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BlackRock Announces 2023 Investor Day to be Held on June 14th, 2023

NEW YORK--( BUSINESS WIRE )--BlackRock, Inc. (NYSE: BLK) today announced that it will host an Investor Day on Wednesday, June 14 th , 2023, from approximately 8:00am to 1:00pm EDT.

A live video webcast and related presentation materials will be available to all interested parties through BlackRock’s website, www.blackrock.com . For those unable to join the live webcast, a replay will be available on the website following the event.

Any questions regarding BlackRock’s 2023 Investor Day may be addressed to BlackRock’s Investor Relations team at [email protected] .

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

Investor Relations Caroline Rodda 212-810-3442 [email protected]

Media Relations Brian Beades 212-810-5596 [email protected]

The 10 biggest takeaways from BlackRock's investor day, where the firm laid out how it's becoming a one-stop investments shop

• BlackRock is doubling down on private-market offerings and its presence in Asian markets.
• The largest asset manager explained those strategies and others during its investor day. 
• "I am not planning to leave anytime soon," CEO Larry Fink told investors on Thursday.

BlackRock detailed its plans to grow in Asian markets, build up its alternative-investments business, and expand its already massive iShares exchange-traded-fund business in its first investor day since 2018 on Thursday.

The asset manager's top executives appeared live from its headquarters in New York and other BlackRock offices to run through a 149-slide presentation going over the most important facets of the business. 

During the three-hour investor-day presentation, the firm emphasized that clients are increasingly looking to work with fewer asset managers.

"Clients want to work with a smaller number of players, of vendors, sometimes even just one," Mark Wiedman, the head of international and of corporate strategy, said. "And while there is price pressure, the evidence is that the best firms can meet these trends and grow share and revenues."

Enter, the "whole portfolio," or the ways BlackRock is looking to advise clients on all facets of portfolios, like incorporating sustainability considerations or pinpointing risk through Aladdin. 

"The whole portfolio wraps up everything else in our strategy," Wiedman said. "It's a spirit, not a product."

Here are selected slides and other key points from BlackRock's investor day.

BlackRock is expanding into China more aggressively than it has in the past.

BlackRock is the largest asset manager in the Asia-Pacific region, Rachel Lord, who runs the firm's operations there, said. 

Still, as China's population is likely to become the largest economy by the end of the decade, and eclipse the US, the firm sees upping its offerings there as a significant opportunity, Lord said.

The firm is betting on more investors demanding access to the private markets.

"Private enterprises are staying private for longer, and in many cases, they're staying private forever," Edwin Conway, who runs BlackRock's alternative-investments business, said.

Investors in recent years have searched for greater yield in private investments over public ones, and the firm has invested in its private offerings.

Private markets are the fastest-growing area within the alternatives business, Conway said, with $100 billion raised in the past five years.

That has meant generally shifting portfolios away from the traditional 60% stocks, 40% bonds construction and adding private investments into the mix.

It's not just private markets. The firm is investing in its alternative-investments unit more broadly.

"If you look at the institutional community alone, 80%-plus of them are telling us they're increasing their alternatives allocations, but particularly to private markets," Conway said.

Conway added that clients were "actively consolidating their managers" and choosing to do "more with far fewer" because it's easier work with one asset manager offering the same information and services at once. He said he saw that as an advantage for BlackRock, a "multi-wealth manager."

Pricing pressure is very real, Wiedman said.

"Price competition and price cautiousness are much more important than we were before," Wiedman said in prepared remarks. 

In the past, clients would ask BlackRock about a product's performance, he said, adding: "Now clients everywhere start by asking, 'What's the price?'"

BlackRock and its competitors have cut fees on products like ETFs as clients' tastes have shifted.

Earlier this year, the firm cut the expense ratio to 0.15% from 0.30% on a new ETF that tracks US companies it sees as best-positioned to transition to a low-carbon economy and made a similar move to a fund that tracks such companies outside the US.

Chief Executive Larry Fink says he is staying put.

Fink, 68, has long been rumored to be a contender for public office.

CNBC reported in April 2020 that then-President-elect Joe Biden's donors privately described Fink as a person they would like to see in the Biden administration. Before then, he was under consideration for a spot in Hillary Clinton's administration, if she won the US presidential race in 2016, the report said.

But he has said he plans to stay at BlackRock , and on Thursday he gave a nod to his tenure at the firm in prepared remarks.

"I am not planning to leave anytime soon," he said.

BlackRock has grown its Aladdin-focused employee population by 67% since 2016 and continues to invest in the business.

"Our vision is to build a comprehensive system for asset management, allowing all people to speak the same language and collaborate seamlessly across the investment life cycle," Sudhir Nair, the global head of the Aladdin business, said.

He said Aladdin has about 950 clients with approximately 82,000 users.

The firm's ETF business is the world's largest, and it is seeing more firms investing in funds that track bond markets.

Salim Ramji, the global head of iShares and index investments, said he expected the global ETF market to reach $15 trillion by 2025, from about $8 trillion today.

"We're in the midst of generational shifts," Ramji said.

Paul Bodnar, BlackRock's new head of sustainable investing, said sustainability was becoming an "increasingly important" component of the firm's overall growth.

Bodnar, who joined the firm in April from the Rocky Mountain Institute, said BlackRock had integrated sustainability considerations into 100% of its active and advisory portfolios. 

"While climate modeling is a sophisticated science, linking that data to investment returns is a newer project. Understanding the link between returns and the incipient transformation is newer still," he said.

The firm has integrated environmental, social, and corporate governance considerations into "everything we do, from product and portfolio construction to technology to investment stewardship," he said, adding that BlackRock's sustainability approach set it apart from rivals.

Bodnar was previously a special assistant to President Barack Obama and a senior director for energy and climate change on the National Security Council. Like the former sustainability head Brian Deese, Bodnar helped shape Obama's climate policy.

BlackRock sees room to do business with more wealth managers — a lot more.

BlackRock is looking to distribute its products and services more aggressively through wealth-management firms.

Within the alternatives business, Conway described the push into wealth as one of that unit's core drivers of growth.

Nair, who runs Aladdin, said it was expanding the work that the portfolio-management and risk-analytics business does with wealth managers.

As the independent wealth-management industry grows, and trillions of dollars in global wealth is set to transfer between generations , linking with more firms who can use BlackRock's products, like separately managed accounts, and teams is becoming more important to the asset manager. 

Nair said Aladdin continued to "invest heavily" in its wealth-management capabilities, as more clients are looking for tailored financial advice — and technology to match.

There's a retirement crisis, and BlackRock sees an opening to address that with its products.

Mark McCombe, the firm's chief client officer and the head of BlackRock's North American business, called the global retirement crisis "one of the most pressing societal issues of our time."

Last month, the firm launched a tool with the insurers Equitable and Brighthouse Financial meant to be integrated into US companies' defined-contribution plans and provide retirees with steady paychecks through retirement.

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• AGRICULTURE

BlackRock-backed Decarbonization Partners raises $1.4 billion for first fund

By Simon Jessop

LONDON (Reuters) – Climate-focused investor Decarbonization Partners, a tie-up between BlackRock and Singaporean state investment firm Temasek, said on Thursday it had raised a higher-than-targeted $1.4 billion for its first fund.

Others to back the venture and late-stage growth equity fund, which will focus on companies that can help accelerate the transition to a low-carbon economy, include U.S. insurer Allstate, Spanish lender BBVA and energy firm TotalEnergies.

In total, more than 30 institutional investors from 18 countries invested in the fund, the firm said in a statement, including public and private pension funds, sovereign wealth funds and family offices, helping it pass a $1 billion target.

The fund, Decarbonization Partners Fund I, has already invested in seven companies including low-carbon hydrogen firm Monolith, biotechnology firm MycoWorks and electric battery material firm Group14.

“There is enormous demand for energy infrastructure as many countries seek to transition to lower-carbon sources of power while also achieving energy security,” said BlackRock Chief Executive Larry Fink.

Decarbonization Partners would identify “generational investment opportunities in climate technology” to lower their cost to “enable a more affordable energy transition, and generate long-term financial returns for our clients”, he said.

As a so-called “dual purpose” fund, it aims to achieve good returns as well as “intentional, material and measurable decarbonization outcomes”, and aims to provide portfolio companies with strategic, technical and other help, it added.

“Addressing the climate crisis requires innovation at scale, as well as significant and sustained financial resources to enable that. No single entity can do it on their own,” said Temasek Chief Executive Dilhan Pillay.

“We’re pleased and encouraged to see many other partners and investors coming on board … their participation will support the acceleration of innovative solutions for real-world decarbonization at scale.”

Launched in 2022, the firm now has more than 25 staff in offices in New York, San Francisco, Singapore, London, Paris and Houston.

(Reporting by Simon Jessop; editing by David Evans)

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