarch 2024\u003c\/strong\u003e with BlackRock USD Institutional Digital Liquidity Fund, while digital-asset access in ETF form arrived on \u003cstrong\u003eJanuary 11, 2024\u003c\/strong\u003e with iShares Bitcoin Trust ETF. Those dates matter because they show BlackRock using regulated wrappers to package assets that were previously harder to access.\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003ctr\u003e\n\u003cth\u003eProduct\u003c\/th\u003e\n\u003cth\u003eTheme\u003c\/th\u003e\n\u003cth\u003eNumber\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eiShares Core S\u0026amp;P 500 ETF\u003c\/td\u003e\n\u003ctd\u003eU.S. large-cap equities\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e0.03%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eiShares Core U.S. Aggregate Bond ETF\u003c\/td\u003e\n\u003ctd\u003eU.S. core bonds\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e0.03%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eiShares Global Clean Energy ETF\u003c\/td\u003e\n\u003ctd\u003eEnergy transition\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e0.40%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eiShares Robotics and Artificial Intelligence Multisector ETF\u003c\/td\u003e\n \u003ctd\u003eAI and robotics\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e0.47%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eiShares Bitcoin Trust ETF\u003c\/td\u003e\n\u003ctd\u003eDigital assets\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003eJanuary 11, 2024\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eBlackRock USD Institutional Digital Liquidity Fund\u003c\/td\u003e\n \u003ctd\u003eTokenized cash and Treasury exposure\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003eMarch 2024\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\u003cstrong\u003eExposure to energy, AI, and digital assets.\u003c\/strong\u003e The energy side is visible in iShares Global Clean Energy ETF at \u003cstrong\u003e0.40%\u003c\/strong\u003e. The AI side is visible in iShares Robotics and Artificial Intelligence Multisector ETF at \u003cstrong\u003e0.47%\u003c\/strong\u003e. The digital-assets side is visible in iShares Bitcoin Trust ETF, which launched on \u003cstrong\u003eJanuary 11, 2024\u003c\/strong\u003e. These products let you buy targeted exposure through exchange-traded wrappers instead of building separate direct holdings.\u003c\/p\u003e\u003ch2\u003eBlackRock, Inc. - Canvas Business Model: Customer Relationships\u003c\/h2\u003e\n\u003cp\u003eBlackRock's customer relationships are built on \u003cstrong\u003e$11.55 trillion\u003c\/strong\u003e of assets under management at \u003cstrong\u003eDecember 31, 2024\u003c\/strong\u003e, recurring institutional mandates, and platform-based service links that keep clients tied to its investment, technology, and stewardship capabilities.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eLong-term institutional relationships\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eBlackRock serves clients in more than \u003cstrong\u003e100\u003c\/strong\u003e countries and works with pension plans, insurers, sovereign wealth funds, central banks, governments, corporations, endowments, foundations, charities, banks, and asset managers. These relationships matter because large allocators usually keep a manager for years, not months, when that manager sits across equity, fixed income, cash, private markets, and risk management mandates.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003ePension plans with long-dated liabilities\u003c\/li\u003e\n \u003cli\u003eInsurers that need asset-liability matching\u003c\/li\u003e\n \u003cli\u003eSovereign wealth funds and central banks with large reserve portfolios\u003c\/li\u003e\n \u003cli\u003eEndowments, foundations, and charities with governance constraints\u003c\/li\u003e\n \u003cli\u003eCorporations and banks with treasury and reserve mandates\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eDirect advisory and coverage teams\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eBlackRock uses dedicated coverage teams for institutions, wealth managers, and retirement platforms. These teams handle portfolio construction, product access, market views, reporting, and implementation support, which matters because clients with complex portfolios want one relationship layer across many products instead of separate contacts for each fund or mandate.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eRelationship managers for large institutional accounts\u003c\/li\u003e\n \u003cli\u003eInvestment specialists for asset allocation and implementation\u003c\/li\u003e\n \u003cli\u003eClient service teams for reporting, trading, and operational support\u003c\/li\u003e\n \u003cli\u003eRegional coverage across North America, EMEA, Asia-Pacific, and Latin America\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eSelf-service through Aladdin platforms\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eAladdin turns customer relationships into a software-style service model. BlackRock says the platform serves more than \u003cstrong\u003e200\u003c\/strong\u003e clients and supports more than \u003cstrong\u003e$20 trillion\u003c\/strong\u003e in assets, which makes the relationship stickier because the client's daily workflow depends on the platform for risk, portfolio, trading, and operations.\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003ctr\u003e\n\u003cth\u003eCustomer relationship channel\u003c\/th\u003e\n\u003cth\u003eReal-life data\u003c\/th\u003e\n\u003cth\u003eWhy it matters\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eInstitutional mandates\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$11.55 trillion\u003c\/strong\u003e AUM at \u003cstrong\u003eDecember 31, 2024\u003c\/strong\u003e\n\u003c\/td\u003e\n \u003ctd\u003eShows the scale of recurring client relationships\u003c\/td\u003e\n \u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAladdin platform\u003c\/td\u003e\n\u003ctd\u003eMore than \u003cstrong\u003e200\u003c\/strong\u003e clients; more than \u003cstrong\u003e$20 trillion\u003c\/strong\u003e in assets\u003c\/td\u003e\n \u003ctd\u003eEmbeds BlackRock inside daily portfolio and risk workflows\u003c\/td\u003e\n \u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eStewardship and proxy voting\u003c\/td\u003e\n\u003ctd\u003eMore than \u003cstrong\u003e17,000\u003c\/strong\u003e shareholder meetings; more than \u003cstrong\u003e170,000\u003c\/strong\u003e ballot items\u003c\/td\u003e\n \u003ctd\u003eKeeps governance engagement active after the investment is made\u003c\/td\u003e\n \u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eWealth distribution\u003c\/td\u003e\n\u003ctd\u003eMore than \u003cstrong\u003e1,400\u003c\/strong\u003e iShares ETFs globally\u003c\/td\u003e\n \u003ctd\u003eGives advisers a large set of building blocks for client portfolios\u003c\/td\u003e\n \u003c\/tr\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\u003cstrong\u003eOngoing stewardship and proxy voting\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eBlackRock's investment stewardship team keeps contact with companies and clients after capital is deployed. Voting on more than \u003cstrong\u003e17,000\u003c\/strong\u003e shareholder meetings and more than \u003cstrong\u003e170,000\u003c\/strong\u003e ballot items in a year makes governance part of the client relationship, not a separate service. That matters for pensions, insurers, and sovereign clients because they want evidence that their manager is active on board quality, pay, capital allocation, and risk oversight.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eProxy voting supports client preferences on governance and board oversight\u003c\/li\u003e\n \u003cli\u003eEngagement gives clients visibility into how BlackRock manages long-term risk\u003c\/li\u003e\n \u003cli\u003eStewardship helps BlackRock stay involved even when clients hold passive strategies\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eTailored solutions for wealth clients\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eWealth relationships rely on scale and customization at the same time. BlackRock serves financial advisers, retirement platforms, and individual investors with ETFs, model portfolios, and managed solutions, so advisers can build diversified portfolios without selecting every security individually. More than \u003cstrong\u003e1,400\u003c\/strong\u003e ETFs globally give BlackRock many entry points into wealth accounts and adviser-led distribution.\u003c\/p\u003e\u003ch2\u003eBlackRock, Inc. - Canvas Business Model: Channels\u003c\/h2\u003e\n\u003cp\u003eBlackRock's channels are built around \u003cstrong\u003e$11.6 trillion\u003c\/strong\u003e in AUM, \u003cstrong\u003e1,400+\u003c\/strong\u003e iShares ETFs and ETPs, \u003cstrong\u003e200+\u003c\/strong\u003e Aladdin institutions, \u003cstrong\u003e24\/7\u003c\/strong\u003e digital servicing, and a global footprint across \u003cstrong\u003e30+\u003c\/strong\u003e countries.\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003ctr\u003e\n\u003cth\u003eChannel\u003c\/th\u003e\n\u003cth\u003eReal-life scale\u003c\/th\u003e\n\u003cth\u003eHow it reaches clients\u003c\/th\u003e\n\u003cth\u003eBusiness role\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eiShares ETFs\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e1,400+\u003c\/strong\u003e ETFs and ETPs\u003c\/td\u003e\n\u003ctd\u003eExchange trading through brokerage and advisory accounts\u003c\/td\u003e\n\u003ctd\u003eRetail, advised, and institutional distribution\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAladdin and Aladdin Wealth\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e200+\u003c\/strong\u003e institutions\u003c\/td\u003e\n\u003ctd\u003eEnterprise software and workflow subscriptions\u003c\/td\u003e\n\u003ctd\u003eRisk, portfolio, trading, compliance, and reporting delivery\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDirect institutional sales teams\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$11.6 trillion\u003c\/strong\u003e AUM\u003c\/td\u003e\n\u003ctd\u003eMandate-based coverage for large clients\u003c\/td\u003e\n\u003ctd\u003ePension, insurer, sovereign wealth, endowment, and foundation mandates\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eBlackRock.com and client portals\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e24\/7\u003c\/strong\u003e access\u003c\/td\u003e\n\u003ctd\u003eDigital servicing, documents, and reporting\u003c\/td\u003e\n\u003ctd\u003eSelf-service client communication and account support\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePartner bank and platform integrations\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e30+\u003c\/strong\u003e countries\u003c\/td\u003e\n\u003ctd\u003eThird-party wealth and bank platform embeds\u003c\/td\u003e\n\u003ctd\u003eEmbedded product and model distribution\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/table\u003e\n\n\u003ch3\u003eiShares ETFs\u003c\/h3\u003e\n\u003cp\u003eiShares is the exchange-traded channel. BlackRock's lineup includes \u003cstrong\u003e1,400+\u003c\/strong\u003e ETFs and ETPs, and BlackRock reported \u003cstrong\u003e$11.6 trillion\u003c\/strong\u003e in total AUM at Dec. 31, 2024. ETF distribution matters because one listed fund can be bought and sold through brokerage and advisory accounts without a separate sales cycle for every client.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003e1,400+\u003c\/strong\u003e products create repeated distribution touchpoints.\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$11.6 trillion\u003c\/strong\u003e in AUM supports advisor and institutional trust.\u003c\/li\u003e\n\u003cli\u003eExchange listing broadens access across retail and institutional accounts.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003ch3\u003eAladdin and Aladdin Wealth\u003c\/h3\u003e\n\u003cp\u003eAladdin is BlackRock's technology channel. BlackRock discloses \u003cstrong\u003e200+\u003c\/strong\u003e institutions on the platform, and the workflow covers portfolio construction, risk, trading, compliance, and reporting. Aladdin Wealth extends the same operating layer to wealth managers and private-bank workflows.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003e200+\u003c\/strong\u003e institutions show enterprise-scale adoption.\u003c\/li\u003e\n\u003cli\u003eOne system covers portfolio, risk, trading, compliance, and reporting.\u003c\/li\u003e\n\u003cli\u003eAladdin Wealth connects the platform to wealth management distribution.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003ch3\u003eDirect institutional sales teams\u003c\/h3\u003e\n\u003cp\u003eDirect institutional sales sit on top of the firm's \u003cstrong\u003e$11.6 trillion\u003c\/strong\u003e AUM base and support large mandates for pension funds, insurers, sovereign wealth funds, endowments, and foundations. This channel depends on RFPs, consultant reviews, and long sales cycles, so scale and product breadth matter.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003e$11.6 trillion\u003c\/strong\u003e AUM strengthens mandate credibility.\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e30+\u003c\/strong\u003e countries reflect the global footprint behind coverage.\u003c\/li\u003e\n\u003cli\u003eLarge clients often buy through consultant-led and RFP-led processes.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003ch3\u003eBlackRock.com and client portals\u003c\/h3\u003e\n\u003cp\u003eBlackRock.com and client portals provide \u003cstrong\u003e24\/7\u003c\/strong\u003e access to product data, reports, and account information. For a manager with \u003cstrong\u003e$11.6 trillion\u003c\/strong\u003e in AUM, digital servicing lowers manual work and helps clients get standardized information at scale.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003e24\/7\u003c\/strong\u003e access supports client servicing without branch-hour limits.\u003c\/li\u003e\n\u003cli\u003eDigital reporting reduces repeated manual requests across large mandates.\u003c\/li\u003e\n\u003cli\u003eWebsite and portal delivery fits institutional and wealth clients.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003ch3\u003ePartner bank and platform integrations\u003c\/h3\u003e\n\u003cp\u003ePartner bank and platform integrations extend BlackRock products into third-party wealth channels across \u003cstrong\u003e30+\u003c\/strong\u003e countries. This channel matters because it places BlackRock funds and models inside bank and platform workflows instead of forcing clients to leave their existing advisory systems.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003e30+\u003c\/strong\u003e countries show the operating base behind embedded distribution.\u003c\/li\u003e\n\u003cli\u003eThird-party platforms can push model portfolios to multiple advisor books.\u003c\/li\u003e\n\u003cli\u003eIntegrated access lowers friction versus one-off direct placement.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003ch2\u003eBlackRock, Inc. - Canvas Business Model: Customer Segments\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003e$10.47 trillion\u003c\/strong\u003e total AUM at March 31, 2024; \u003cstrong\u003e$10.0 trillion\u003c\/strong\u003e at December 31, 2023; difference: \u003cstrong\u003e$470 billion\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003e$3.2 trillion\u003c\/strong\u003e iShares AUM; \u003cstrong\u003e1,400+\u003c\/strong\u003e ETFs.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003e$21.6 trillion\u003c\/strong\u003e assets on Aladdin.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003e$1.5 billion\u003c\/strong\u003e technology services revenue in 2023.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003e100+\u003c\/strong\u003e countries served.\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003ctr\u003e\n\u003cth\u003eCustomer segment\u003c\/th\u003e\n\u003cth\u003eNumbers\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eInstitutional investors\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$10.47 trillion\u003c\/strong\u003e; \u003cstrong\u003e$10.0 trillion\u003c\/strong\u003e; \u003cstrong\u003e$470 billion\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eWealth managers and private banks\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$3.2 trillion\u003c\/strong\u003e; \u003cstrong\u003e1,400+\u003c\/strong\u003e; \u003cstrong\u003e100+\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRetail ETF investors\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$3.2 trillion\u003c\/strong\u003e; \u003cstrong\u003e1,400+\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSovereign wealth and pension clients\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$21.6 trillion\u003c\/strong\u003e; \u003cstrong\u003e$10.47 trillion\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eBanks using Aladdin Wealth\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$21.6 trillion\u003c\/strong\u003e; \u003cstrong\u003e$1.5 billion\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\u003cstrong\u003eInstitutional investors\u003c\/strong\u003e: \u003cstrong\u003e$10.47 trillion\u003c\/strong\u003e at March 31, 2024; \u003cstrong\u003e$10.0 trillion\u003c\/strong\u003e at December 31, 2023; \u003cstrong\u003e$470 billion\u003c\/strong\u003e increase.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eWealth managers and private banks\u003c\/strong\u003e: \u003cstrong\u003e$3.2 trillion\u003c\/strong\u003e iShares AUM; \u003cstrong\u003e1,400+\u003c\/strong\u003e ETFs; \u003cstrong\u003e100+\u003c\/strong\u003e countries.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRetail ETF investors\u003c\/strong\u003e: \u003cstrong\u003e$3.2 trillion\u003c\/strong\u003e iShares AUM; \u003cstrong\u003e1,400+\u003c\/strong\u003e ETFs.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eSovereign wealth and pension clients\u003c\/strong\u003e: \u003cstrong\u003e$21.6 trillion\u003c\/strong\u003e assets on Aladdin; \u003cstrong\u003e$10.47 trillion\u003c\/strong\u003e total AUM.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eBanks using Aladdin Wealth\u003c\/strong\u003e: \u003cstrong\u003e$21.6 trillion\u003c\/strong\u003e assets on Aladdin; \u003cstrong\u003e$1.5 billion\u003c\/strong\u003e technology services revenue in 2023.\u003c\/p\u003e\n\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e\n\u003cstrong\u003e$10.47 trillion\u003c\/strong\u003e total AUM\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$3.2 trillion\u003c\/strong\u003e iShares AUM\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e1,400+\u003c\/strong\u003e ETFs\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$21.6 trillion\u003c\/strong\u003e assets on Aladdin\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$1.5 billion\u003c\/strong\u003e technology services revenue\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e100+\u003c\/strong\u003e countries\u003c\/li\u003e\n\u003c\/ul\u003e\u003ch2\u003eBlackRock, Inc. - Canvas Business Model: Cost Structure\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003e2023 revenue\u003c\/strong\u003e $17.9B; \u003cstrong\u003e2023 operating income\u003c\/strong\u003e $6.4B; \u003cstrong\u003eDec. 31, 2023 employees\u003c\/strong\u003e 19,800.\u003c\/p\u003e\n\u003ctable\u003e\n\u003ctr\u003e\n\u003ctd\u003e\u003cstrong\u003eEmployee compensation\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e$5.8B\u003c\/td\u003e\n\u003ctd\u003e2023\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e\u003cstrong\u003eEmployee compensation per employee\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e$293,000\u003c\/td\u003e\n\u003ctd\u003e2023\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e\u003cstrong\u003eTechnology and cloud spending\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e$1.1B\u003c\/td\u003e\n\u003ctd\u003e2023\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e\u003cstrong\u003eAcquisition consideration\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e$12.5B\u003c\/td\u003e\n\u003ctd\u003eGlobal Infrastructure Partners, 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e\u003cstrong\u003eAcquisition consideration\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e$3.2B\u003c\/td\u003e\n\u003ctd\u003ePreqin, 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e\u003cstrong\u003eCompliance and legal-related operating expense bucket\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e$1.4B\u003c\/td\u003e\n\u003ctd\u003eGeneral and administration, 2023\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e\u003cstrong\u003eMarketing and client servicing\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e$2.4B\u003c\/td\u003e\n\u003ctd\u003e$1.3B sales and distribution + $1.1B fund administration and servicing, 2023\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e\u003cstrong\u003eMarketing and client servicing as a share of revenue\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e13.4%\u003c\/td\u003e\n\u003ctd\u003e2023\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e\u003cstrong\u003eTechnology and cloud spending as a share of revenue\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e6.1%\u003c\/td\u003e\n\u003ctd\u003e2023\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e\u003cstrong\u003eEmployee compensation as a share of revenue\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e32.4%\u003c\/td\u003e\n\u003ctd\u003e2023\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/table\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e\u003cstrong\u003e$15.7B\u003c\/strong\u003e\u003c\/li\u003e\n\u003cli\u003e\u003cstrong\u003e$5.8B\u003c\/strong\u003e\u003c\/li\u003e\n\u003cli\u003e\u003cstrong\u003e$2.4B\u003c\/strong\u003e\u003c\/li\u003e\n\u003cli\u003e\u003cstrong\u003e$1.4B\u003c\/strong\u003e\u003c\/li\u003e\n\u003cli\u003e\u003cstrong\u003e$1.1B\u003c\/strong\u003e\u003c\/li\u003e\n\u003cli\u003e\u003cstrong\u003e19,800\u003c\/strong\u003e\u003c\/li\u003e\n\u003c\/ul\u003e\u003ch2\u003eBlackRock, Inc. - Canvas Business Model: Revenue Streams\u003c\/h2\u003e\n\u003cp\u003eBlackRock's fee engine sits on \u003cstrong\u003e$11.6 trillion\u003c\/strong\u003e of AUM at Dec. 31, 2024, with \u003cstrong\u003e$641 billion\u003c\/strong\u003e of 2024 net inflows and \u003cstrong\u003e$390 billion\u003c\/strong\u003e of iShares net inflows in 2024.\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003ctr\u003e\n\u003ctd\u003eRevenue stream\u003c\/td\u003e\n\u003ctd\u003eReal-life number\u003c\/td\u003e\n\u003ctd\u003eDate\u003c\/td\u003e\n\u003ctd\u003eFee base\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eInvestment management fees\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$11.6 trillion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eDec. 31, 2024\u003c\/td\u003e\n\u003ctd\u003eAUM\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eBase fees on AUM\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$641 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e2024\u003c\/td\u003e\n\u003ctd\u003eNet inflows\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTechnology services ACV\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1 billion+\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e2024\u003c\/td\u003e\n\u003ctd\u003eRecurring contract base\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eETF fee income\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$390 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e2024\u003c\/td\u003e\n\u003ctd\u003eiShares net inflows\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePrivate markets and credit fees\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$12.5 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eJan. 12, 2024\u003c\/td\u003e\n\u003ctd\u003eGlobal Infrastructure Partners transaction value\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\u003cstrong\u003eInvestment management fees\u003c\/strong\u003e scale with AUM. BlackRock's \u003cstrong\u003e$11.6 trillion\u003c\/strong\u003e AUM at Dec. 31, 2024 is the largest driver of fee revenue.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e\n\u003cstrong\u003e$11.6 trillion\u003c\/strong\u003e AUM\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$641 billion\u003c\/strong\u003e 2024 net inflows\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eDec. 31, 2024\u003c\/strong\u003e reporting date\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eBase fees on AUM\u003c\/strong\u003e are tied to the size of client assets, so new money matters. BlackRock reported \u003cstrong\u003e$641 billion\u003c\/strong\u003e of net inflows in 2024, which expands fee-bearing assets.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e\n\u003cstrong\u003e$641 billion\u003c\/strong\u003e net inflows in 2024\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$11.6 trillion\u003c\/strong\u003e AUM at year-end 2024\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e2024\u003c\/strong\u003e flow base for future fees\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eTechnology services ACV\u003c\/strong\u003e is a recurring contract stream. BlackRock's technology services revenue base was \u003cstrong\u003e$1 billion+\u003c\/strong\u003e in 2024.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e\n\u003cstrong\u003e$1 billion+\u003c\/strong\u003e technology services ACV base\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e2024\u003c\/strong\u003e recurring contract year\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eETF fee income\u003c\/strong\u003e is driven by scale in iShares. BlackRock reported \u003cstrong\u003e$390 billion\u003c\/strong\u003e of iShares net inflows in 2024.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e\n\u003cstrong\u003e$390 billion\u003c\/strong\u003e iShares net inflows in 2024\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e$11.6 trillion\u003c\/strong\u003e total AUM at Dec. 31, 2024\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e2024\u003c\/strong\u003e ETF flow year\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003ePrivate markets and credit fees\u003c\/strong\u003e were enlarged by the \u003cstrong\u003e$12.5 billion\u003c\/strong\u003e Global Infrastructure Partners transaction announced on \u003cstrong\u003eJan. 12, 2024\u003c\/strong\u003e and closed on \u003cstrong\u003eOct. 1, 2024\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e\n\u003cstrong\u003e$12.5 billion\u003c\/strong\u003e transaction value\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eJan. 12, 2024\u003c\/strong\u003e announcement date\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eOct. 1, 2024\u003c\/strong\u003e closing date\u003c\/li\u003e\n\u003c\/ul\u003e","brand":"dcf.fm","offers":[{"title":"Default Title","offer_id":44601586581653,"sku":"blk-business-model-canvas","price":7.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0630\/5189\/0837\/files\/blk-business-model-canvas.png?v=1740153901","url":"https:\/\/dcf-model.com\/fr\/products\/blk-business-model-canvas","provider":"AI-Powered Discounted Cash Flow Model Templates","version":"1.0","type":"link"}