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BlackRock Overview for Program Facilitators
About BlackRock
BlackRock is one of the world’s preeminent asset management
firms and a premier provider of global investment management,
risk management and advisory services to institutional, intermediary
and individual investors around the world. BlackRock offers a
range of solutions — from rigorous fundamental and quantitative
active management approaches aimed at maximizing out
performance to highly efficient indexing strategies designed to
gain broad exposure to the world’s capital markets. Our clients
can access our investment solutions through a variety of product
structures, including individual and institutional separate
accounts, mutual funds and other pooled investment
vehicles, and the industry-leading iShares® ETFs.
The foundation of BlackRock’s business is our belief that our
clients’ needs are of paramount importance. Our commitment to
investment excellence is anchored in a shared culture that always
places a client’s interests first, from individual investors to the
world’s largest institutions. We act always as a fiduciary for our
clients, never trading as a principal on our own behalf.
BlackRock’s investment approach is based on our conviction that
we can combine our market insights, our global reach and scale,
our proprietary technology, our culture of information sharing
and our unwavering focus on risk management into an ability to
deliver performance in all market environments. BlackRock is
committed to providing a broad set of investment solutions for
our clients, striving to achieve the best balance between risk and
opportunity. We strive to exceed expectations in all areas of our
business all the time.
BlackRock’s Philosophy
Since our founding, BlackRock’s core philosophy has been
grounded in the belief that our clients’ needs are of paramount
importance and our sole business is managing our clients’ assets
on their behalf. We are committed to always doing what is in our
clients’ best long-term interests.
With this as a framework, BlackRock has assembled teams of
investment professionals with significant expertise in global
capital markets. Through BlackRock Solutions, we continue to
invest substantial resources in the ongoing development of our
technology and analytic capabilities, for both internal users and
BlackRock Solutions clients. Our focus on investment excellence
and state-of-the-art analytics is complemented by an unwavering,
senior-level commitment to service; this results in dynamic client
relationships and enables us to assist clients with a range of services,
including an understanding of liabilities and asset allocation needs.
Given our size, scope and global footprint we strive for a consistent, interconnected “One BlackRock” approach.
BlackRock takes a three dimensional approach to the management
of the organization, incorporating functional, product and regional
elements in support of our clients’ goals. The functional
dimension looks at our operations by specific task, such as
portfolio management, account management or operations.
The product dimension brings together the cross-disciplinary
expertise critical to managing client assets in each class. Finally,
the regional aspect of our model recognizes the unique, geography-
specific needs of clients as well as the importance of local
regulatory issues.
Distinct but interconnected, these factors work together to inform
all of our business decisions and result in a firm that is globally
efficient and locally effective. With our three-dimensional
approach to managing the organization, we seek to:
}Ensure consistency on a global basis;
}Allow for the tailoring of products and services according to
client or local needs;
}Promote teamwork among our employees worldwide; and
}Facilitate operational integrity and efficiency.
BlackRock’s History
Since its founding in 1988, BlackRock has sought to better
serve clients by anticipating and responding to changes and
advancements in the investment industry, and continually
seeks to broaden and deepen its investment and risk
management capabilities.
The most recent example is BlackRock’s acquisition in 2009 of
Barclays Global Investors, the firm that created the first index
strategy in 1971 and was one of the world’s largest providers of
structured investment strategies, including indexing, market
strategies, and risk-controlled active products. Another significant
step in this process was BlackRock’s merger with Merrill Lynch
Investment Managers (MLIM) in 2006, which combined the history
and experience of MLIM with the innovation and technology of
the legacy BlackRock organization. MLIM’s history of managing
assets began in the UK in 1946 as part of S.G. Warburg & Co.
(later known as Mercury Asset Management) and in the US in
1976 under the Merrill Lynch name. In October 2007, BlackRock,
Inc. acquired the fund of funds business of Quellos Group, LLC,
forming one integrated fund of funds platform. The combined
business provides hedge, private equity and real asset fund of
funds to institutional and individual investors worldwide.
Today, BlackRock is a truly global enterprise that combines the
benefits of world-wide reach with localized service. We manage
assets for clients in North and South America, Europe, Asia, Australia
and the Middle East and Africa. Our client base includes corporate,
public, union and industry pension plans; insurance companies;
third-party mutual funds; endowments; foundations; charities;
corporations; official institutions; banks; and individuals worldwide.
Our Values Defined
Integrity
}We speak the truth — we are open and honest and always do
the right thing.
}We are fiduciaries and leaders in our industry. We understand
the responsibility we carry.
}We respect differences and learn from them. We take the time
to teach others.
}We have the highest ethical standards and principles.
Client Focus
}We put our clients first and at the heart of all we do.
}We listen and deeply understand our clients’ businesses,
risks and issues.
}We help our clients better meet their investment goals.
}We anticipate trends and help clients plot the future course.
Partnership
}We work to earn the trust and respect of our clients and
colleagues every day.
}We know that the power of information multiplies when
it is shared.
}We embrace teamwork because we can create more together
than we can alone.
}We leverage ideas, talent and processes globally to deliver
our best locally.
}We succeed together, we fail together, we are
“One BlackRock.”
Innovation
}We are relentless in challenging assumptions and the
status quo.
}We are restless in pursuing new ideas and better solutions
for our clients.
}We believe that anything is possible and we encourage
informed risk taking.
} We take pride in being leaders. We strive for continuous
improvement in everything we do.
Passion
} We care about being the best. We want to build a unique and
enduring franchise.
}We bring enthusiasm and energy to everything we do.
}We are committed to a culture of excellence.
Diversity
BlackRock’s diversity guiding principles reflect our value of
respect for differences as well as our business goal of employing
a workforce as diverse as the markets in which we operate. We
have adopted formal guiding principles on diversity, which are to:
} Attract and retain a talented workforce that reflects the diverse
communities in which we operate;
} Foster a meritocracy in which we can all develop and be
appropriately rewarded; and
} Leverage our differences to achieve BlackRock’s business
goals by recognizing and utilizing the full potential of
each individual.
Leveraging Differences at BlackRock
The BlackRock Behaviors for Success includes guidelines
on behavior that will help us ensure an inclusive work
environment that respects differences and values the
contribution of each individual.
Employee Networks bring forth a broad spectrum of programs
designed to strengthen the development and retention of
employees within BlackRock. It also provides a platform for
establishing informal mentoring relationships, networking
and a forum for meeting other employees throughout the firm.
Senior Leaders serve as sponsors for each of the networks,
advocating priorities and ensuring alignment with firm-wide
business objectives.
Name: Laurence Fink
Title: Chief Executive Officer
Location: New York
Service Date: March 22, 1988
Education:}B.A., Political Science, University of
California, Los Angeles
}M.B.A., Real Estate, University of
California, Los Angeles
Work History:}Managing Director,
First Boston Corporation
Name: Robert Kapito
Title: President
Manager: Laurence Fink
Location: New York
Service Date: March 22, 1988
Education:}B.S., Economics, Wharton School of the
University of Pennsylvania
}M.B.A., Harvard Business School
Work History:}Head of BlackRock’s Portfolio
Management Group
}Vice President — Mortgage Products
Group, The First Boston Corporation
}Strategic Consultant, Bain & Co.
Name: Susan Wagner
Title: Vice Chairman, Head of Strategy,
Dev. and Corporate Comms.
Manager: Laurence Fink
Location: New York
Service Date: March 22, 1988
Education:}B.A., Magna Cum Laude, English and
Economics, Wellesley College
}M.B.A., Finance, University of Chicago
Work History:}Head of Corporate Strategy, BlackRock
}Head of International Client
and Alternative Investments
businesses, BlackRock
}Vice President-Mortgage and Savings
Institutions Group, Lehman
Name: Kendrick Wilson, III
Title: Vice Chairman
Manager: Laurence Fink
Location: New York
Service Date: January 31, 2010
Work History:}Advisor in the U.S. Department
of Treasury
}Vice Chairman of Investment Banking
at Goldman Sachs & Co; member of the
Executive Office and Chairman of the
Financial Institutions Group
}Vice Chairman, member of the
Executive Committee and Head of
Investment Banking at Lazard
Freres & Co. LLC
Name: James Charrington
Title: Senior Managing Director, Head of EMEA
Manager: Laurence Fink
Location: London
Service Date: April 30, 1993
Work History: }Head of BlackRock’s International
Retail Business
}Joined BlackRock following the
merger with Merrill Lynch Investment
Managers (MLIM)
}Head of Retail Platform — Europe, Middle
East, Africa and Asian Regions, MLIM
}Head of Investment Sales,
Save & Prosper
Name: Rohit Bhagat
Title: Senior Managing Director,
Head of Asia Pacific
Manager: Laurence Fink
Location: Hong Kong
Service Date: July 31, 2005
Education:}B. Tech., Mechanical Engineering, Indian
Institute of Technology
}M.S., Engineering, University of Texas
at Austin
}M.B.A., Northwestern University
Work History:}Joined BlackRock following the merger
with Barclays Global Investors
}Global Chief Operating Officer, Barclays
Global Investors
}Senior Vice President-West
Coast Financial Services,
Boston Consulting Group (BCG)
Name: Robert Connolly
Title: Senior Managing Director,
General Counsel
Manager: Laurence Fink
Location: New York
Service Date: August 24, 1997
Education:}B.A., Economics, Union College
}J.D., Fordham University School of Law
Work History:}Managing Director and General Counsel,
New England Funds, LP
}General Counsel, Equitable Capital
Management Corporation
}Law Clerk to Judge Henry F. Werker of
the United States District Court in the
Southern District of New York
}Associate, Debevoise & Plimpton
}Associate Editor of the Law Review
at Fordham
Name: Robert Fairbairn
Title: Senior Managing Director,
Head of Global Client Group
Manager: Robert Kapito
Location: New York
Service Date: March 20, 1994
Education:}B.A., History, Economics and Russian
Studies, Durham University
Work History:}Chairman of BlackRock’s
International Businesses
}Joined BlackRock following the
merger with Merrill Lynch Investment
Managers (MLIM)
}Senior Vice President — Head of EMEA
Pacific Region, MLIM
Name: Bennett Golub
Title: Senior Managing Director, Chief Risk Officer
Manager: Robert Kapito
Location: New York
Service Date: March 22, 1988
Education:
}B.S., M.S., Management, Sloan School
of Management, MIT
}Ph.D., Applied Economics and Finance,
Sloan School of Management, MIT
Work History: }One of the Founding Partners
of BlackRock
}Co-head and Founder of
BlackRock Solutions
}Acting CEO, Trepp, LLC., a former
BlackRock affiliate
}Vice President, The First
Boston Corporation
Name: Charles Hallac
Title: Senior Managing Director,
Chief Operating Officer
Manager: Robert Kapito
Location: New York
Service Date: May 1, 1988
Education: }B.A., Economics and Computer
Science, Brandeis University
Work History:}Co-founder and Head of
BlackRock Solutions
}Associate — Mortgage Products Group,
The First Boston Corporation
Name: Richard Kushel
Title: Senior Managing Director,
Head of Portfolio Management Group
Manager: Robert Kapito
Location: London
Service Date: May 28, 1991
Education:}B.S., Industrial Engineering,
Stanford University
Work History:}Chairman of BlackRock’s
International Businesses
}Head of BlackRock’s International
Institutional Business
}Head of BlackRock’s Alternatives &
Wealth Management Groups
}Director, Nomura BlackRock
Asset Management
Name: Ann Marie Petach
Title: Senior Managing Director,
Chief Financial Officer
Manager: Laurence Fink
Location: New York
Service Date: June 6, 2007
Education:}B.A., Business and Spanish,
Muhlenberg College
}M.B.A., Carnegie Mellon University
Work History:}Vice President, Treasurer,
Ford Motor Company
}Worked at two former joint ventures
between Ford and Volkswagen, in
Europe as Treasurer of AutoEuropa
and in Brazil as Assistant Treasurer
of AutoLatina
FOR MORE INFORMATION: www.blackrock.com
BlackRock is a registered trademark of BlackRock, Inc. All other trademarks are the property of their respective owners.
Prepared by BlackRock, Inc.
©2011 BlackRock, Inc. All Rights Reserved.
HR5070B-0811
Name: Linda Robinson
Title: Senior Managing Director, Global
Head of Marketing and Communications
Manager: Laurence Fink
Location: New York
Service Date: June 20, 2011
Education:
}B.A., University of Southern California
Work History: }Served on the BlackRock Board of
Directors from 2004–2011
}Chairman of Robinson Lerer &
Montgomery (RLM)
}Vice President of Corporate Affairs
at Warner Cable Communications
}Director of Public Affairs for the
Department of Transportation
Name: Jeff Smith
Title: Senior Managing Director, Head of Human Resources
Manager: Laurence Fink
Location: New York
Service Date: March 13, 2006
Education: }B.S., Psychology,
University of Connecticut
}Ph.D., Industrial — Organizational
Psychology, Virginia Polytechnic
Institute
Work History: }Joined BlackRock following the merger
with Barclays Global Investors
}Global Head of Human Resources,
Barclays Global Investors
}Vice President-People Development,
Time Warner
}Senior Consultant, Personnel
Decisions International
Technology has always been a core component of BlackRock’s “DNA.” Over the years, the smart use
of technology has distinguished BlackRock by supporting leading risk management capabilities and
driving operational consistency and efficiency around the globe. The Aladdin trading and risk
management system, used internally at BlackRock and by BlackRock Solutions clients, enables
customers to manage over $5 trillion in financial assets. Aladdin is central to our technology strategy,
unifying BlackRock by providing everyone with a common language and a central point of reference for
our investment activities globally.
The Aladdin and Application Engineering teams within the Aladdin & Technology group use the latest
technologies to design and develop applications that make up the firm’s investment management
platform. The systems support the full lifecycle of the investment management process, from
quantitative risk management to order entry, trade routing and settlement.
Technologies used include sophisticated web services, Java applications and C++ servers, tied
together over a real-time messaging system and connected to a large and highly complex database.
Analysts join small teams that develop specific parts of the firm’s investment management platform,
working closely with senior developers and managers, and are expected to become intimately familiar
with the financial products and investment management business, regardless of whether their focus is
software development or business analysis.
Career paths within the Aladdin & Technology group include continued hands-on technical and product
work as Senior Developers or Senior Business Analysts, as well as management and architecture
positions. There are opportunities to transition to entirely different roles within the organization.
Unlike many larger organizations, BlackRock highly values hands-on technical and business work and
candidates who are interested in a career where they can continue to make individual contributions as
they advance. These candidates will find many exciting and rewarding challenges in this group.
The Aladdin & Technology
Group hires professionals
with industry experience
and undergraduates just
entering the workforce.
Industry professionals
come from a wide range
of backgrounds.
BlackRock is proud to be an E-Verify & Equal Opportunity/Affirmative Action Employer — M/F/D/V.
FOR MORE INFORMATION: www.blackrock.com/careers
BlackRock is a registered trademark of BlackRock, Inc. All other trademarks are the property of their respective owners.
Prepared by BlackRock Investments, LLC, member FINRA.
©2011 BlackRock, Inc. All Rights Reserved.
HR5051E-0511
Aladdin and Technology Group (A&T)
BlackRock® has long been recognized for its disciplined investment process and rigorous bottom-up
approach to risk management. Since its inception, BlackRock has focused on the need to assess
security- and portfolio-level risks to make investment decisions in rapidly changing markets and to
execute transactions efficiently, while ensuring strict adherence to risk management and compliance
guidelines. As a result, BlackRock developed an integrated suite of investment management tools.
In 2000, BlackRock began offering risk management and trade processing tools to external clients
under the BlackRock Solutions® brand. Since that time, BlackRock’s strategy has been to deliver
its significant investment in technology infrastructure and analytics to a select group of large
institutional investors at a high level of sophistication, quality and service. Our investment tools
are designed to provide portfolio transparency and increased efficiency. Aladdin®, our enterprise
investment system, supports the entire investment management process, including risk analytics,
portfolio management, compliance and operational processing. Aladdin’s comprehensive suite of
risk reports (Green Package® and interactive fixed income and derivative calculator (AnSer®) are
also available on a stand-alone basis.
BlackRock Solutions offers a number of additional services focused on providing tailored solutions
to our clients by drawing upon our investment tools and our capital market expertise.
The Financial Markets Advisory Group provides counsel to senior executives in banks, insurance
companies, mortgage companies and other financial institutions on their most difficult—and
interesting—capital market issues. Our practice centers on financial strategy, valuation of illiquid
portfolios and risk management. The advisory practice is rooted in BlackRock’s culture of objective,
fiduciary problem solving for clients, and is a strategic priority for the firm.
The Relationship Management Group is responsible for maintaining the partnerships formed with
every client that uses BlackRock Solutions’ array of investment technology and risk analytics tools.
These clients are located around the world and include large and sophisticated institutional investors
such as insurance companies, corporations, asset managers, pension funds, hedge funds, banks and
other financial institutions. The Relationship Management team is highly focused on understanding
the needs and evolving priorities of each of these organizations and on a daily basis provides
investment process solutions to its clients by leveraging the vast capabilities of the entire BlackRock
Solutions organization.
BlackRock Solutions
hires professionals with
industry experience and
undergraduates just
entering the workforce.
Industry professionals
come from a wide range
of backgrounds.
BlackRock Solutions
The Solution Center provides training and day-to-day support for
users of Aladdin. Analysts start in the Solution Center and over a
two- to three-year period develop an in-depth knowledge of the
investment management process, the Aladdin system and our
clients’ businesses. During this time, analysts often contribute to
the business development and implementation phases associated
with each Aladdin installation. The knowledge acquired during
their first few years in the Solution Center provides representatives
with the necessary skills for future success in other parts of the
BlackRock and BlackRock Solutions organizations.
The Portfolio Analytics Group (PAG) is a risk and analytics
group in BlackRock Solutions that utilizes sophisticated analytics
on fixed income, equity and alternatives businesses to help our
clients and portfolio managers understand their portfolio
exposures, strategy, risk and returns. PAG provides the daily risk
reporting and ad-hoc analytical support to over $7 trillion worth
of assets under risk management across thousands of portfolios.
Analysts will gain a broad understanding of the asset and risk
management business, which includes learning about the wide
range of securities our clients trade, how they are priced in the
market, how we analyze them within BlackRock Solutions and
what sensitivities they have to various market factors. The group
is also responsible for developing, maintaining and enhancing
the technology that is used to support the trading and reporting
needs of BlackRock Solutions’ risk management clients.
The Financial Modeling Group (FMG) is responsible for the
research and development of financial models underpinning the
risk management analytics produced at BlackRock. The group
also contributes to the infrastructure and software responsible
for the production of analytics and the delivery of analytic
content to portfolio and risk management professionals both
within and outside BlackRock. Given the diversity of business
objectives among BlackRock Solutions clients and within
BlackRock itself, the models developed and supported by the
Financial Modeling Group span a wide array of financial products,
ranging from equity to fixed income to derivatives. In addition,
members of FMG seek to provide analysis and insight on many
different levels from analysis of the cash flows of a single bond to
the overall financial risk associated with an entire portfolio,
enterprise or balance sheet.
BlackRock Solutions’ Investment Accounting services
combine BlackRock’s industry expertise with our sophisticated
data management, accounting and performance measurement
tools to offer customized solutions to a wide range of financial
institutions. The Investment Accounting team is responsible for
providing these services, including accounting reports in multiple
bases, Schedule D preparation, custodian reconciliation and
performance measurement. The Investment Accounting group
consists of three primary teams: Implementations, Client Service
and Reconciliation. The Implementations team is responsible for
business development and the process of taking on new clients,
including account set up data conversions and business process
redesign. The Client Service team is responsible for ensuring
clients’ ongoing requirements are met including preparing
accounting and performance measurement reports and responding
to client inquiries. Finally, the Reconciliation team is responsible
for the reconciliation between BlackRock Solutions’ accounting
platform and various third parties including custodian banks
and asset managers.
Implementation and Delivery provides project management
and subject matter expertise in support of deploying Aladdin to
both internal and external clients. The Implementation team works
closely with external clients on large-scale projects during which
time they review and revamp clients’ investment business process
to align it with market practice while migrating it to the Aladdin
investment platform. The Delivery team ensures that newly
developed functionality is deployed to existing clients (internal
and external), including providing training and conducting mini-
business process reviews, and provides on-going second level
support for such functions.
BlackRock is proud to be an E-Verify & Equal Opportunity/Affirmative Action Employer — M/F/D/V.
FOR MORE INFORMATION: www.blackrock.com
BlackRock, BlackRock Solutions, Aladdin, Green Package and AnSer are registered trademarks of BlackRock, Inc. All other trademarks are the property of their respective owners.
Prepared by BlackRock, Inc.
©2011 BlackRock, Inc. All Rights Reserved.
HR5051F-0511
With operations all over the world and a range of investment products and services,
BlackRock is one of the most complex financial services organizations serving clients
today. In order to achieve operational excellence, the Business Operations Group was
established to ensure BlackRock’s operations are consistent and efficient across
investment products, client channels and regions.
Business Operations is composed of three groups, Aladdin Portfolio Services Group, which is responsible for all information required for the investment management process,
Operations & Administration, which is responsible for providing operational support to
BlackRock’s portfolio management teams and global client groups and manages day-to-
day relationships with external service providers and counterparties for the retail and
institutional businesses and Provider Strategy, which is responsible for ensuring the
firm properly leverage counter-party relationships effectively.
Aladdin Portfolio Services Group (APSG)
The Aladdin Portfolio Services Group (APSG) is a centralized process group dedicated
to ensuring the integrity of information maintained and produced in Aladdin. The group’s
mission is to support the firm’s internal and external clients with the goal of ensuring all
appropriate data is timely and accurate to support the investment management process.
APSG focuses on portfolio set-up, inclusive of IMA negotiations and order processing;
accurate and timely security modeling; cash and asset reconciliations; portfolio
compliance; NAV calculation/performance measurement; and client reporting.
The group comprises three key channels: Client Services, Investment Services
and Portfolio Services. Within each channel, there are sub-categories that have
specialized functions:
Client Services} Portfolio On-Boarding and Control, a central team responsible for providing
direction and holistic understanding of all portfolios globally, certifying readiness
for trading. Initial point of contact for the business as it relates to new business,
portfolio modifications and terminations, as well as the lead liaison to coordinate
the operational setup with the custodian banks. The team maintains the client
portfolio attribute data in the account master.
} AUM & Institutional Administration is responsible for calculating BlackRock’s
global AUM by working with key operating areas of the firm, in addition to supporting
the Fixed Income Institutional Administration team in servicing our clients.
} Client Services is responsible for managing the client order process related to
automated client directed subscriptions/redemptions, managing the client contracting
process for specific client types and has change management responsibilities related
to how audit/regulatory requirements impact the business.
} Client Reporting is responsible for producing customized client and custodian
reporting, as well as managing client mailings and disclosures.
The Business Operations group
hires professionals with industry
experience and undergraduates just
entering the workforce. Industry
professionals come from a wide
range of backgrounds.
Business Operations
Investment ServicesInvestment Services is responsible for ensuring that investment information delivered
to our internal and external clients through the Aladdin platform is accurate, timely and
comprehensive. Investment Services is committed to building and maintaining efficient,
scalable and resilient production processes that provide our clients with high quality
investment (terms and conditions, pricing and analytics) and portfolio data (risk,
performance, attribution and NAVs), which is a critical factor in the investment decision
making process.
Portfolio Services} Portfolio Compliance is responsible for implementing controls and processes
to ensure portfolios are compliant with all applicable regulatory and client-issued
guidelines as they relate to trading and investments. This includes core Aladdin
pre- and post-trade compliance and non-Aladdin trading compliance, mutual fund
monitoring and reporting, and global syndicate offering review. The team produces
daily portfolio level issues and violations for escalation and resolution.
} Cash and Reconciliations is responsible for completing portfolio transaction level
cash/asset reconciliations to external record-keepers (custodian bank, transfer agent,
etc) and provides direct support to the end-users of the data.
} Institutional Admin & Performance performs NAV calculations, performance,
reporting and reconciliations with trustees and custodians and is responsible for the
Global Institutional Separate Accounts covering Fixed Income, Equity and Fiduciary.
Operations & Administration (O&A)
The Operations & Administration (O&A) group handles investment operations and
administration, serves the Portfolio Management and Global Client groups and manages
day-to-day relationships with external service providers and counterparties for both the
retail and institutional businesses.
The O&A functional groups include Investment Operations, Product and Channel Services, Global Fund Administration, Shareholder Services, Pension Administration and Business Finance and Administration.
Investment OperationsThe Investment Operations group is responsible for trading operations and derivatives
operations spanning all products and businesses at BlackRock.
} Trading Operations is responsible for all transaction processing and associated
support including trade confirmation, trade and payment settlement, fail and payment
difference resolution, corporate actions, loan products and compensation claims.
} Derivatives Operations is responsible for collateral management, derivative
confirmations, settlement of derivatives payments, management of legal agreements
and oversight of counterparty exposure for all derivatives. This team will coordinate
internally with portfolio teams and trading desks and externally with all street side
counterparties and prime brokers to achieve a consistent operating model with
strong controls.
Business Operations is
currently in more than 20
operating centers around the
world. In addition to the Americas,
we have dedicated regional teams
in the Pacific Rim and EMEA across
multiple locations supporting the
local manufacturing businesses.
Product and Channel Services} New Product Services is responsible for new product coordination across our
organization in partnership with the Global Client Group (GCG).
} Investor and Channel Services provides dynamic support to Portfolio Management
and GCG to ensure effective coordination across the operating infrastructure to
support the investment process.
Global Fund AdministrationThe Global Fund Administration team manages the accounting infrastructure and
operating control environment for BlackRock’s global commingled vehicles (i.e., mutual
funds, alternatives). The team consists of accounting and administrative professionals
who work closely with the fund’s management to oversee the fiduciary governance of
our commingled vehicles.
Shareholder, Transfer Agent and Distribution ServicesThe Shareholder, Transfer Agent and Distribution Services group is responsible for global
oversight of the Transfer Agents for the open-end, closed-end and alternatives products,
Dealer Servicing, Mutual Fund Dealing and Distribution for the US mutual funds and the
Shareholder Service Centers. This team provides support to the Global Client Group with
the launching of new products, mergers, proxies and servicing the distributors and
shareholders of our funds.
Some of the key functions of this group include distributor and vendor oversight,
commission monitoring, trade reconciliation, large trade monitoring, broker-dealer
support and input for board meetings.
Pension AdministrationThe Pension Administration group is responsible for Defined Contribution schemes,
bundled services and third-party administration. This rapidly growing business segment
is a key component of our institutional strategy in Europe.
Business Finance & Administration (BFA)Business Finance & Administration is responsible for management information systems,
resource management, strategic planning and operational risk and audit.
Provider Strategy
Provider Strategy is responsible for working across many parts of the firm to ensure
we are properly leveraging our counter-party relationships effectively, maximizing the
benefits of our scale in the industry.
The firm has strategic relationships with several key providers integral to our business
operations (for example, fund accounting, custody and trade processing). These
relationships are long term and complex, and they are financially material to the firm’s
overall performance and include most of the significant Service Providers in the industry.
Outsourced functions include: trade operations, corporate actions, reconciliations, cash
projections, fund accounting, custody, transfer agency, directed lending services, custom
processes, shadow accounting of client-appointed administrators, coordination and
reconciliations with client-appointed custodians and prime brokerage.
BlackRock is proud to be an E-Verify & Equal Opportunity/Affirmative Action Employer — M/F/D/V.
FOR MORE INFORMATION: www.blackrock.com
BlackRock and BlackRock Solutions are registered trademarks of BlackRock, Inc. iShares is a registered trademark of BlackRock Institutional Trust Company. All other trademarks are the property of their respective owners.
Prepared by BlackRock, Inc.
©2011 BlackRock, Inc. All Rights Reserved.
HR5051G-0511
Within the Global Client Group, we pride ourselves on creating, communicating and
delivering investment solutions for clients worldwide. To that end, we have teams of
professionals with expertise in the many functions that combined make this effort
successful and sustainable, including relationship management, marketing, sales,
client service, and product development and management.
The Global Client Group serves institutional and retail clients, including corporate,
public, union and industry pension plans; insurance companies; third-party mutual
funds; endowments; foundations; charities; corporations; official institutions; banks;
and individuals.
Professionals within the team work together to deliver a full range of asset management,
risk management and advisory services relevant to clients’ investment needs. Unified
under one global client platform, individual client businesses are accountable for client
relationships and distribution of products and services and are supported by a centralized
marketing function which ensures consistency globally.
The Global Institutional teams develop and maintain relationships with institutional
investors worldwide, including public and private pension plans, corporations, foundations,
endowments and industry consultants.
The US/Canada Retail team is responsible for distribution, marketing and product
management for BlackRock’s U.S.-registered products, including open-end funds,
closed-end funds and managed accounts.
The International Retail works in partnership with distributor clients across EMEA
(Europe, Middle East, Africa), APR (Asia Pacific), Australia, Latin America and Japan.
Distributors include retail and private banks, insurance companies and financial advisory
networks, the most notable of which is ML Global Wealth Management. The product
range includes open-ended funds, closed-ended funds and alternative investments. The
Luxemburg-domiciled BlackRock Global Fund (BGF) range is the main open-ended retail
fund range which is distributed across 35 countries in 15 languages and incorporates a
broad range of equity, fixed income, balanced and cash funds. Separately, there
are domestic fund ranges in the UK, Japan and Australia.
The Cash Management teams are responsible for distribution, marketing and product
management for BlackRock’s broad array of liquidity portfolios, ranging from traditional
money market funds and other commingled vehicles, to tailored separately managed
accounts. The team services BlackRock’s liquidity clients, which vary from individual
investors to institutions in the US and the rest of the world.
The Global Client Group hires
professionals with industry
experience and undergraduates just
entering the workforce. Industry
professionals come from a wide
range of backgrounds.
Qualities of a Global Client Group Candidate
} Team player
} Strong analytical skills
} Excellent written and oral
communication skills
} Interest in global capital markets
and portfolio management
} Independent thinker who takes initiative
} Relevant work experience, with
experience abroad a plus
} Demonstrated interest in BlackRock
} Attention to detail
Global Client Group (GCG)
The Global Marketing team provides support across the organization in the forms
of creative services, including project management and graphic design; e-business
solutions, including Web design, execution and maintenance; investment and product
communications; corporate event planning; advertising, brand management and
broadcast media.
The iShares brand was launched in 2000 and has since become the leading ETF provider
with over $450 billion in assets under management globally and just under 50% US ETF
industry market share, as of October 2009. iShares runs almost 400 ETFs globally, holding
securities in various asset classes ranging from US domestic equity to fixed income, to
emerging and frontier markets. The target audience for iShares includes intermediaries
(financial advisors) and institutional investors.
iShares ETFs are built around indices by virtually every leading index provider:
Barclays Capital, Cohen & Steers, Dow Jones, FTSE, FSTE/Xinhua, iBoxx, JPMorgan,
Morningstar, MSCI, NASDAQ, NYSE, Russell and Standard & Poor’s. They are diversified
like typical index funds, but trade like an exchange-listed security, with the advantages
of transparency, cost- and tax-efficiency, and index exposure. The iShares business
believes its competitive advantages lie in the depth and breadth of its products, the
unique expertise and service of its client relationship teams, and its brand strength.
BlackRock is proud to be an E-Verify & Equal Opportunity/Affirmative Action Employer — M/F/D/V.
FOR MORE INFORMATION: www.blackrock.com
BlackRock is a registered trademark of BlackRock, Inc. All other trademarks are the property of their respective owners.
Prepared by BlackRock, Inc.
©2011 BlackRock, Inc. All Rights Reserved.
HR5051H-0511
Global Client Group Analyst Program
GCG functions as the liaison between
BlackRock and our asset management
clients. As an analyst on the team, your
responsibilities may include:
} Working with the portfolio managers
to prepare portfolio reviews, market
updates and research reports
} Participating in client presentations
} Working with all departments to
respond to clients’ needs/inquiries
} Working with clients to set up
accounts and develop benchmarks,
investment guidelines and portfolio
structuring analysis
} Participating in new business
opportunities, marketing and
responding to requests for
proposals (RFPs)
BlackRock’s infrastructure groups encompass myriad essential
corporate functions that support every BlackRock employee and
client, and every aspect of the firm’s business.
Corporate Services — Provides a range of office management,
infrastructure support and administrative services that include
the day-to-day operations of BlackRock offices, the design and
maintenance of our internal systems and the support tools
necessary to run a company efficiently and cost effectively.
Corporate Services is comprised of five teams: Business
Services, Design & Construction, Facilities Management,
Real Estate, and Security.
Corporate Communications — Works to promote and
protect one of the firm’s most important assets: its reputation.
Responsibilities include projecting BlackRock’s brand, products
and services to clients and prospects through the news media
and working with analysts and investors to promote understanding
of the investment merits of the Company’s common stock (NYSE:
BLK). The Corporate Communications Group is broken down into
two segments: Media Relations and Investor Relations.
Human Resources — Provides a broad range of services,
programs and products to BlackRock employees and business
managers. Human Resources manages its operations through
a combination of business alignment, cross-business services
and functional specialties.
Corporate Strategy — Supports organic and inorganic
growth opportunities on a global basis, provides analytical
support to BlackRock’s operating groups, leads merger and
acquisition opportunities from origination to post-merger
integration, coordinates the firm’s global strategic planning
process and develops management reporting tools to assist
senior management decision-making.
Finance — Is responsible for the accounting, financial reporting,
measurement and control of the financial resources of BlackRock
and its subsidiaries. The Finance Group is comprised of three
units: Accounting Policy and Controls, Business Finance, and
Corporate Controllers. General functions include financial
accounting, financial reporting, management accounting,
treasury, tax accounting, compensation/payroll accounting,
auditing and certain other compliance functions.
Legal & Compliance — Oversees BlackRock’s compliance
with applicable laws and rules, and is responsible for, among
other things, establishing legal and compliance policies and
procedures that meet applicable regulatory requirements and
testing the operative effectiveness of those policies and
procedures; overseeing all regulatory matters (employees
must direct all communications regarding such matters to
a Department member); coordinating all litigation and legal
proceedings; negotiating contracts (except certain BRS
contracts); and providing compliance training.
BlackRock is proud to be an E-Verify & Equal Opportunity/Affirmative Action Employer — M/F/D/V.
FOR MORE INFORMATION: www.blackrock.com
BlackRock and BlackRock Solutions are registered trademarks of BlackRock, Inc. iShares is a registered trademark of BlackRock Institutional Trust Company, N.A. All other trademarks are the property of their respective owners.
Prepared by BlackRock, Inc.
©2011 BlackRock, Inc. All Rights Reserved.
HR5051I-0511
Infrastructure
BlackRock offers a range of investment products — equity, fixed income, liquidity and
alternative investment — each managed by a dedicated investment team of portfolio
managers, research analysts and traders. BlackRock’s investment teams are staffed
with professionals who have significant experience within their respective markets. Our
portfolio teams manage assets for institutional and individual investors alike. Accordingly,
all of our clients benefit from our portfolio management expertise and risk management
analytics. There are a number of opportunities to join portfolio management from within
BlackRock as it selects many of its members from various groups in the company.
All of our portfolio managers leverage the expertise of other investment teams through
the strength of a shared research, trading and risk management platform. For example,
GalileoTM, part of our proprietary risk management system, provides company research
and analysis through online access and formally integrates this information into our fixed
income and equity portfolio management process. Our investment professionals benefit
from the resources of a world-class firm that continually invests in its business and is
differentiated by a team approach and integrated research and risk management.
The Equities team manages a full range of equity strategies that span the risk/return
spectrum, along with several targeted opportunities in specific market sectors. More
than 40 investment teams — consisting of portfolio managers, research analysts and
traders — manage style-specific portfolios built on BlackRock company research in
each major equity asset class.
The Tax-Exempt Fixed Income team manages long-term and short-term municipal
bonds; it is one of the largest managers of municipal assets. All portfolio management,
research and trading activities within the firm’s municipal bond business is overseen by
BlackRock’s Municipal Bond Management Committee, which includes six senior members
of the tax-exempt team. Day-to-day activity is conducted by a dedicated portfolio
management team of over 25 professionals, and is further supported by 12 municipal
research analysts.
The Taxable Fixed Income team offers an array of fixed income products designed to
meet specific client risk and return profiles. Incorporating the expertise of BlackRock’s
sector specialists, each client portfolio is tailored to reflect specific investment guidelines
and objectives with respect to interest rate exposure, sector allocation and credit quality.
The BlackRock Multi-Asset Client Solutions (BMACS) team within the Portfolio
Management Group is responsible for developing and managing investment solutions
involving multiple strategies and asset classes. The BMACS team includes over 130
portfolio managers, quantitative analysts, investment strategists, research analysts,
economists and actuaries.
Portfolio Management Group (PMG)
The Portfolio Management Group
hires professionals with industry
experience and undergraduates just
entering the workforce. Industry
professionals come from a wide
range of backgrounds.
Qualities of a Portfolio
Management Group Candidate
} A passion for the markets and investing
} Ability to operate in a team-oriented
and collaborative environment
} Excellent analytical, communication
and interpersonal skills
} Self-motivated, flexible and adaptable
in an ever-changing environment
} Exercises good judgment coupled with
the ability to make decisions quickly
} Possesses an affinity for intelligent
risk taking
} Ability to produce high-quality,
detail-oriented work
The Cash Management team are cash portfolio managers
who make issue selection, duration, yield curve management
and sector allocation decisions as part of the firm’s Liquidity
Investment Strategy Committee and in concert with the broader
fixed income strategy of the firm. BlackRock is one of the world’s
largest managers of liquidity portfolios. Our clients include a
broad array of individual investors and institutions in the U.S.
and the rest of the world. BlackRock’s cash management products
range from traditional money market funds and other commingled
vehicles, to tailored separately managed accounts. From pure
cash out to Libor mandates, we manage cash in a wide variety of
currencies. As cash managers, we favor a conservative approach
that includes an unwavering focus on credit quality, detailed analysis
and risk management.
The Product Specialists team provides essential services to both
the Portfolio Management Group (PMG) and the Global Client
Group (GCG), serving as the link between investment teams and
account managers.
The Scientifically Driven Active Equities group relies on
a quantitative approach to conducting research, portfolio
management and trading, in order to maximize returns and
minimize costs. The Index group manages portfolios benchmarked
against a variety of domestic and international indices, using the
best portfolio construction techniques and driving profit through
finding efficiencies and enhancing capabilities. The Securities
Lending business provides clients with additional revenues through
lending securities in a risk aware manner.
The Scientifically Driven Fixed Income business is comprised
of 180 investment professionals who manage portfolios across a
full range of strategies that span the risk/return spectrum from
index to active products.
The Transition Management Group manages significant portfolio
reorganizations on behalf of clients with the aim of minimizing
cost and controlling risk. These transitions are multi asset class
and multi currency and based on a proven process and risk
management systems that can be adapted to suit specific
client needs, prevailing market conditions or any unforeseen
circumstances. The Transition Management Group is split into two
functions: project management and trading strategy. Combined
they are responsible for all aspects of service delivery, including
operations, analysis, strategy and trading. The Transition Project
Manager role requires involvement in virtually all aspects of this
process with emphasis on working in a team environment to help
coordinate the transition from the initial planning and preparation
stage, through the implementation phase and towards a successful
completion. The role requires liaising with clients, consultants,
investment banks, fund managers and custodians. The Transition
Trader has prime responsibility for devising and implementing the
trading strategy, including pre- and post-analysis of a transition at
a market and individual security level.
Portfolio Management Group Analyst Program
PMG is the core of BlackRock’s premier, global investment
management expertise. As an analyst on the team, your
responsibilities may include:
} Support in the creation, production and delivery of risk
management reports
} Help portfolio managers to apply proprietary techniques for
portfolio construction and alpha generation
} Maintain general sector allocations and consistency with the
group’s portfolio strategy
BlackRock is proud to be an E-Verify & Equal Opportunity/Affirmative Action Employer — M/F/D/V.
FOR MORE INFORMATION: www.blackrock.com
BlackRock is a registered trademark and Galileo is a trademark of BlackRock, Inc. All other trademarks are the property of their respective owners.
Prepared by BlackRock, Inc.
©2011 BlackRock, Inc. All Rights Reserved.
HR5051J-0511
Jargon and Investment Terms
AA Administrative Assistant
ABS Asset-Backed Securities
ADAM Assignment Data Access Maintenance
ALADDIN Asset, Liability, Administration, Debt and Derivative Investment Network
ALT-A Mortgage Product
ARM Adjustable-Rate Mortgage
AUM Assets Under Management
BAA BlackRock Alternative Advisors
BAI BlackRock Alternative Investments
BCM Business Continuity Management
BCP Business Continuity Planning
BFM BlackRock Financial Management
BMACS BlackRock Multi-Asset Client Solutions
BP Basis Point
BRU BlackRock University
BRS BlackRock Solutions
BSAM BlackRock Separate Account Management
CDO Collateralized Debt Obligation
CDS Credit Default Swap
CLO Collateralized Loan Obligation
CMBS Commercial Mortgage-Backed Security
CMG Cash Management Group
CMO Collateralized Mortgage Obligation
CO Client Operations
COB Close of Business
CORP Corporate Bond
CPI Consumer Price Index
DB Defined Benefit
DC Defined Contribution
EM Emerging Markets
EMEA Europe, Middle East, Africa
EPS Earnings Per Share
ERISA Employee Retirement Income Savings Act
ETF Exchange-Traded Fund
FI Fixed Income
FIG Financial Institutions Group
FMA Financial Markets Advisory
FNMA Federal National Mortgage Association (Fannie Mae)
FRA Forward Rate Agreement
FRE Freddie Mac
©2011 BlackRock, Inc. All Rights Reserved.
HR5070A-0811
GCG Global Client Group
GCR Global Consultant Relations Group
GEC Global Executive Committee
GIPS Global Investment Performance Standards
GNMA Government National Mortgage Association, or Ginnie Mae
GP Green Package
GSE Government Sponsored Enterprise
HCC Human Capital Committee
IG Investment Grade
ILB Inflation Linked Bonds
IO Interest Only Bonds
IPO Initial Public Offering
ISG Investment Strategy Group
LIBOR London Interbank Offer Rate
MBS Mortgage Backed Securities
MF Mutual Fund
NAV Net Asset Value
NTM Next Twelve Months
OAC Option-Adjusted Convexity
OAD Option-Adjusted Duration
OAS Option-Adjusted Spread
OTC Over the Counter
P/B Price to Book
P/CF Price to Cash Flow
P/E Price to Earnings
P/S Price to Sales
PAG Portfolio Analytics Group
PAS Proprietary Alpha Strategies
PAZ Park Avenue Plaza
PCG Private Client Group
PEG Product Engagement Group
PI Private Investor
PM Portfolio Manager
PMG Portfolio Management Group
PO Principal Only Bonds
RFP Request for Proposal
RE Real Estate
ROE Return on Equity
RQA Risk and Quantitative Analysis
SMA Separately Managed Accounts
TRIM Merrill Lynch Transition Management
YTM Years to Maturity