ticker: BLK
step: 01
generated: 2026-05-12
source: quick-research
BlackRock, Inc. (BLK) — Business Overview
Business Description
BlackRock is the world's largest asset manager with a record $13.89T in assets under management (Q1 2026). The firm operates a uniquely diversified business: iShares (#1 ETF franchise globally), institutional active management, alternatives (now ~$420B+ AUM), retirement solutions, advisory services, and the Aladdin technology platform managing $25T+ in third-party assets. CEO Larry Fink has been at the helm since founding 1988. The 2024-2025 transformation: GIP ($12.5B), HPS ($12B), Preqin ($3.2B), ElmTree (small) acquisitions built BlackRock into a private markets + private credit powerhouse — the "Aladdin for private markets."
Revenue Model
- Investment Advisory Fees (~75% of revenue): Asset-based fees on $13.89T AUM
- ETFs (iShares ~30% of AUM): Lowest fees but largest scale
- Institutional active ~30%: Higher fees on active mandates
- Retail mutual funds ~10%: Higher-fee
- Cash management ~10%: Money market funds + cash
- Alternatives ~5%: Highest-fee — private markets growing fast
- Technology Services (~6%): Aladdin subscription revenue — high-margin, recurring; Q1 26 $530M (+22%)
- Performance Fees (~3%): Variable, hedge fund + private credit + private equity
- Investment Banking + Distribution (~2-3%): Securities lending, advisory
Products & Services
iShares ETFs
- $4.2T+ AUM (largest ETF franchise globally)
- IBIT (iShares Bitcoin Trust): $55B+ AUM, largest Bitcoin fund by 3x — ~800,000 BTC held
- Core equity index ETFs (IVV, IEFA, IEMG, etc.)
- Bond ETFs (driving 2025-26 inflows)
- Active ETFs growing
Alternatives ($420B+ AUM)
- Global Infrastructure Partners (GIP): $170B+ AUM in energy + AI data center + transport infrastructure
- HPS Investment Partners: $148B+ AUM in private credit (acquired 2024)
- BlackRock Real Estate, Private Equity, Hedge Funds
- ElmTree: Net lease real estate
Aladdin Technology Platform
- $25T+ in third-party assets monitored
- High-margin SaaS subscription model (~22% revenue growth)
- Aladdin Wealth for wealth managers; eFront for alternatives
- Preqin integration (2024 acq): Private markets data + analytics → "Aladdin for private markets"
Active Management
- Equity, Fixed Income, Multi-Asset
- Sustainable + ESG strategies
Customer Base & Go-to-Market
- Institutional clients: Pensions, sovereign wealth, endowments, insurance — 50%+ of AUM
- Retail (via intermediaries): ETFs through brokerages, financial advisors
- Wealth Management firms: Use Aladdin Wealth platform
- Geographic mix: ~65% Americas, ~25% EMEA, ~10% APAC
- Distribution: Direct institutional sales + retail through intermediaries
Competitive Position
BlackRock is the global #1 asset manager (~$14T AUM vs Vanguard ~$10T, State Street ~$5T, Fidelity ~$5T, JPM Asset Mgmt ~$4T). Moats: (1) iShares ETF scale + brand, (2) Aladdin platform integration with major institutions = sticky technology revenue, (3) Larry Fink's relationships + brand, (4) ability to deploy capital into alternative classes faster than peers. Recent moves into private credit (HPS), private markets data (Preqin), Bitcoin ETF (IBIT) entrench differentiation. Competitors: Vanguard (passive scale + cost), State Street (institutional + SPY), Apollo + KKR + Blackstone (private markets specialists).
Key Facts
- Founded: 1988 (Larry Fink + 7 others)
- Headquarters: New York, NY
- Employees: ~21,000
- Exchange: NYSE
- Sector / Industry: Financials / Asset Management
- Market Cap: ~$160B (May 2026)
- CEO: Laurence D. "Larry" Fink (since founding)
- Dividend: $20.40 annual ($5.10 quarterly)
- 11+ consecutive years of dividend growth
- AUM: $13.89T (Q1 2026 record)
- 2024-25 M&A: GIP $12.5B + HPS $12B + Preqin $3.2B = ~$28B in private markets buildout