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Section 1: 8-K (8-K)

blk-8k_20180412.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of

The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): April 12, 2018

 

 

BLACKROCK, INC.

(Exact name of registrant as specified in its charter)

 

DELAWARE

(State or other jurisdiction

of incorporation)

001-33099

(Commission

File Number)

32-0174431

(IRS Employer

Identification No.)

 

 

55 East 52nd Street, New York, New York

 

10055

(Address of principal executive offices)

(Zip Code)

 

Registrant’s telephone number, including area code: (212) 810-5300

 

_________________________________________________________________________________________________

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 


Item 2.02. Results of Operations and Financial Condition

 

On April 12, 2018, BlackRock, Inc. (the “Company”) reported results of operations for the three months ended March 31, 2018. A copy of the earnings release issued by the Company is attached as Exhibit 99.1. In addition, a copy of the Company’s Earnings Release Supplement for the quarter ended March 31, 2018 is being furnished as Exhibit 99.2 to this Form 8-K.

Item 9.01. Financial Statements and Exhibits

 

(d)  Exhibits

 

99.1

Earnings release dated April 12, 2018 issued by the Company

99.2

First Quarter 2018 Earnings – Earnings Release Supplement

 

 

 

 



EXHIBIT INDEX

 

99.1

Earnings release dated April 12, 2018 issued by the Company

99.2

First Quarter 2018 Earnings – Earnings Release Supplement

 

 



SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

BlackRock, Inc.

 

(Registrant)

 

 

 

 

 

By: /s/ Gary S. Shedlin          

Date: April 12, 2018

Senior Managing Director and

 

Chief Financial Officer

 

Gary S. Shedlin

 

 

 

(Back To Top)

Section 2: EX-99.1 (EARNINGS RELEASE DATED APRIL 12, 2018)

blk-ex991_71.htm

Exhibit 99.1

 

 

 

 

 

 

Tom Wojcik, Investor Relations

 

Brian Beades, Media Relations

212.810.8127

 

212.810.5596

 

BlackRock Reports First Quarter 2018 Diluted EPS of $6.68, or $6.70 as adjusted

 

 

$55 billion of quarterly long-term net inflows, positive across active and index, reflect strength of diversified business model

 

16% growth in revenue year-over-year driven by base fees and technology and risk management revenue

 

20% increase in operating income year-over-year reflects operating margin expansion

 

28% growth in diluted EPS year-over-year, driven in part by lower tax rate

 

15% increase in quarterly cash dividend to $2.88 per share and $335 million of share repurchases

 

 

FINANCIAL RESULTS REFLECT NEW REVENUE RECOGNITION STANDARD (PRIOR PERIODS HAVE BEEN RECAST)

 

Q1

 

Q1

 

 

 

 

 

Q4

 

 

 

 

(in millions, except per share data)

2018

 

2017(a)

 

Change

 

 

2017(a)

 

Change

 

AUM

$

6,316,984

 

$

5,420,477

 

 

17

%

 

$

6,288,195

 

 

-

%

Total net flows

$

56,946

 

$

64,599

 

 

 

 

 

$

102,929

 

 

 

 

GAAP basis:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

$

3,583

 

$

3,092

 

 

16

%

 

$

3,764

 

 

(5

)%

Operating income

$

1,375

 

$

1,143

 

 

20

%

 

$

1,485

 

 

(7

)%

Operating margin

 

38.4

%

 

37.0

%

 

140

bps

 

 

39.5

%

 

(110

) bps

Net income(1) (2)

$

1,089

 

$

859

 

 

27

%

 

$

2,295

 

 

(53

)%

Diluted EPS

$

6.68

 

$

5.21

 

 

28

%

 

$

14.01

 

 

(52

)%

Weighted average diluted shares

 

162.9

 

 

164.9

 

 

(1

)%

 

 

163.8

 

 

(1

)%

As Adjusted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income(3)

$

1,378

 

$

1,147

 

 

20

%

 

$

1,488

 

 

(7

)%

Operating margin(3)

 

44.1

%

 

42.6

%

 

150

bps

 

 

44.7

%

 

(60

) bps

Net income(1) (3)

$

1,092

 

$

862

 

 

27

%

 

$

1,013

 

 

8

%

Diluted EPS(3)

$

6.70

 

$

5.23

 

 

28

%

 

$

6.19

 

 

8

%

(a)

Financial results for 2017 were recast to reflect the adoption of the new revenue recognition standard. For further information, refer to the Current Report on Form 8-K furnished on March 22, 2018.

(1)

Net income represents net income attributable to BlackRock, Inc.  

(2)

GAAP net income for fourth quarter 2017 reflects $1.2 billion of net tax benefit related to the Tax Cuts and Jobs Act.

(3)

See notes (1) through (3) to the condensed consolidated statements of income and supplemental information on pages 10 and 11 for more information on as adjusted items and the reconciliation to GAAP.

 

 

New York, April 12, 2018 — BlackRock, Inc. (NYSE: BLK) today reported financial results for the three months ended March 31, 2018.

 

“Paced by a strong January, long-term net inflows of $55 billion, representing 5% annualized organic base fee growth, were positive across active and index strategies. Momentum continued in technology and risk management, with 19% year-over-year revenue growth, further highlighting the strength and diversity of our global platform.

 

“Investors experienced a spike in market volatility during the quarter, driven by concerns over global trade policies, a heightened focus on rates and inflation, and headlines in the technology sector. Institutional investors, in particular, reacted to these factors, by de-risking and re-balancing. At the same time, we also saw many corporate clients adapting to U.S. tax reform by seeking liquidity to fund future capital investment or more aggressive share repurchases. As a result of these various crosscurrents, BlackRock experienced a significant number of both large inflows and large outflows from institutional clients in the first quarter. Total institutional net inflows were $3 billion, but reflected active net outflows from multi-asset strategies, primarily related to the loss of a single client from M&A activity, and from active fixed income strategies, linked to profit-taking and cash repatriation planning.

 

 

 

-1-


Driven by strong flows in our retail channels, BlackRock saw continued demand for a diverse range of fixed income strategies, including unconstrained, total return, short duration and emerging market debt, as well as alpha-seeking equity strategies. Our top performing fixed income platform saw $27 billion of net inflows across active and index. Active equities generated $1 billion of net inflows as performance improved, with 78% of fundamental equities and 90% of systematic active equity assets above benchmark or peer median for the five-year period.

 

iShares® saw quarterly net inflows of $35 billion, as clients continued to use iShares at the core of their portfolios to drive active returns and as simple, efficient tools to manage risk exposure amid market volatility.

 

“Growth in technology and risk management revenue was powered by demand for institutional Aladdin® and expansion of our digital wealth and distribution technologies, including Aladdin Risk for Wealth Management and Cachematrix. We continue to invest in technology to enhance our distribution capabilities and help partners efficiently scale their businesses and construct better portfolios.

 

“In a challenging environment, BlackRock continued to perform well. Building on a strong start to 2018, we remain committed to investing for growth and delivering the benefits of our scale to both clients and shareholders.”

 

 

RESULTS BY CLIENT TYPE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2018

Q1 2018

 

Q1 2018

 

March 31, 2018

 

Q1 2018

 

AUM

Base fees(1)

(in millions), (unaudited)

Net flows

 

AUM

 

Base fees(1)

 

% of Total

% of Total

Retail

$

16,686

 

$

638,363

 

$

855

 

 

10

%

 

 

29

%

 

iShares ETFs

 

34,649

 

 

1,767,925

 

 

1,158

 

 

28

%

 

 

39

%

 

Institutional:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Active

 

(7,088

)

 

1,130,446

 

 

527

 

 

18

%

 

 

18

%

 

Index

 

10,378

 

 

2,324,327

 

 

256

 

 

37

%

 

 

9

%

 

Total institutional

 

3,290

 

 

3,454,773

 

 

783

 

 

55

%

 

 

27

%

 

Long-term

 

54,625

 

 

5,861,061

 

 

2,796

 

 

93

%

 

 

95

%

 

Cash management

 

2,674

 

 

454,784

 

 

151

 

 

7

%

 

 

5

%

 

Advisory

 

(353

)

 

1,139

 

 

-

 

 

-

 

 

 

-

 

 

Total

$

56,946

 

$

6,316,984

 

$

2,947

 

 

100

%

 

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RESULTS BY INVESTMENT STYLE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2018

Q1 2018

 

Q1 2018

 

March 31, 2018

 

Q1 2018

 

AUM

Base fees(1)

(in millions), (unaudited)

Net flows

 

AUM

 

Base fees(1)

 

% of Total

% of Total

Active

$

5,513

 

$

1,693,883

 

$

1,365

 

 

27

%

 

 

46

%

 

Index and iShares ETFs

 

49,112

 

 

4,167,178

 

 

1,431

 

 

66

%

 

 

49

%

 

Long-term

 

54,625

 

 

5,861,061

 

 

2,796

 

 

93

%

 

 

95

%

 

Cash management

 

2,674

 

 

454,784

 

 

151

 

 

7

%

 

 

5

%

 

Advisory

 

(353

)

 

1,139

 

 

-

 

 

-

 

 

 

-

 

 

Total

$

56,946

 

$

6,316,984

 

$

2,947

 

 

100

%

 

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RESULTS BY PRODUCT TYPE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2018

Q1 2018

 

Q1 2018

 

March 31, 2018

 

Q1 2018

 

AUM

Base fees(1)

(in millions), (unaudited)

Net flows

 

AUM

 

Base fees(1)

 

% of Total

% of Total

Equity

$

26,514

 

$

3,363,237

 

$

1,540

 

 

53

%

 

 

52

%

 

Fixed income

 

26,683

 

 

1,886,523

 

 

757

 

 

30

%

 

 

26

%

 

Multi-asset

 

(1,987

)

 

476,697

 

 

296

 

 

8

%

 

 

10

%

 

Alternatives

 

3,415

 

 

134,604

 

 

203

 

 

2

%

 

 

7

%

 

Long-term

 

54,625

 

 

5,861,061

 

 

2,796

 

 

93

%

 

 

95

%

 

Cash management

 

2,674

 

 

454,784

 

 

151

 

 

7

%

 

 

5

%

 

Advisory

 

(353

)

 

1,139

 

 

-

 

 

-

 

 

 

-

 

 

Total

$

56,946

 

$

6,316,984

 

$

2,947

 

 

100

%

 

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Base fees include investment advisory, administration fees and securities lending revenue.


-2-


BUSINESS HIGHLIGHTS

 

Long-term net inflows of $57.3 billion and $3.2 billion from clients in the Americas and Asia-Pacific regions, respectively, were partially offset by net outflows of $5.9 billion from clients in EMEA. At March 31, 2018, BlackRock managed 63% of its long-term AUM for clients in the Americas, 29% for clients in EMEA and 8% for clients in Asia-Pacific.

The Company’s net flows by client type for the first quarter of 2018 are presented below.

 

Retail long-term net inflows of $16.7 billion reflected net inflows of $8.7 billion in the United States and $8.0 billion internationally. Fixed income net inflows of $10.0 billion were diversified across the Company’s top-performing active platform, led by net inflows into unconstrained, emerging market and municipals categories. Equity net inflows of $4.2 billion reflected inflows into index mutual funds and international active equities. Multi-asset net inflows of $2.0 billion were largely due to inflows into the Multi-asset Income fund family.

 

iShares ETFs long-term net inflows of $34.6 billion reflected strength in iShares Core ETFs. Equity net inflows of $29.7 billion were driven by both U.S. and international equity market exposures. Fixed income and commodity iShares generated $3.2 billion and $1.7 billion of net inflows, respectively.

 

Institutional active long-term net outflows of $7.1 billion were driven by fixed income outflows of $4.1 billion linked to profit-taking and cash repatriation planning, and multi-asset net outflows of $4.1 billion resulting from a single redemption associated with client M&A activity. Alternatives net inflows of $1.4 billion were led by inflows into hedge funds, private equity solutions and infrastructure offerings.

 

Institutional index long-term net inflows of $10.4 billion included fixed income net inflows of $17.5 billion, led by demand for liability-driven solutions, partially offset by equity net outflows of $7.2 billion.

 

Cash management AUM increased 1% from the prior quarter to $454.8 billion.

 

INVESTMENT PERFORMANCE AT MARCH 31, 2018(1)  

 

 

One-year period

Three-year period

Five-year period

  Fixed income:

 

 

 

  Actively managed AUM above benchmark or peer median

 

 

 

Taxable

83%

72%

90%

Tax-exempt

63%

58%

74%

  Index AUM within or above applicable tolerance

96%

99%

100%

  Equity:

 

 

 

  Actively managed AUM above benchmark or peer median

 

 

 

Fundamental

66%

77%

78%

Systematic

84%

89%

90%

  Index AUM within or above applicable tolerance

96%

98%

98%

(1)

Past performance is not indicative of future results. The performance information shown is based on preliminary available data. Please refer to page 12 for performance disclosure detail.

TELECONFERENCE, WEBCAST AND PRESENTATION INFORMATION

Chairman and Chief Executive Officer, Laurence D. Fink, and Chief Financial Officer, Gary S. Shedlin, will host a teleconference call for investors and analysts on Thursday, April 12, 2018 at 8:30 a.m. (Eastern Time). Members of the public who are interested in participating in the teleconference should dial, from the United States, (800) 374-0176, or from outside the United States, (706) 679-8281, shortly before 8:30 a.m. and reference the BlackRock Conference Call (ID Number 9486699). A live, listen-only webcast will also be available via the investor relations section of www.blackrock.com.

Both the teleconference and webcast will be available for replay by 12:30 p.m. (Eastern Time) on Thursday, April 12, 2018 and ending at midnight on Thursday, April 26, 2018. To access the replay of the teleconference, callers from the United States should dial (855) 859-2056 and callers from outside the United States should dial (404) 537-3406 and enter the Conference ID Number 9486699. To access the webcast, please visit the investor relations section of www.blackrock.com.

 

About BlackRock

BlackRock helps investors build better financial futures. As a fiduciary to our clients, we provide the investment and technology solutions they need when planning for their most important goals. As of March 31, 2018, the firm managed approximately $6.317 trillion in assets on behalf of investors worldwide. For additional information on BlackRock, please visit www.blackrock.com | Twitter: @blackrock | Blog: www.blackrockblog.com | LinkedIn: www.linkedin.com/company/blackrock.

-3-


CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION

(in millions, except shares and per share data), (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

Ended

 

 

 

 

 

 

March 31,

 

 

 

 

 

 

December 31,

 

 

 

 

 

 

2018

 

 

2017(a)

 

 

Change

 

 

2017(a)

 

 

Change

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory, administration fees and

  securities lending revenue

$

2,947

 

 

$

2,523

 

 

$

424

 

 

$

2,897

 

 

$

50

 

Investment advisory performance fees

 

70

 

 

 

70

 

 

 

-

 

 

 

285

 

 

 

(215

)

Technology and risk management revenue

 

184

 

 

 

154

 

 

 

30

 

 

 

176

 

 

 

8

 

Distribution fees

 

311

 

 

 

287

 

 

 

24

 

 

 

306

 

 

 

5

 

Advisory and other revenue

 

71

 

 

 

58

 

 

 

13

 

 

 

100

 

 

 

(29

)

Total revenue

 

3,583

 

 

 

3,092

 

 

 

491

 

 

 

3,764

 

 

 

(181

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee compensation and benefits

 

1,121

 

 

 

1,021

 

 

 

100

 

 

 

1,147

 

 

 

(26

)

Distribution and servicing costs

 

432

 

 

 

401

 

 

 

31

 

 

 

433

 

 

 

(1

)

Direct fund expense

 

261

 

 

 

206

 

 

 

55

 

 

 

237

 

 

 

24

 

General and administration

 

383

 

 

 

296

 

 

 

87

 

 

 

450

 

 

 

(67

)

Amortization of intangible assets

 

11

 

 

 

25

 

 

 

(14

)

 

 

12

 

 

 

(1

)

Total expense

 

2,208

 

 

 

1,949

 

 

 

259

 

 

 

2,279

 

 

 

(71

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

1,375

 

 

 

1,143

 

 

 

232

 

 

 

1,485

 

 

 

(110

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonoperating income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gain (loss) on investments

 

15

 

 

 

51

 

 

 

(36

)

 

 

33

 

 

 

(18

)

Interest and dividend income

 

15

 

 

 

7

 

 

 

8

 

 

 

14

 

 

 

1

 

Interest expense

 

(46

)

 

 

(65

)

 

 

19

 

 

 

(46

)

 

 

-

 

Total nonoperating income (expense)

 

(16

)

 

 

(7

)

 

 

(9

)

 

 

1

 

 

 

(17

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

1,359

 

 

 

1,136

 

 

 

223

 

 

 

1,486

 

 

 

(127

)

Income tax expense (benefit)

 

265

 

 

 

268

 

 

 

(3

)

 

 

(815

)

 

 

1,080

 

Net income

 

1,094

 

 

 

868

 

 

 

226

 

 

 

2,301

 

 

 

(1,207

)

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to noncontrolling interests

 

5

 

 

 

9

 

 

 

(4

)

 

 

6

 

 

 

(1

)

Net income attributable to BlackRock, Inc.

$

1,089

 

 

$

859

 

 

$

230

 

 

$

2,295

 

 

$

(1,206

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

161,250,018

 

 

 

163,016,599

 

 

 

(1,766,581

)

 

 

161,272,950

 

 

 

(22,932

)

Diluted

 

162,918,961

 

 

 

164,856,183

 

 

 

(1,937,222

)

 

 

163,777,534

 

 

 

(858,573

)

Earnings per share attributable to BlackRock, Inc.

   common stockholders (3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

6.75

 

 

$

5.27

 

 

$

1.48

 

 

$

14.23

 

 

$

(7.48

)

Diluted

$

6.68

 

 

$

5.21

 

 

$

1.47

 

 

$

14.01

 

 

$

(7.33

)

Cash dividends declared and paid per share

$

2.88

 

 

$

2.50

 

 

$

0.38

 

 

$

2.50

 

 

$

0.38

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AUM (end of period)

$

6,316,984

 

 

$

5,420,477

 

 

$

896,507

 

 

$

6,288,195

 

 

$

28,789

 

Shares outstanding (end of period)

 

161,275,008

 

 

 

162,868,647

 

 

 

(1,593,639

)

 

 

161,046,825

 

 

 

228,183

 

GAAP:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

 

38.4

%

 

 

37.0

%

 

 

140

  bps

 

 

39.5

%

 

 

(110

) bps

Effective tax rate

 

19.6

%

 

 

23.8

%

 

 

(420

) bps

 

 

(55.1

)%

 

 

7,470

  bps

As adjusted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (1)

$

1,378

 

 

$

1,147

 

 

$

231

 

 

$

1,488

 

 

$

(110

)

Operating margin (1)

 

44.1

%

 

 

42.6

%

 

 

150

  bps

 

 

44.7

%

 

 

(60

) bps

Nonoperating income (expense), less net income

     (loss) attributable to noncontrolling interests

$

(21

)

 

$

(16

)

 

$

(5

)

 

$

(5

)

 

$

(16

)

Net income attributable to BlackRock, Inc. (2)

$

1,092

 

 

$

862

 

 

$

230

 

 

$

1,013

 

 

$

79

 

Diluted earnings attributable to BlackRock, Inc.

     common stockholders per share (2) (3)

$

6.70

 

 

$

5.23

 

 

$

1.47

 

 

$

6.19

 

 

$

0.51

 

Effective tax rate

 

19.6

%

 

 

23.8

%

 

 

(420

) bps

 

 

31.7

%

 

 

(1,210

) bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See pages 10-11 for the reconciliation to GAAP and notes (1) through (3) for more information on as adjusted items.

 

 

(a)

Financial results for 2017 were recast to reflect the adoption of the new revenue recognition standard. For further information, refer to the Current Report on Form 8-K furnished on March 22, 2018.  

-4-


ASSETS UNDER MANAGEMENT

(in millions), (unaudited)

Current Quarter Component Changes by Client Type and Product Type

 

 

 

 

 

 

Net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

inflows

 

 

Market

 

 

 

 

 

 

March 31,

 

 

 

 

 

 

2017

 

 

(outflows)

 

 

change

 

 

FX impact (1)

 

 

2018

 

 

Average AUM (2)

 

Retail:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

$

233,218

 

 

$

4,248

 

 

$

(6,711

)

 

$

2,200

 

 

$

232,955

 

 

$

237,553

 

Fixed income

 

257,571

 

 

 

10,065

 

 

 

(2,188

)

 

 

1,123

 

 

 

266,571

 

 

 

262,506

 

Multi-asset

 

120,855

 

 

 

2,035

 

 

 

(1,556

)

 

 

267

 

 

 

121,601

 

 

 

122,671

 

Alternatives

 

16,733

 

 

 

338

 

 

 

63

 

 

 

102

 

 

 

17,236

 

 

 

17,131

 

Retail subtotal

 

628,377

 

 

 

16,686

 

 

 

(10,392

)

 

 

3,692

 

 

 

638,363

 

 

 

639,861

 

iShares ETFs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

1,329,610

 

 

 

29,714

 

 

 

(17,345

)

 

 

2,585

 

 

 

1,344,564

 

 

 

1,366,390

 

Fixed income

 

395,252

 

 

 

3,210

 

 

 

(5,754

)

 

 

1,483

 

 

 

394,191

 

 

 

394,856

 

Multi-asset

 

3,761

 

 

 

48

 

 

 

(40

)

 

 

(3

)

 

 

3,766

 

 

 

3,792

 

Alternatives

 

23,616

 

 

 

1,677

 

 

 

91

 

 

 

20

 

 

 

25,404

 

 

 

24,852

 

iShares ETFs subtotal

 

1,752,239

 

 

 

34,649

 

 

 

(23,048

)

 

 

4,085