Black Rock Inc

8/2/2019 Black Rock Inc

1/221

BlackRock Holdco 2, Inc. (BLK)

10-K Annual report pursuant to section 13 and 15(d)Filed on 02/28/2012Filed Period 12/31/2011

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2/221

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3/221

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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the pa90 days. Yes x No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to besubmitted and posted pursuant to Rule 405 of Regulation S-T ( 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrwas required to submit and post such files). Yes x No

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K ( 229.405 of this chapter) is not contained herein, and will not becontained, to the best of the registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or anyamendment to this Form 10-K. x

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See thedefinitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one)

Large accelerated filer x Accelerated filer

Non-accelerated filer (Do not check if a smaller reporting company) Smaller reporting company

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No x

The aggregate market value of the voting common stock and non-voting common stock equivalents held by non-affiliates of the registrant as of June 30, 2011 wasapproximately $33.7 billion.

As of January 31, 2012, there were 139,385,282 shares of the registrant's common stock outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

The following documents are incorporated by reference herein:

Portions of the definitive Proxy Statement of BlackRock, Inc. to be filed pursuant to Regulation 14A of the general rules and regulations under the SecuritiesExchange Act of 1934, as amended, for the 2012 annual meeting of stockholders to be held on May 24, 2012 ("Proxy Statement") are incorporated by reference inPart III of this Form 10-K.


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Table of Contents

BlackRock, Inc.

Index to Form 10-K

TABLE OF CONTENTS

PART I

Item 1 Business 1Item 1A Risk Factors 27Item 1B Unresolved Staff Comments 35Item 2 Properties 35Item 3 Legal Proceedings 35Item 4 Mine Safety Disclosures 35

PART II

Item 5

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities 36

Item 6 Selected Financial Data 37

Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations 39Item 7A Quantitative and Qualitative Disclosures About Market Risk 97Item 8 Financial Statements and Supplemental Data 99Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 99Item 9A Controls and Procedures 99Item 9B Other Information 102

PART III

Item 10 Directors, Executive Officers and Corporate Governance 102Item 11 Executive Compensation 102Item 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 102Item 13 Certain Relationships and Related Transactions, and Director Independence 102Item 14 Principal Accountant Fees and Services 102

PART IV

Item 15 Exhibits and Financial Statement Schedules 102

Signatures 106


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Table of ContentsPart I

Item 1. BUSINESS

Overview

BlackRock, Inc. (NYSE: BLK; "BlackRock" or the "Company") is the world's largest publicly-traded investment management firm with employees in 27 countriethat serve clients in over 100 countries across the globe. We provide a broad range of investment and risk management services and had $3.513 trillion of assets unmanagement ("AUM") at December 31, 2011. Our clients include taxable, tax-exempt and official institutions (including pension funds, endowments, insurancecompanies, corporations, financial institutions, central banks and sovereign wealth funds) as well as retail investors and high net worth individuals. The Company ihighly regulated, serves its clients as a fiduciary and derives all of its revenues from client business. We do not engage in proprietary trading or other activities thatcould conflict with the interests of our clients.

The December 2009 combination of BlackRock and Barclays Global Investors ("BGI") created a firm with unsurpassed breadth of investment expertise and riskmanagement capabilities across the global capital markets. Our unique platform enables us to offer active (alpha) investments with index (beta) products and riskmanagement to develop tailored solutions for clients. Our product range includes single- and multi-asset class portfolios investing in equities, fixed income,alternatives and/or money market instruments. We offer our products directly and through intermediaries in a variety of vehicles, including open-end and closed-emutual funds, iShares exchange-traded funds ("ETFs") and other exchange-traded products (together with ETFs, "ETPs"), collective investment funds and separaaccounts. We also offer ourBlackRock Solutions ("BRS") investment systems, risk management and advisory services to institutional investors.

BlackRock is an independent, publicly traded company, with no single majority shareholder and a majority of independent directors on its Board. At December 312011 The PNC Financial Services Group, Inc. ("PNC") owned approximately 24.0% of BlackRock's voting common shares outstanding and approximately 21.0%total capital stock while Barclays Bank PLC ("Barclays") held approximately 2.2% of BlackRock's voting common shares and approximately 19.7% of total capitastock.

Management seeks to achieve attractive returns for stockholders over time by, among other things, capitalizing on the following factors:

the Company's diversified product offerings, which enhance its ability to offer a variety of traditional and alternative investment products across the spectrum and to tailor single- and multi- asset class investment solutions to address specific client needs;

the Company's longstanding commitment to risk management and the continued development of, and increased interest in, BRS products andservices;

the Company's global presence and commitment to best practices around the world, with approximately 43% of employees outside the U.S. supportinlocal investment capabilities and serving clients, and approximately 44% of total AUM managed for clients domiciled outside the United States;

the strength of the Company's collaborative culture and unified technology platform that allows professionals to share and compare information acroteams and time zones, translating local insight in one part of the world into action in another; and

the growing recognition of the global BlackRock brand, and the depth and breadth of the Company's intellectual capita

BlackRock operates in a global marketplace characterized by a high degree of market volatility and economic uncertainty, factors that can significantly affect earnand stockholder returns in any given period.

The Company's ability to increase revenue, earnings and stockholder value over time is predicated on its ability to generate new business, including business in BRproducts and services. New business efforts are dependent on BlackRock's ability to achieve clients' investment objectives in a manner consistent with their riskpreferences and to deliver excellent client service. All of these efforts require the commitment and contributions of BlackRock employees. Accordingly, the abilityattract, develop and retain talented professionals is critical to the Company's long-term success.

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Item 1. BUSINESS (continued)

Overview (continued)

Selected financial results for the last six years are shown below:

Selected GAAP Financial Results

(Dollar amounts in millions, except per share amounts) 2011 2010 2009 2008 2007 2006 5 Year

CAGR

Total revenue $ 9,081 $ 8,612 $ 4,700 $ 5,064 $ 4,845 $ 2,098 34Operating income $ 3,249 $ 2,998 $ 1,278 $ 1,593 $ 1,294 $ 472 47Operating margin 35.8 % 34.8 % 27.2 % 31.5 % 26.7 % 22.5 % 10

Non-operating income (expense)(1) $ (116 ) $ 36 $ (28 ) $ (422 ) $ 162 $ 37 (226Net income attributable to BlackRock, Inc. $ 2,337 $ 2,063 $ 875 $ 784 $ 993 $ 321 49Diluted earnings per common share $ 12.37 $ 10.55 $ 6.11 $ 5.78 $ 7.37 $ 3.83 26

Selected Non-GAAP Financial Results

(Dollar amounts in millions, except per share amounts) 2011(2)

2010(2)

2009(2)

2008 2007 2006 5 Year

CAGR

As adjusted:

Operating income $ 3,392 $ 3,167 $ 1,570 $ 1,662 $ 1,518 $ 674 38Operating margin 39.7 % 39.3 % 38.2 % 38.7 % 37.4 % 36.7 % 2

Non-operating income (expense)(1) $ (113 ) $ 25 $ (46 ) $ (384 ) $ 150 $ 29 (231Net income attributable to BlackRock, Inc. $ 2,239 $ 2,139 $ 1,021 $ 856 $ 1,077 $ 443 38Diluted earnings per common share $ 11.85 $ 10.94 $ 7.13 $ 6.30 $ 7.99 $ 5.29 18

(1) Net of net income (loss) attributable to non-controlling interests.

(2) See reconciliation to GAAP measures in Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations

Overview.

See additional information in Item 6, Selected Financial Data.

BlackRock reports its financial results in accordance with accounting principles generally accepted in the United States of America ("GAAP"); however, managembelieves that evaluating the Company's ongoing operating results may be enhanced by also evaluating additional non-GAAP basis financial measures. Managemenreviews non-GAAP financial measures to assess ongoing operations and, for the reasons described below, considers them to be effective indicators, for both

management and investors, of BlackRock's financial performance over time. BlackRock's management does not advocate that investors consider such non-GAAPfinancial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.

Operating Income, as Adjusted. GAAP reported operating income includes certain significant items, the after-tax impact of which management considers non-recurring or transactions that ultimately will not impact BlackRock's book value and, therefore, are excluded in calculating operating income, as adjusted.

Operating income, as adjusted (a non-GAAP measure), excludes certain expenses incurred related to the integration of the acquisitions of Merrill Lynch InvestmenManagers ("MLIM"), the fund of funds business of Quellos Group, LLC ("Quellos") and BGI, as well as advisory fees, legal fees and consulting transaction expenrelated to the acquisition of BGI from Barclays on December 1, 2009 (the "BGI Transaction"), a 2007 termination fee for closed-end fund administration and serviarrangements with Merrill Lynch, 2011 UK lease exit costs, 2008, 2009 and 2011 restructuring charges and compensation expense associated with appreciation(depreciation) on assets related to certain BlackRock deferred compensation plans. These expenses have been excluded from operating income, as adjusted, becauthey have been deemed non-recurring by management and to help enhance the comparability of this information to prior periods.

The portion of compensation expense associated with certain of BlackRock's long-term incentive plan ("LTIP") awards that has been or will be funded throughdistributions to participants of shares of BlackRock stock held by PNC and a Merrill Lynch cash compensation contribution, a portion of which has been received, been excluded because, exclusive of the impact related to the exercise of LTIP participants' put options, primarily in the three months ended March 31, 2007, thes

charges do not impact BlackRock's book value. The expense related to the Merrill Lynch cash compensation contribution ceased at the end of the third quarter 201detailed discussion of the LTIP funded by PNC is included in Note 13, Stock-Based Compensation, to the consolidated financial statements beginning on page F-1this Form 10-K.

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Operating Income, as Adjusted (continued). Compensation expense associated with appreciation (depreciation) on investments related to certain BlackRock deferrcompensation plans has been excluded as returns on investments set aside for these plans, which substantially offset this expense, are reported in non-operating

income (expense).

Management believes that operating income exclusive of these costs is a useful measure in evaluating BlackRock's operating performance and helps enhance thecomparability of this information for the reporting periods presented.

Operating Margin, as Adjusted. Operating income used for measuring operating margin, as adjusted, is equal to operating income, as adjusted, excluding the impaclosed-end fund launch costs and commissions. Management believes that excluding such costs and commissions is useful because these costs can fluctuateconsiderably and revenues associated with the expenditure of these costs will not fully impact the Company's results until future periods.

Operating margin, as adjusted, allows the Company to compare performance from period-to-period by adjusting for items that may not recur, recur infrequently ormay fluctuate based on market movements, such as restructuring charges, transaction/integration costs, UK lease exit costs, closed-end fund launch costs andfluctuations in compensation expense based on mark-to-market movements in investments held to fund certain compensation plans. The Company also uses operamargin, as adjusted, to monitor corporate performance and efficiency and as a benchmark to compare its performance with other companies. Management uses botthe GAAP and non-GAAP financial measures in evaluating the financial performance of BlackRock. The non-GAAP measure by itself may pose limitations becaudoes not include all the Company's revenues and expenses.

Revenue used for operating margin, as adjusted, excludes distribution and servicing costs paid to related parties and to other third parties. Management believes thexclusion of such costs is useful to BlackRock because it creates consistency in the treatment for certain contracts for similar services, which due to the terms of thcontracts, are accounted for under GAAP on a net basis within investment advisory, administration fees and securities lending revenue. Amortization of deferred scommissions is excluded from revenue used for operating margin measurement, as adjusted, because such costs, over time, substantially offset distribution fee revearned by the Company. Reimbursable property management compensation represented compensation and benefits paid to personnel of Metric Property ManagemInc. ("Metric"), a subsidiary of BlackRock Realty Advisors, Inc. ("Realty"). Prior to the transfer in 2008 to a third party, these employees were retained on Metric'payroll when certain properties were acquired by Realty's clients. The related compensation and benefits were fully reimbursed by Realty's clients and have beenexcluded from revenue used for operating margin, as adjusted, because they did not bear an economic cost to BlackRock. BlackRock excludes from revenue used operating margin, as adjusted, the costs related to each of these items as a proxy for such offsetting revenues.

Non-Operating Income (Expense), Less Net Income (Loss) Attributable to Non-controlling Interests, as adjusted. Non-operating income (expense), less net income(loss) attributable to non-controlling interests ("NCI"), as adjusted, equals non-operating income (expense), GAAP basis, less net income (loss) attributable to NCIGAAP basis, adjusted for compensation expense associated with (appreciation) depreciation on investments related to certain deferred compensation plans. Thecompensation expense offset is recorded in operating income. This compensation expense has been included in non-operating income (expense), less net income (attributable to NCI, as adjusted, to offset returns on investments set aside for these plans, which are reported in non-operating income (expense), GAAP basis.

Management believes that non-operating income (expense), less net income (loss) attributable to NCI, as adjusted, provides for comparability of this information treporting periods and is an effective measure for reviewing BlackRock's non-operating contribution to its results. As compensation expense associated with(appreciation) depreciation on investments related to certain BlackRock deferred compensation plans, which is included in operating income, offsets the gain (lossthe investments set aside for these plans, management believes non-operating income (expense), less net income (loss) attributable to NCI, as adjusted, provides auseful measure, for both management and investors, of BlackRock's non-operating results that impact book value.

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Net Income Attributable to BlackRock, Inc., as adjusted. Management believes net income attributable to BlackRock, Inc., as adjusted, and diluted earnings percommon share, as adjusted, are useful measures of BlackRock's profitability and financial performance. Net income attributable to BlackRock, Inc., as adjusted,

equals net income attributable to BlackRock, Inc., GAAP basis, adjusted for significant non-recurring items, charges that ultimately will not impact BlackRock's bvalue or certain tax items that do not impact cash flow.

Net income attributable to BlackRock, Inc., as adjusted, and diluted earnings per common share, as adjusted (non-GAAP measures), exclude the after-tax impact othe 2008, 2009 and 2011 restructuring charges, UK lease exit costs, the 2007 termination of closed-end fund administration and servicing arrangements with MerriLynch, LTIP expense to be funded by PNC and by a Merrill Lynch cash compensation contribution, a portion of which has been received, the MLIM, Quellos andBGI integration costs, BGI transaction costs, the effect on deferred income tax expense attributable to changes in corporate income tax rates as a result of legislatioand a state tax election.

See Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, for a detailed reconciliation of GAAP reported operatingincome, non-operating income (expense) less net income (loss) attributable to non-controlling interests, net income attributable to BlackRock, Inc. and dilutedearnings per common share to adjusted non-GAAP operating income, non-operating income (expense) less net income (loss) attributable to non-controlling interesnet income attributable to BlackRock, Inc. and diluted earnings per common share.

AUM by Asset Class

December 31,

(Dollar amounts in millions) 2006 2007 2008 2009 2010 2011

Equity $ 316,961 $ 362,705 $ 203,292 $ 1,536,055 $ 1,694,467 $ 1,560,106Fixed income 445,320 510,207 481,365 1,055,627 1,141,324 1,247,722Multi-asset class 78,601 98,623 77,516 142,029 185,587 225,170Alternatives 48,292 71,771 61,544 102,101 109,738 104,948

Long-term 889,174 1,043,306 823,717 2,835,812 3,131,116 3,137,946Cash management 235,453 313,338 338,439 349,277 279,175 254,665Advisory 144,995 161,167 150,677 120,070

Total $ 1,124,627 $ 1,356,644 $ 1,307,151 $ 3,346,256 $ 3,560,968 $ 3,512,681

Component Changes in AUM by Asset Class

Five Years Ended December 31, 2011

(Dollar amounts in millions) 12/31/2006 Net New

Business Acquired

AUM, net(1)

Market /

FX App

(Dep) 12/31/2011 5-Year

CAGR(2)

Equity $ 316,961 $ 41,742 $ 1,151,778 $ 49,625 $ 1,560,106 38 %Fixed income 445,320 86,818 520,184 195,400 1,247,722 23 %Multi-asset class 78,601 96,600 39,958 10,011 225,170 23 %Alternatives 48,292 (5,742 ) 71,111 (8,713 ) 104,948 17 %

Long-term 889,174 219,418 1,783,031 246,323 3,137,946 29 %Cash management 235,453 (33,242 ) 54,678 (2,224 ) 254,665 2 %

Advisory 114,465 5,605 120,070 N/A

Total $ 1,124,627 $ 300,641 $ 1,837,709 $ 249,704 $ 3,512,681 26 %

(1) Amounts include acquisition adjustments and reclassification of certain AUM acquired from Barclays in December 2009, other reclassifications to conform

current period combined AUM policy and presentation, BGI merger-related outflows due to manager concentration considerations prior to third quarter 20and outflows from scientific active equity performance prior to second quarter 2011.

(2) Percentage represents compounded annual growth rate.

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AUM represents the broad ranges of financial assets we manage for clients on a discretionary basis pursuant to investment management agreements that are expecto continue for at least 12 months. In general, reported AUM reflects the valuation methodology that corresponds to the basis used for billing (for example, net ass

value). Reported AUM does not include assets for which we provide risk management or other forms of non-discretionary advice, or assets that we are retained tomanage on a short-term, temporary basis (for example, in a transition mandate, as described below).

Investment management fees are typically expressed as a percentage of net asset value. We also earn performance fees on certain portfolios relative to an agreed-ubenchmark or return hurdle. On some products, we also may earn securities lending fees. In addition, BlackRock offers its proprietaryAladdin investment systemwell as risk management, outsourcing and advisory services, to institutional investors under the BRS name. Revenue for these services may be based on severalcriteria including value of positions, number of users, accomplishment of specific deliverables or other objectives.

At December 31, 2011, total AUM was $3.513 trillion, representing a compound annual growth rate of 26% over the last five years. AUM growth during the periowas achieved through the combination of net market valuation gains, net new business and mergers, including the acquisitions of the fund-of-funds business ofQuellos, which added approximately $21.9 billion of assets in 2007 and BGI, which added approximately $1.844 trillion of assets in December 2009. Theseacquisitions significantly changed our AUM mix, from predominantly active fixed income and equity in 2005 to a broadly diversified product range, as describedbelow.

Products*

Asset Classes

Component Changes in AUM by Asset Class

(Dollar amounts in millions) 12/31/2010 Net New

Business

BGI

merger-

related

outflows(1)

Market /

FX App

(Dep) 12/31/2011

Equity $ 1,694,467 $ 24,139 $ (27,573 ) $ (130,927 ) $ 1,560,106Fixed income 1,141,324 4,326 (526 ) 102,598 1,247,722Multi-asset class 185,587 42,654 (3,071 ) 225,170Alternatives 109,738 (3,770 ) (152 ) (868 ) 104,948

Long-term 3,131,116 67,349 (28,251 ) (32,268 ) 3,137,946Cash management 279,175 (22,899 ) (1,611 ) 254,665Advisory 150,677 (29,903 ) (704 ) 120,070

Total $ 3,560,968 $ 14,547 $ (28,251 ) $ (34,583 ) $ 3,512,681

(1) Amounts include BGI merger-related outflows due to manager concentration considerations prior to third quarter 2011 and outflows from scientific active

equity performance prior to second quarter 2011.

At year-end 2011, long-term assets totaled $3.138 trillion, or 89% of total AUM, with 50% in equities, 40% in fixed income, 7% in multi-asset class and 3% inalternative investments. The remaining $374.7 billion of AUM represented cash management and long-term liquidation advisory mandates. In 2011, we generated$67.3 billion of net new business in long-term products before $28.3 billion of BGI merger-related outflows (see below). Net inflows in long-term products werepartially offset by $22.9 billion of net outflows in cash management, largely reflecting institutional reaction to the continued low rate environment and $29.9 billioplanned net distributions from advisory portfolios.

Unless stated otherwise, net new business figures are before giving effect to BGI merger-related outflows. Total merger-related outflows since the BGI Transactiorepresented less than 9% of the acquired AUM.

* See Product Performance Notes below.

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Products (continued)

Equity and Fixed Income. Total equity and fixed income AUM reflects the diversity of our model and includes a wide range of both active and passive strategies(including our institutional index and iShares products). Year-end 2011 equity AUM of $1.560 trillion decreased $134.4 billion or 8% from the end of 2010, largel

reflecting the effect of lower market valuations. Net new business of $24.1 billion was more than offset by $130.9 billion of market valuation and foreign exchangelosses. Passive strategies represented 82% of equity AUM with the remaining 18% managed in active mandates. Fixed income AUM ended 2011 at $1.248 trillionrising $106.4 billion, or 9%, relative to December 31, 2010, reflecting $4.3 billion of net new business and $102.6 billion of market valuation and foreign exchanggains. Fixed income AUM was almost evenly split between passive and active mandates with 51% and 49%, respectively. BGI merger-related outflows totaled $2billion and $0.5 billion in equities and fixed income, respectively, primarily reflecting the effect of manager concentration considerations combined with outflowsscientific active equities ("SAE") due to past performance. (See additional discussion under "AUM by Investment Style," below.)

Investment advisory and administration fees for the majority of our investment products are calculated using daily or monthly average AUM. During periods ofsignificant market volatility, quarterly average AUM may differ from actual average AUM used for billing purposes. For example, for the fourth quarter of 2011,equity market volatility caused the quarterly and monthly averages to differ by more than 2% for equities. Specifically, quarterly average AUM for active, index aniShares equities was

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