BlackRock Inc (NYSE:BLK) Q4 2014 Earnings Conference Call - Preliminary Transcript

Jan 15, 2015 • 08:00 am ET


BlackRock Inc (NYSE:BLK) Q4 2014 Earnings Conference Call - Preliminary Transcript


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Larry Fink

our clients the full menu of solutions they need.

We expect investor preference to vary over time and BlackRock stability to evolve alongside our clients is critical in the future for our success.

Before I open it up for questions, I'd like to take a moment to thank our employees for their hard work, incredible dedication in 2014, in helping our clients in the most complex investment challenges in the world by helping them to provide solutions. I'd like to thank my entire management team, many of them who are thriving in their new role following successful organizational changes earlier this year. And I'd like to recognize some of the milestones that BlackRock achieved in 2014.

In retail, we crossed over $500 billion in assets under management. In iShares in 2014, we closed with more than $1 trillion in assets under management. In institutional, we garnered the best floors that we've seen in over five years.

Since the financial crisis or essentially since the end of 2007, the final year of the pre-crisis earnings, BlackRock has grown EPS by 142% versus the S&P 500, growing at 76% and the S&P financial index growing at only 9%, highlighting both the differentiation of our business model and our ability to execute on key growth strategies.

All of the areas I've spoken about whether it's fixed income, iShares, or financial institution group, alternatives, infrastructure, our active equity platform, all are areas where we made significant strategic investments over time and we'll be seeing the impact of those investments over time to our shareholders and to our clients. We will continue to make investments in BlackRock's future and keep very high margins and utilize the full scale of our Aladdin risk management and technology capabilities to meet our fiduciary duties to our clients and to deliver returns for shareholders in 2015.

With that, operator let's open it up for questions.