BlackRock Reports Full Year 2024 Diluted EPS of $42.01, or $43.61 as Adjusted; Fourth Quarter 2024 Diluted EPS of $10.63, or $11.93 as Adjusted

NEW YORK--(BUSINESS WIRE)--BlackRock, Inc. (NYSE: BLK) today reported financial results for the three months and year ended December 31, 2024.

$11.6 trillion in AUM following a record $641 billion of full year net inflows, including $281 billion in the fourth quarter

14% increase in full year revenue driven by the positive impact of markets on average AUM, organic base fee growth, and fees on AUM acquired in the GIP Transaction, as well as higher performance fees and technology service revenue

21% increase in full year operating income (23% as adjusted)

15% increase in full year diluted EPS also reflects lower nonoperating income and a higher effective tax rate in the current year

$4.7 billion returned to shareholders in 2024, including $1.6 billion of share repurchases

Previously announced agreement to acquire HPS Investment Partners to create an integrated private credit franchise with approximately $220 billion in pro-forma client assets

Laurence D. Fink, Chairman and CEO:

“Clients entrusted BlackRock with a record $641 billion of net inflows in 2024, including $281 billion in the fourth quarter for two consecutive record flows quarters. 2024 was also a milestone year for strategic acquisitions grounded in client service, technology and scale. Our closing of GIP and planned acquisitions of HPS and Preqin are expected to significantly scale and enhance our private markets investment and data capabilities.

“For many companies, periods of M&A contribute to a pause in client engagement. At BlackRock, clients are instead embracing and rewarding our strategy. Client activity accelerated into the fourth quarter, resulting in 7% organic base fee growth and 12% technology services ACV growth. Our operating model delivered exceptional performance in a year of meaningful change. We crossed $20 billion of annual revenue, up 14% from 2023. As adjusted operating income grew by 23%, and our industry-leading margin of 44.5% was up 280 basis points.

“Our record organic growth and financial results do not yet reflect the full integration or pending acquisitions of the high-growth businesses of GIP, HPS and Preqin. And we’ve steadily made organic investments ahead of structural trends that we expect to drive outsized growth in the years ahead.

“BlackRock’s world-class talent is central to our significant growth and sustained performance. We have a longstanding, deliberate strategy of systematically elevating our strongest leaders around the world. We’re excited to again have a number of them taking on expanded roles this year. BlackRock’s leadership team alongside top talent from GIP, HPS and Preqin position us to serve our clients with excellence and seize the opportunities ahead of us.

“In the 25 years since our IPO, BlackRock has delivered a 21% compounded annual total return for our shareholders, compared to 8% in the S&P 500. BlackRock enters 2025 with more growth and upside potential than ever. This is just the beginning.”

FINANCIAL RESULTS																	NET FLOW HIGHLIGHTS(1)
(in millions,	Q4				Q4				Full Year											Q4				Full Year
except per share data)	2024				2023				2024				2023				(in billions)			2024				2024
AUM	$	11,551,251			$	10,008,995			$	11,551,251			$	10,008,995			Long-term net flows:			$	201			$	489
% change		15	%							15	%
Average AUM	$	11,555,434			$	9,384,929			$	10,804,007			$	9,220,700			By region:
% change		23	%							17	%							Americas		$	116			$	317
Total net flows	$	281,416			$	95,647			$	641,351			$	288,695				EMEA			74				149
																		APAC			11				23
GAAP basis:
Revenue	$	5,677			$	4,631			$	20,407			$	17,859			By client type:
% change		23	%							14	%
Operating income	$	2,075			$	1,585			$	7,574			$	6,275				Retail:		$	5			$	24
% change		31	%							21	%								US		3				19
Operating margin		36.6	%			34.2	%			37.1	%			35.1	%				International		2				5
Net income(1)	$	1,670			$	1,375			$	6,369			$	5,502
% change		21	%							16	%							ETFs:		$	143			$	390
Diluted EPS	$	10.63			$	9.15			$	42.01			$	36.51					Core equity		75				175
% change		16	%							15	%								Strategic		18				113
Weighted-average																			Cryptocurrency		18				41
diluted shares		157.0				150.2				151.6				150.7					Other precision		32				61
% change		5	%							1	%
																		Institutional:		$	53			$	74
As Adjusted(2):																			Active		25				64
Operating income	$	2,326			$	1,716			$	8,110			$	6,593					Index		28				9
% change		36	%							23	%
Operating margin		45.5	%			41.6	%			44.5	%			41.7	%
Net income(1)	$	1,874			$	1,451			$	6,612			$	5,692			Cash management net flows			$	81			$	153
% change		29	%							16	%
Diluted EPS	$	11.93			$	9.66			$	43.61			$	37.77
% change		23	%							15	%						Total net flows			$	281			$	641
_________________________																	_________________________
(1) Net income represents net income attributable to BlackRock, Inc. (2) See pages 10 through 12 for the reconciliation to GAAP and notes (1) through (3) to the condensed consolidated statements of income and supplemental information for more information on as adjusted items.																	(1) Totals may not add due to rounding.

BUSINESS RESULTS
													Q4 2024
							Q4 2024						Base fees(1)
							Base fees(1)			December 31, 2024			and securities
	Q4 2024			December 31, 2024			and securities			AUM			lending revenue
(in millions), (unaudited)	Net flows			AUM			lending revenue			% of Total			% of Total
RESULTS BY CLIENT TYPE
Retail	$	4,650		$	1,015,827		$	1,105			9	%		25	%
ETFs		142,641			4,230,375			1,815			37	%		41	%
Institutional:
Active		25,126			2,136,749			962			18	%		22	%
Index		28,251			3,247,637			242			28	%		5	%
Total institutional		53,377			5,384,386			1,204			46	%		27	%
Long-term		200,668			10,630,588			4,124			92	%		93	%
Cash management		80,748			920,663			293			8	%		7	%
Total	$	281,416		$	11,551,251		$	4,417			100	%		100	%
RESULTS BY INVESTMENT STYLE
Active	$	22,830		$	2,870,656		$	1,991			25	%		45	%
Index and ETFs		177,838			7,759,932			2,133			67	%		48	%
Long-term		200,668			10,630,588			4,124			92	%		93	%
Cash management		80,748			920,663			293			8	%		7	%
Total	$	281,416		$	11,551,251		$	4,417			100	%		100	%
RESULTS BY PRODUCT TYPE
Equity	$	126,566		$	6,310,191		$	2,142			55	%		48	%
Fixed income		23,784			2,905,669			950			25	%		22	%
Multi-asset		24,307			992,921			326			8	%		7	%
Alternatives:
Private markets		4,730			211,974			480			2	%		11	%
Liquid alternatives		1,165			76,390			146			1	%		3	%
Currency and commodities(2)		20,116			133,443			80			1	%		2	%
Total alternatives		26,011			421,807			706			4	%		16	%
Long-term		200,668			10,630,588			4,124			92	%		93	%
Cash management		80,748			920,663			293			8	%		7	%
Total	$	281,416		$	11,551,251		$	4,417			100	%		100	%

_________________________
(1)		Base fees include investment advisory and administration fees.
(2)		Amounts include cryptocurrency and commodity ETFs and exchange-traded products ("ETPs").

INVESTMENT PERFORMANCE AT DECEMBER 31, 2024(1)
	One-year period	Three-year period	Five-year period
Fixed income:
Actively managed AUM above benchmark or peer median
Taxable	69%	79%	82%
Tax-exempt	69%	42%	45%
Index AUM within or above applicable tolerance	97%	99%	98%
Equity:
Actively managed AUM above benchmark or peer median
Fundamental	47%	44%	64%
Systematic	93%	89%	93%
Index AUM within or above applicable tolerance	94%	99%	100%

_________________________
(1)		Past performance is not indicative of future results. The performance information shown is based on preliminary available data. Please refer to page 14 for performance disclosure detail.

TELECONFERENCE, WEBCAST AND PRESENTATION INFORMATION

Chairman and Chief Executive Officer, Laurence D. Fink, President, Robert S. Kapito, and Chief Financial Officer, Martin S. Small, will host a teleconference call for investors and analysts on Wednesday, January 15, 2025 at 7:30 a.m. (Eastern Time). Members of the public who are interested in participating in the teleconference should dial, from the United States, (786) 460-7166, or from outside the United States, (866) 409-1555, shortly before 7:30 a.m. and reference the BlackRock Conference Call (ID Number 6231688). A live, listen-only webcast will also be available via the investor relations section of www.blackrock.com.

The webcast will be available for replay by 10:30 a.m. (Eastern Time) on Wednesday, January 15, 2025. To access the replay of the webcast, please visit the investor relations section of www.blackrock.com.

ABOUT BLACKROCK

BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION
(in millions, except per share data), (unaudited)
														Three Months
	Three Months Ended													Ended
	December 31,													September 30,
	2024				2023				Change					2024				Change
Revenue
Investment advisory, administration fees and securities lending revenue:
Investment advisory and administration fees	$	4,256			$	3,448			$	808				$	3,881			$	375
Securities lending revenue		161				157				4					149				12
Total investment advisory, administration fees and securities lending revenue		4,417				3,605				812					4,030				387
Investment advisory performance fees		451				311				140					388				63
Technology services revenue		428				379				49					403				25
Distribution fees		322				303				19					323				(1	)
Advisory and other revenue		59				33				26					53				6
Total revenue		5,677				4,631				1,046					5,197				480
Expense
Employee compensation and benefits		1,885				1,503				382					1,578				307
Sales, asset and account expense:
Distribution and servicing costs		565				502				63					549				16
Direct fund expense		389				318				71					379				10
Sub-advisory and other		42				35				7					34				8
Total sales, asset and account expense		996				855				141					962				34
General and administration expense		596				589				7					562				34
Restructuring charge		-				61				(61	)				-				-
Amortization and impairment of intangible assets		125				38				87					89				36
Total expense		3,602				3,046				556					3,191				411
Operating income		2,075				1,585				490					2,006				69
Nonoperating income (expense)
Net gain (loss) on investments		(18	)			265				(283	)				177				(195	)
Interest and dividend income		212				159				53					236				(24	)
Interest expense		(166	)			(82	)			(84	)				(154	)			(12	)
Total nonoperating income (expense)		28				342				(314	)				259				(231	)
Income before income taxes		2,103				1,927				176					2,265				(162	)
Income tax expense		442				438				4					574				(132	)
Net income		1,661				1,489				172					1,691				(30	)
Less:
Net income (loss) attributable to noncontrolling interests		(9	)			114				(123	)				60				(69	)
Net income attributable to BlackRock, Inc.	$	1,670			$	1,375			$	295				$	1,631			$	39
Weighted-average common shares outstanding
Basic		155.0				148.7				6.3					148.0				6.9
Diluted		157.0				150.2				6.8					149.6				7.4
Earnings per share attributable to BlackRock, Inc. common stockholders
Basic	$	10.78			$	9.25			$	1.53				$	11.02			$	(0.24	)
Diluted	$	10.63			$	9.15			$	1.48				$	10.90			$	(0.27	)
Cash dividends declared and paid per share	$	5.10			$	5.00			$	0.10				$	5.10			$	-
Supplemental information:
AUM (end of period)	$	11,551,251			$	10,008,995			$	1,542,256				$	11,475,362			$	75,889
Shares outstanding (end of period)		154.9				148.5				6.4					148.0				7.0
GAAP:
Operating margin		36.6	%			34.2	%			240		bps			38.6	%			(200	)	bps
Effective tax rate		20.9	%			24.2	%			(330	)	bps			26.0	%			(510	)	bps
As adjusted:
Operating income (1)	$	2,326			$	1,716			$	610				$	2,128			$	198
Operating margin (1)		45.5	%			41.6	%			390		bps			45.8	%			(30	)	bps
Nonoperating income (expense), less net income (loss) attributable to noncontrolling interests (2)	$	39			$	199			$	(160	)			$	190			$	(151	)
Net income attributable to BlackRock, Inc. (3)	$	1,874			$	1,451			$	423				$	1,715			$	159
Diluted earnings attributable to BlackRock, Inc. common stockholders per share (3)	$	11.93			$	9.66			$	2.27				$	11.46			$	0.47
Effective tax rate		20.8	%			24.2	%			(340	)	bps			26.0	%			(520	)	bps
See pages 10 through 12 for the reconciliation to accounting principles generally accepted in the United States ("GAAP") and notes (1) through (3) to the condensed consolidated statements of income and supplemental information for more information on as adjusted items. Beginning in the first quarter of 2024, BlackRock, Inc. updated the presentation of the Company’s expense line items within the condensed consolidated statements of income by including a new “sales, asset and account expense” income statement caption. Such expense line items have been recast for 2023 to conform to this new presentation. For a recast of 2023 expense line items, see page 12 of Exhibit 99.1 to the Current Report on Form 8-K furnished on April 12, 2024.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION
(in millions, except per share data), (unaudited)
	Year Ended
	December 31,
	2024				2023				Change
Revenue
Investment advisory, administration fees and securities lending revenue:
Investment advisory and administration fees	$	15,485			$	13,724			$	1,761
Securities lending revenue		615				675				(60	)
Total investment advisory, administration fees and securities lending revenue		16,100				14,399				1,701
Investment advisory performance fees		1,207				554				653
Technology services revenue		1,603				1,485				118
Distribution fees		1,273				1,262				11
Advisory and other revenue		224				159				65
Total revenue		20,407				17,859				2,548
Expense
Employee compensation and benefits		6,546				5,779				767
Sales, asset and account expense:
Distribution and servicing costs		2,171				2,051				120
Direct fund expense		1,464				1,331				133
Sub-advisory and other		140				116				24
Total sales, asset and account expense		3,775				3,498				277
General and administration expense		2,221				2,095				126
Restructuring charge		-				61				(61	)
Amortization and impairment of intangible assets		291				151				140
Total expense		12,833				11,584				1,249
Operating income		7,574				6,275				1,299
Nonoperating income (expense)
Net gain (loss) on investments		492				699				(207	)
Interest and dividend income		767				473				294
Interest expense		(538	)			(292	)			(246	)
Total nonoperating income (expense)		721				880				(159	)
Income before income taxes		8,295				7,155				1,140
Income tax expense		1,783				1,479				304
Net income		6,512				5,676				836
Less:
Net income (loss) attributable to noncontrolling interests		143				174				(31	)
Net income attributable to BlackRock, Inc.	$	6,369			$	5,502			$	867
Weighted-average common shares outstanding
Basic		150.0				149.3				0.7
Diluted		151.6				150.7				0.9
Earnings per share attributable to BlackRock, Inc. common stockholders
Basic	$	42.45			$	36.85			$	5.60
Diluted	$	42.01			$	36.51			$	5.50
Cash dividends declared and paid per share	$	20.40			$	20.00			$	0.40
Supplemental information:
AUM (end of period)	$	11,551,251			$	10,008,995			$	1,542,256
Shares outstanding (end of period)		154.9				148.5				6.4
GAAP:
Operating margin		37.1	%			35.1	%			200		bps
Effective tax rate		21.9	%			21.2	%			70		bps
As adjusted:
Operating income (1)	$	8,110			$	6,593			$	1,517
Operating margin (1)		44.5	%			41.7	%			280		bps
Nonoperating income (expense), less net income (loss) attributable to noncontrolling interests (2)	$	533			$	648			$	(115	)
Net income attributable to BlackRock, Inc. (3)	$	6,612			$	5,692			$	920
Diluted earnings attributable to BlackRock, Inc. common stockholders per share (3)	$	43.61			$	37.77			$	5.84
Effective tax rate		23.5	%			21.4	%			210		bps
See pages 10 through 12 for the reconciliation to GAAP and notes (1) through (3) to the condensed consolidated statements of income and supplemental information for more information on as adjusted items. Beginning in the first quarter of 2024, BlackRock, Inc. updated the presentation of the Company’s expense line items within the condensed consolidated statements of income by including a new “sales, asset and account expense” income statement caption. Such expense line items have been recast for 2023 to conform to this new presentation. For a recast of 2023 expense line items, see page 12 of Exhibit 99.1 to the Current Report on Form 8-K furnished on April 12, 2024.

ASSETS UNDER MANAGEMENT
(in millions), (unaudited)
Current Quarter Component Changes by Client Type and Product Type
					Net
	September 30,				inflows								Market								December 31,
	2024				(outflows)				Acquisition(1)				change				FX impact(2)				2024				Average AUM(3)
Retail:
Equity	$	521,270			$	(127	)		$	-			$	(7,209	)		$	(8,816	)		$	505,118			$	514,867
Fixed income		324,245				4,155				-				(4,823	)			(4,936	)			318,641				321,799
Multi-asset		154,078				(424	)			-				(1,909	)			(767	)			150,978				152,157
Alternatives		41,608				1,046				-				(1,009	)			(555	)			41,090				41,243
Retail subtotal		1,041,201				4,650				-				(14,950	)			(15,074	)			1,015,827				1,030,066
ETFs:
Equity		3,061,840				110,601				-				(43,614	)			(22,429	)			3,106,398				3,090,667
Fixed income		1,019,176				11,834				-				(34,956	)			(10,402	)			985,652				1,005,156
Multi-asset		10,036				1,070				-				(153	)			(219	)			10,734				10,281
Alternatives		97,283				19,136				-				11,332				(160	)			127,591				115,012
ETFs subtotal		4,188,335				142,641				-				(67,391	)			(33,210	)			4,230,375				4,221,116
Institutional:
Active:
Equity		225,361				(2,050	)			-				2,432				(6,895	)			218,848				222,045
Fixed income		873,385				(1,509	)			-				(18,258	)			(13,290	)			840,328				851,910
Multi-asset		833,975				23,844				-				(8,141	)			(21,639	)			828,039				835,579
Alternatives		178,223				4,841				69,875				448				(3,853	)			249,534				230,800
Active subtotal		2,110,944				25,126				69,875				(23,519	)			(45,677	)			2,136,749				2,140,334
Index:
Equity		2,472,528				18,142				-				46,933				(57,776	)			2,479,827				2,493,289
Fixed income		806,888				9,304				-				(14,389	)			(40,755	)			761,048				780,330
Multi-asset		3,426				(183	)			-				(1	)			(72	)			3,170				3,325
Alternatives		2,653				988				-				19				(68	)			3,592				3,149
Index subtotal		3,285,495				28,251				-				32,562				(98,671	)			3,247,637				3,280,093
Institutional subtotal		5,396,439				53,377				69,875				9,043				(144,348	)			5,384,386				5,420,427
Long-term		10,625,975				200,668				69,875				(73,298	)			(192,632	)			10,630,588				10,671,609
Cash management		849,387				80,748				-				2,521				(11,993	)			920,663				883,825
Total	$	11,475,362			$	281,416			$	69,875			$	(70,777	)		$	(204,625	)		$	11,551,251			$	11,555,434
Current Quarter Component Changes by Investment Style and Product Type (Long-Term)
					Net
	September 30,				inflows								Market								December 31,
	2024				(outflows)				Acquisition(1)				change				FX impact(2)				2024				Average AUM(3)
Active:
Equity	$	492,193			$	(8,057	)		$	-			$	(6,198	)		$	(10,775	)		$	467,163			$	480,255
Fixed income		1,171,739				1,580				-				(22,623	)			(16,822	)			1,133,874				1,148,283
Multi-asset		988,035				23,420				-				(10,050	)			(22,404	)			979,001				987,720
Alternatives		219,824				5,887				69,875				(560	)			(4,408	)			290,618				272,039
Active subtotal		2,871,791				22,830				69,875				(39,431	)			(54,409	)			2,870,656				2,888,297
Index and ETFs:
ETFs:
Equity		3,061,840				110,601				-				(43,614	)			(22,429	)			3,106,398				3,090,667
Fixed income		1,019,176				11,834				-				(34,956	)			(10,402	)			985,652				1,005,156
Multi-asset		10,036				1,070				-				(153	)			(219	)			10,734				10,281
Alternatives		97,283				19,136				-				11,332				(160	)			127,591				115,012
ETFs subtotal		4,188,335				142,641				-				(67,391	)			(33,210	)			4,230,375				4,221,116
Non-ETF index:
Equity		2,726,966				24,022				-				48,354				(62,712	)			2,736,630				2,749,946
Fixed income		832,779				10,370				-				(14,847	)			(42,159	)			786,143				805,756
Multi-asset		3,444				(183	)			-				(1	)			(74	)			3,186				3,341
Alternatives		2,660				988				-				18				(68	)			3,598				3,153
Non-ETF index subtotal		3,565,849				35,197				-				33,524				(105,013	)			3,529,557				3,562,196
Index and ETFs subtotal		7,754,184				177,838				-				(33,867	)			(138,223	)			7,759,932				7,783,312
Long-term	$	10,625,975			$	200,668			$	69,875			$	(73,298	)		$	(192,632	)		$	10,630,588			$	10,671,609
Current Quarter Component Changes by Product Type (Long-Term)
					Net
	September 30,				inflows								Market								December 31,
	2024				(outflows)				Acquisition(1)				change				FX impact(2)				2024				Average AUM(3)
Equity	$	6,280,999			$	126,566			$	-			$	(1,458	)		$	(95,916	)		$	6,310,191			$	6,320,868
Fixed income		3,023,694				23,784				-				(72,426	)			(69,383	)			2,905,669				2,959,195
Multi-asset		1,001,515				24,307				-				(10,204	)			(22,697	)			992,921				1,001,342
Alternatives:
Private markets		141,409				4,730				69,875				(746	)			(3,294	)			211,974				193,493
Liquid alternatives		75,990				1,165				-				240				(1,005	)			76,390				76,211
Currency and commodities(4)		102,368				20,116				-				11,296				(337	)			133,443				120,500
Alternatives subtotal		319,767				26,011				69,875				10,790				(4,636	)			421,807				390,204
Long-term	$	10,625,975			$	200,668			$	69,875			$	(73,298	)		$	(192,632	)		$	10,630,588			$	10,671,609

_________________________
(1)		Amounts include AUM attributable to the acquisition of Global Infrastructure Management, LLC ("GIP") in October 2024 (the "GIP Transaction").
(2)		Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.
(3)		Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing four months.
(4)		Amounts include cryptocurrency and commodity ETFs and ETPs.

ASSETS UNDER MANAGEMENT
(in millions), (unaudited)
Year-over-Year Component Changes by Client Type and Product Type
					Net
	December 31,				inflows								Market								December 31,
	2023				(outflows)				Acquisition(1)				change				FX impact(2)				2024				Average AUM(3)
Retail:
Equity	$	435,734			$	15,285			$	4,074			$	54,257			$	(4,232	)		$	505,118			$	485,161
Fixed income		312,799				11,671				-				1,483				(7,312	)			318,641				316,520
Multi-asset		139,537				(2,328	)			-				14,420				(651	)			150,978				147,169
Alternatives		41,627				(261	)			-				69				(345	)			41,090				41,087
Retail subtotal		929,697				24,367				4,074				70,229				(12,540	)			1,015,827				989,937
ETFs:
Equity		2,532,631				236,357				-				359,322				(21,912	)			3,106,398				2,845,456
Fixed income		898,403				112,341				-				(16,291	)			(8,801	)			985,652				948,250
Multi-asset		9,140				1,025				-				841				(272	)			10,734				9,451
Alternatives		59,125				40,710				-				27,919				(163	)			127,591				89,331
ETFs subtotal		3,499,299				390,433				-				371,791				(31,148	)			4,230,375				3,892,488
Institutional:
Active:
Equity		186,688				5,380				-				30,876				(4,096	)			218,848				207,929
Fixed income		836,823				(2,843	)			-				16,885				(10,537	)			840,328				841,830
Multi-asset		717,182				54,887				-				72,798				(16,828	)			828,039				774,210
Alternatives		171,980				7,023				69,875				3,618				(2,962	)			249,534				191,190
Active subtotal		1,912,673				64,447				69,875				124,177				(34,423	)			2,136,749				2,015,159
Index:
Equity		2,138,291				(31,454	)			-				420,860				(47,870	)			2,479,827				2,333,824
Fixed income		756,001				42,500				-				(5,068	)			(32,385	)			761,048				759,871
Multi-asset		4,945				(1,906	)			-				204				(73	)			3,170				3,693
Alternatives		3,252				234				-				165				(59	)			3,592				2,912
Index subtotal		2,902,489				9,374				-				416,161				(80,387	)			3,247,637				3,100,300
Institutional subtotal		4,815,162				73,821				69,875				540,338				(114,810	)			5,384,386				5,115,459
Long-term		9,244,158				488,621				73,949				982,358				(158,498	)			10,630,588				9,997,884
Cash management		764,837				152,730				-				10,606				(7,510	)			920,663				806,123
Total	$	10,008,995			$	641,351			$	73,949			$	992,964			$	(166,008	)		$	11,551,251			$	10,804,007
Year-over-Year Component Changes by Investment Style and Product Type (Long-Term)
					Net
	December 31,				inflows								Market								December 31,
	2023				(outflows)				Acquisition(1)				change				FX impact(2)				2024				Average AUM(3)
Active:
Equity	$	427,448			$	(6,333	)		$	4,074			$	48,479			$	(6,505	)		$	467,163			$	461,583
Fixed income		1,123,422				9,184				-				18,516				(17,248	)			1,133,874				1,133,152
Multi-asset		856,705				52,553				-				87,221				(17,478	)			979,001				921,364
Alternatives		213,603				6,760				69,875				3,687				(3,307	)			290,618				232,274
Active subtotal		2,621,178				62,164				73,949				157,903				(44,538	)			2,870,656				2,748,373
Index and ETFs:
ETFs:
Equity		2,532,631				236,357				-				359,322				(21,912	)			3,106,398				2,845,456
Fixed income		898,403				112,341				-				(16,291	)			(8,801	)			985,652				948,250
Multi-asset		9,140				1,025				-				841				(272	)			10,734				9,451
Alternatives		59,125				40,710				-				27,919				(163	)			127,591				89,331
ETFs subtotal		3,499,299				390,433				-				371,791				(31,148	)			4,230,375				3,892,488
Non-ETF index:
Equity		2,333,265				(4,456	)			-				457,514				(49,693	)			2,736,630				2,565,331
Fixed income		782,201				42,144				-				(5,216	)			(32,986	)			786,143				785,069
Multi-asset		4,959				(1,900	)			-				201				(74	)			3,186				3,708
Alternatives		3,256				236				-				165				(59	)			3,598				2,915
Non-ETF index subtotal		3,123,681				36,024				-				452,664				(82,812	)			3,529,557				3,357,023
Index and ETFs subtotal		6,622,980				426,457				-				824,455				(113,960	)			7,759,932				7,249,511
Long-term	$	9,244,158			$	488,621			$	73,949			$	982,358			$	(158,498	)		$	10,630,588			$	9,997,884
Year-over-Year Component Changes by Product Type (Long-Term)
					Net
	December 31,				inflows								Market								December 31,
	2023				(outflows)				Acquisition(1)				change				FX impact(2)				2024				Average AUM(3)
Equity	$	5,293,344			$	225,568			$	4,074			$	865,315			$	(78,110	)		$	6,310,191			$	5,872,370
Fixed income		2,804,026				163,669				-				(2,991	)			(59,035	)			2,905,669				2,866,471
Multi-asset		870,804				51,678				-				88,263				(17,824	)			992,921				934,523
Alternatives:
Private markets		136,909				9,457				69,875				(1,803	)			(2,464	)			211,974				154,597
Liquid alternatives		74,233				(2,609	)			-				5,482				(716	)			76,390				75,402
Currency and commodities(4)		64,842				40,858				-				28,092				(349	)			133,443				94,521
Alternatives subtotal		275,984				47,706				69,875				31,771				(3,529	)			421,807				324,520
Long-term	$	9,244,158			$	488,621			$	73,949			$	982,358			$	(158,498	)		$	10,630,588			$	9,997,884

Contacts

INVESTOR RELATIONS:
Caroline Rodda 212.810.3442

MEDIA RELATIONS:
Patrick Scanlan 212.810.3622

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