貝萊德 (BLK) 2021 Q4 法說會逐字稿

Good morning. My name is Jerome, and I will be your conference facilitator today. At this time, I would like to welcome everyone to the BlackRock, Inc. Fourth Quarter 2021 Earnings Teleconference.

早上好。我的名字是杰羅姆，今天我將成為您的會議主持人。在這個時候，我想歡迎大家參加貝萊德公司 2021 年第四季度收益電話會議。

Our host for today's call will be Chairman and Chief Executive Officer, Laurence D. Fink; Chief Financial Officer, Gary S. Shedlin; President, Robert S. Kapito; and General Counsel, Christopher J. Meade. (Operator Instructions)

今天電話會議的主持人將是董事長兼首席執行官 Laurence D. Fink；首席財務官 Gary S. Shedlin；總裁羅伯特·S·卡皮托；和總法律顧問 Christopher J. Meade。 （操作員說明）

Thank you. Mr. Meade, you may begin your conference.

謝謝你。米德先生，你可以開始你的會議了。

Good morning, everyone. I'm Chris Meade, the General Counsel of BlackRock.

大家，早安。我是貝萊德的總法律顧問克里斯·米德。

Before we begin, I'd like to remind you that during the course of this call, we may make a number of forward-looking statements. We call your attention to the fact that BlackRock's actual results may, of course, differ from these statements. As you know, BlackRock has filed reports with the SEC, which lists some of the factors that may cause the results of BlackRock to differ materially from what we say today. BlackRock assumes no duty and does not undertake to update any forward-looking statements.

在開始之前，我想提醒您，在本次電話會議期間，我們可能會做出一些前瞻性陳述。我們提請您注意，貝萊德的實際結果當然可能與這些陳述不同。如您所知，貝萊德已向美國證券交易委員會提交報告，其中列出了可能導致貝萊德結果與我們今天所說的大不相同的一些因素。貝萊德不承擔任何責任，也不承諾更新任何前瞻性陳述。

So with that, I'll turn it over to Gary.

因此，我將把它交給加里。

Thanks, Chris. Good morning, and Happy New Year to everyone. I hope everyone and their families are remaining safe and healthy. It's my pleasure to present results for the fourth quarter and full year 2021.

謝謝，克里斯。早上好，祝大家新年快樂。我希望每個人和他們的家人都保持安全和健康。我很高興介紹 2021 年第四季度和全年的業績。

Before I turn it over to Larry, I'll review our financial performance and business results. While our earnings release discloses both GAAP and as-adjusted financial results, as always, I will be focusing primarily on our as-adjusted results.

在我把它交給拉里之前，我將審查我們的財務業績和業務成果。雖然我們的收益報告披露了公認會計原則和調整後的財務業績，但我將一如既往地主要關注我們的調整後業績。

Throughout BlackRock's history, we have consistently and systematically invested in our business with a long-term focus and commitment to serving clients, employees, shareholders and the communities in which we operate. As a result of these long-term investments in 2021, we grew organically at our fastest rate ever and continued to expand our organic growth premium versus the industry even as our assets under management reached new highs.

縱觀貝萊德的歷史，我們始終如一地系統地投資於我們的業務，長期專注並致力於為客戶、員工、股東和我們經營所在的社區提供服務。由於 2021 年的這些長期投資，我們以有史以來最快的速度實現了有機增長，並繼續擴大我們的有機增長溢價相對於行業，即使我們管理的資產達到新高。

We have continually invested to develop industry-leading franchises in ETFs, private markets, technology, our active investment platform and more recently, in ESG and in China. These investments all reflect a singular focus on helping clients construct resilient whole portfolios and they are driving the record levels of growth we're seeing today.

我們不斷投資以在 ETF、私募市場、技術、我們的積極投資平台以及最近在 ESG 和中國開發行業領先的特許經營權。這些投資都反映了對幫助客戶構建具有彈性的整體投資組合的獨特關注，它們正在推動我們今天看到的創紀錄增長水平。

BlackRock generated net inflows of $540 billion in 2021, representing 6% organic asset growth and 11% organic base fee growth. Each of our strategic priority areas drove significant growth during the year.

貝萊德在 2021 年產生了 5400 億美元的淨流入，代表 6% 的有機資產增長和 11% 的有機基本費用增長。年內，我們的每個戰略重點領域都推動了顯著增長。

Importantly, despite fourth quarter volatility, we finished the year with strong momentum, generating $212 billion of total net inflows, reflecting annualized organic base fee growth of 9%. Continued strong flows from our entire active franchise, along with record iShares flows, which benefited from typical year-end rebalancing and tax management, contributed to the fourth quarter's robust organic growth.

重要的是，儘管第四季度出現波動，但我們以強勁的勢頭結束了這一年，產生了 2120 億美元的總淨流入，反映了 9% 的年化有機基礎費用增長。來自我們整個活躍特許經營權的持續強勁流量，以及受益於典型的年終再平衡和稅收管理的創紀錄的 iShares 流量，促成了第四季度的強勁有機增長。

We continued to build out our platform in 2021 as the strength and stability of our operating model allowed us to aggressively reinvest in our business, deliver record financial results and return approximately $3.7 billion of capital to shareholders.

我們在 2021 年繼續構建我們的平台，因為我們運營模式的實力和穩定性使我們能夠積極地對我們的業務進行再投資，實現創紀錄的財務業績並向股東返還大約 37 億美元的資本。

Full year revenue of $19.4 billion was up 20%, operating income of $7.5 billion rose 19% and earnings per share of $39.18 was up 16% versus 2020.

與 2020 年相比，全年收入 194 億美元，增長 20%，營業收入 75 億美元，增長 19%，每股收益 39.18 美元，增長 16%。

For the fourth quarter, BlackRock generated revenue of $5.1 billion and operating income of $2.1 billion, up 14% and 11%, respectively, from a year ago. Quarterly earnings per share of $10.42 was up 2% versus a year ago, reflecting a higher effective tax rate and lower nonoperating income in the current quarter.

第四季度，貝萊德的收入為 51 億美元，營業收入為 21 億美元，同比分別增長 14% 和 11%。季度每股收益為 10.42 美元，較上年同期增長 2%，反映了本季度較高的有效稅率和較低的非營業收入。

Nonoperating results for the quarter included $86 million of net investment income, driven primarily by mark-to-market gains in our private equity total investment portfolio. Our as-adjusted tax rate for the fourth quarter was approximately 25%, driven in part by discrete items. We currently estimate that 24% is a reasonable projected tax rate for 2022, though the actual effective tax rate may differ because of nonrecurring or discrete items or potential changes in tax legislation.

本季度的非經營性業績包括 8600 萬美元的淨投資收入，這主要是由於我們的私募股權總投資組合中的按市值計價收益。我們第四季度調整後的稅率約為 25%，部分原因是離散項目。我們目前估計 24% 是 2022 年的合理預計稅率，但實際有效稅率可能會因非經常性或離散項目或稅收立法的潛在變化而有所不同。

Fourth quarter base fees and securities lending revenue of $4 billion was up 17% year-over-year, primarily driven by 11% organic base fee growth and the positive impact of market data on average AUM, partially offset by higher discretionary money market fee waivers versus a year ago and strategic pricing investments over the last year.

第四季度基礎費用和證券借貸收入為 40 億美元，同比增長 17%，主要受有機基礎費用增長 11% 和市場數據對平均 AUM 的積極影響的推動，部分被更高的可自由支配貨幣市場費用豁免所抵消與一年前和去年的戰略定價投資相比。

Sequentially, fourth quarter base fees and securities lending revenue was up approximately 1%. Our fourth quarter annualized effective fee rate decreased by 0.2 basis point from the third quarter as the continued positive impact of strong organic base fee growth was more than offset by the negative impact of divergent equity beta, which accelerated into quarter end and lower securities lending revenue in the current quarter.

隨後，第四季度基本費用和證券借貸收入增長了約 1%。我們第四季度的年化有效費率比第三季度下降了 0.2 個基點，因為強勁的有機基礎費用增長的持續積極影響被不同股票貝塔的負面影響所抵消，後者加速到季度末並降低了證券借貸收入在當前季度。

We incurred approximately $135 million of gross discretionary yield support waivers in the fourth quarter, essentially the same as the third quarter, bringing total waivers to approximately $500 million for the full year. Given the current prospects for higher rates in the near term, we now anticipate most of these waivers would cease shortly after the first 25 basis point increase in the Fed funds rate, resulting in a 0.5 basis point increase to our annualized effective fee rate. Recall that approximately 50% of these gross fee waivers are generally shared with distributors, reducing the impact on operating income.

我們在第四季度產生了約 1.35 億美元的總可自由支配收益支持豁免，與第三季度基本相同，使全年豁免總額達到約 5 億美元。鑑於目前短期內加息的前景，我們現在預計大部分豁免將在聯邦基金利率首次上調 25 個基點後不久停止，從而導致我們的年化有效費率上調 0.5 個基點。回想一下，這些總費用減免中約有 50% 通常與分銷商共享，從而減少了對營業收入的影響。

For the year, we generated record performance fees of $1.1 billion, which were increasingly diversified compared to a year ago and reflected strong alpha generation across our platform. Notably, since a year ago, performance fees from liquid alternatives have increased more than 150%, and our unrecognized deferred carry balance has more than doubled to over $1.4 billion as our private markets platform continues to scale.

這一年，我們創造了創紀錄的 11 億美元的業績費用，與一年前相比，這些費用越來越多樣化，反映了我們平台上強勁的 alpha 生成。值得注意的是，自一年前以來，流動性替代品的業績費用增加了 150% 以上，隨著我們的私人市場平台不斷擴大，我們未確認的遞延套利餘額增加了一倍以上，超過 14 億美元。

Quarterly technology services revenue was up 11% year-over-year, and full year revenue of $1.3 billion increased 12%. Annual contract value, or ACV, increased 13% year-over-year and we remain confident in our ability to continue delivering low to mid-teens ACV growth as demand for Aladdin's end-to-end cloud-based SaaS solution is stronger than ever. We are heavily investing -- heavily investing to scale Aladdin for its next leg of growth in order to extend our capabilities in high demand areas such as the whole portfolio, private markets, wealth and sustainability.

季度技術服務收入同比增長 11%，全年收入 13 億美元，增長 12%。年度合同價值 (ACV) 同比增長 13%，隨著對阿拉丁端到端基於雲的 SaaS 解決方案的需求比以往任何時候都強，我們仍然有能力繼續實現低到十幾歲的 ACV 增長.我們正在大力投資——大力投資以擴大阿拉丁的下一個增長階段，以擴展我們在高需求領域的能力，例如整個投資組合、私人市場、財富和可持續性。

Total expense increased 20% in 2021 driven primarily by higher compensation, G&A and direct fund expense. For the full year, compensation expense increased 20%, reflecting higher base salaries and higher incentive compensation driven by growth in operating income and higher deferred compensation expense. Recall that year-over-year comparisons of fourth quarter compensation expense are less relevant because we determine final full year compensation in the fourth quarter.

2021 年總費用增長 20%，主要是由於薪酬、G&A 和直接基金費用增加。全年薪酬費用增長 20%，反映營業收入增長和遞延薪酬費用增加推動的基本工資和激勵薪酬增加。回想一下，第四季度薪酬費用的同比比較不太相關，因為我們在第四季度確定最終的全年薪酬。

Fourth quarter G&A expense increased 15% year-over-year, reflecting higher marketing and promotional expense, which included higher T&D expense, higher occupancy expense partially driven by higher COVID testing costs and higher portfolio services and technology expense.

第四季度的 G&A 費用同比增長 15%，這反映了更高的營銷和促銷費用，其中包括更高的 T&D 費用、更高的入住費用，部分原因是更高的 COVID 測試成本以及更高的組合服務和技術費用。

For the full year, excluding approximately $350 million of noncore G&A expense, which included $274 million of aggregate fund launch costs, core G&A expense was up 15% compared to 2020. Recall that we exclude the impact of fund launch costs when reporting our as-adjusted operating margin. The year-over-year increase in core G&A was largely attributable to technology, data and portfolio services expense, all of which drive revenue growth.

全年，不包括約 3.5 億美元的非核心 G&A 費用（其中包括 2.74 億美元的總基金啟動成本），核心 G&A 費用與 2020 年相比增長了 15%。回想一下，我們在報告我們的 as- 時排除了基金啟動成本的影響 -調整後的營業利潤率。核心 G&A 的同比增長主要歸因於技術、數據和投資組合服務費用，所有這些都推動了收入增長。

Increased technology and data spend was driven by our Aladdin cloud migration, market data investments to support our index and ESG franchises and broader tech spend to support productivity improvements. Approximately 2/3 of the increase in our 2021 portfolio services expense related to sub-advisory costs associated with significant OCIO wins and are offset by associated base fees.

我們的阿拉丁雲遷移、支持我們的指數和 ESG 特許經營權的市場數據投資以及支持生產力提高的更廣泛的技術支出推動了技術和數據支出的增加。我們 2021 年投資組合服務費用增加的大約 2/3 與與重大 OCIO 勝利相關的子諮詢成本有關，並被相關的基本費用所抵消。

2021 direct fund expense increased 24% year-over-year, primarily reflecting higher average index AUM. Sequentially, quarterly direct fund expense declined despite higher average index AUM due to higher rebates that seasonally occur in the fourth quarter.

2021 年直接基金費用同比增長 24%，主要反映了較高的平均指數 AUM。隨後，儘管由於第四季度季節性出現的較高回扣導致平均指數 AUM 較高，但季度直接基金支出有所下降。

Finally, full year intangible amortization expense increased $41 million year-over-year due to our Aperio acquisition, which closed in February 2021.

最後，由於我們於 2021 年 2 月完成的 Aperio 收購，全年無形攤銷費用同比增加 4100 萬美元。

Our full year as-adjusted operating margin of 45.2% was up 30 basis points versus 2020. Our business has never been positioned to take advantage of the opportunities before us and we remain deeply committed to investing responsibly and aggressively through market cycles so we can continue to generate differentiated organic growth over the long term.

我們全年調整後的營業利潤率為 45.2%，與 2020 年相比上升了 30 個基點。我們的業務從未定位於利用我們面前的機會，我們仍然堅定地致力於在市場週期中負責任和積極地進行投資，以便我們能夠繼續長期創造差異化的有機增長。

Consistent with this growth ambition, we are once again targeting record investment in our people, strategic priorities and platform infrastructure during 2022. At present, we would expect headcount to increase by as much as 10% with a continued focus on optimizing our talent pyramid for more junior roles and growing our footprint and iHub innovation centers.

與這一增長目標相一致，我們再次瞄準 2022 年對我們的人員、戰略重點和平台基礎設施的創紀錄投資。目前，我們預計員工人數將增加 10%，並繼續專注於優化我們的人才金字塔更多初級職位並擴大我們的足跡和 iHub 創新中心。

We would also expect core G&A to increase by 15% to 20% as we continue to invest in technology to scale our operations and support future growth, including completing Aladdin's cloud migration, delivering new Aladdin capabilities and continuing to open the platform to promote client innovation.

我們還預計核心 G&A 將增加 15% 至 20%，因為我們將繼續投資於技術以擴展我們的運營並支持未來增長，包括完成 Aladdin 的雲遷移、提供新的 Aladdin 功能以及繼續開放平台以促進客戶創新.

We are also investing through prudent use of our balance sheet to best position BlackRock for continued success. During 2021, we allocated $1.5 billion of new seed and co-investment capital to support our growth, and our year-end portfolio now approximates $3.7 billion.

我們還通過審慎使用我們的資產負債表進行投資，以使貝萊德處於最佳位置，以取得持續成功。 2021 年，我們分配了 15 億美元的新種子和共同投資資本來支持我們的增長，我們的年終投資組合現在接近 37 億美元。

Our strategic minority investments are reinforcing various elements of our strategy and simultaneously generating very attractive returns for our shareholders. And we continue to invest inorganically when we see opportunities to accelerate our organic growth in key strategic growth areas, as we did through our acquisitions of the physical climate and transition risk models of Rhodium and Baringa, which will be critical to building best-in-class ESG capabilities within Aladdin.

我們的戰略性少數股權投資正在加強我們戰略的各個要素，同時為我們的股東帶來非常有吸引力的回報。當我們看到加速我們在關鍵戰略增長領域的有機增長的機會時，我們會繼續進行無機投資，就像我們通過收購 Rhodium 和 Baringa 的物理氣候和過渡風險模型所做的那樣，這對於建立最佳 - Aladdin 中的 ESG 類能力。

We also remain committed to systematically returning excess cash to shareholders through a combination of dividends and share repurchases and returned an aggregate $3.7 billion to shareholders in 2021. Since inception of our current capital management strategy in 2013, we have now repurchased over $11 billion of BlackRock's stock, reducing our outstanding total shares by 11% and generating an unlevered compound annual return of 20% for our shareholders. At present, based on capital spending plans for the year and subject to market conditions, including the relative valuation of our stock price, we are targeting the repurchase of $1.5 billion of shares during 2022.

我們還繼續致力於通過股息和股票回購相結合的方式，系統地向股東返還多餘現金，並在 2021 年向股東返還總計 37 億美元。自 2013 年實施當前資本管理戰略以來，我們現已回購了超過 110 億美元的貝萊德股票，將我們的流通股總數減少 11%，並為我們的股東帶來 20% 的無槓桿複合年回報。目前，根據本年度的資本支出計劃，根據市場情況，包括我們股價的相對估值，我們的目標是在 2022 年回購 15 億美元的股票。

In addition, our Board of Directors has declared a quarterly cash dividend of $4.88 per share, representing an increase of 18% over the current level.

此外，我們的董事會已宣布季度現金股息為每股 4.88 美元，較目前水平增加 18%。

Finally, in early December, we completed the debt issuance to take advantage of current low interest rates and pre-refinance our $750 million 3 3/8% notes to June 2022. We successfully raised $1 billion of new 10-year notes with a 2.1% coupon, the second lowest U.S. dollar coupon in BlackRock's debt stack.

最後，在 12 月初，我們利用當前的低利率完成了債券發行，並對我們的 7.5 億美元 3 3/8% 票據進行了預再融資，直至 2022 年 6 月。我們成功籌集了 10 億美元的新 10 年期票據，利率為 2.1 %息票，貝萊德債務堆棧中第二低的美元息票。

As you will hear more from Larry, BlackRock's strategy has always been guided by our clients' needs. We relentlessly focus on helping them meet their financial objectives and our deeper and broader relationships with more clients are driving growth across our entire platform.

正如您將從拉里那裡聽到的更多信息，貝萊德的戰略始終以我們客戶的需求為指導。我們不懈地專注於幫助他們實現財務目標，我們與更多客戶的更深入和更廣泛的關係正在推動我們整個平台的增長。

Fourth quarter total net inflows of $212 billion, representing 9% annualized organic AUM and base fee growth, were led by flows into ETFs and our top-performing active franchise. Record full year net inflows of $540 billion were positive across all client types, investment styles and regions and reflected records for both ETFs and active strategies.

第四季度淨流入總額為 2120 億美元，年化有機資產管理規模和基本費用增長 9%，主要來自流入 ETF 和我們表現最佳的活躍特許經營權。所有客戶類型、投資風格和地區的全年淨流入達到創紀錄的 5400 億美元，反映了 ETF 和主動策略的記錄。

ETFs generated $306 billion of net inflows in 2021, representing 11% organic asset growth and 9% organic base fee growth. Record fourth quarter ETF flows of $104 billion reflected some seasonality, but also reflected the diversity of our product and client segments and accelerating secular shifts occurring in the market. We saw continued strength in core but our strategic product segments, particularly sustainable and fixed income, were the largest contributors to our fourth quarter flows.

ETF 在 2021 年產生了 3060 億美元的淨流入，代表 11% 的有機資產增長和 9% 的有機基礎費用增長。創紀錄的第四季度 1040 億美元的 ETF 流量反映了一些季節性因素，但也反映了我們產品和客戶群的多樣性以及市場上發生的加速長期變化。我們看到核心業務持續強勁，但我們的戰略產品領域，特別是可持續和固定收益，是我們第四季度流量的最大貢獻者。

Sustainable ETF AUM of $150 billion nearly doubled during the year and our $750 billion fixed income ETF platform grew organically by double digits even in one of the most challenging macro environments for fixed income in several years. Clients also continued to use our broad-based precision exposures to express risk on sentiment during the year.

1500 億美元的可持續 ETF 資產管理規模在這一年幾乎翻了一番，我們 7500 億美元的固定收益 ETF 平台實現了兩位數的有機增長，即使在幾年來對固定收益而言最具挑戰性的宏觀環境之一也是如此。年內，客戶還繼續使用我們基礎廣泛的精準風險敞口來表達對情緒的風險。

BlackRock generated full year retail net inflows of $102 billion, representing 12% organic asset growth and 14% organic base fee growth, significantly outperforming the broader mutual fund industry. Retail flows were positive in both the U.S. and internationally, reflecting broad-based strength across our active platform.

貝萊德全年零售淨流入 1020 億美元，代表 12% 的有機資產增長和 14% 的有機基礎費用增長，顯著優於更廣泛的共同基金行業。美國和國際上的零售流量都是積極的，這反映了我們活躍平台的廣泛實力。

Fourth quarter retail net inflows of $22 billion reflected similar trends, but also included the seasonal impact of capital gains and dividend reinvestment. We remain well positioned to meet investor needs for risk-adjusted alpha end yield and our diversified fixed income platform with top-performing strategies across total return, unconstrained, high yield and credit offers choice to investors in any rate environment.

第四季度 220 億美元的零售淨流入反映了類似的趨勢，但也包括資本收益和股息再投資的季節性影響。我們仍然有能力滿足投資者對風險調整後的阿爾法最終收益率的需求，我們多元化的固定收益平台在總回報、無約束、高收益和信貸方面表現最佳，在任何利率環境下都為投資者提供了選擇。

Institutional index net outflows of $118 billion in 2021 reflected equity net outflows, including the previously disclosed $58 billion low fee institutional redemption in the second quarter, partially offset by fixed income net inflows as many large clients rebalanced portfolios after significant equity market gains or tactically shifted assets to fixed income and cash.

2021 年機構指數淨流出 1180 億美元反映了股票淨流出，包括之前披露的第二季度 580 億美元的低費用機構贖回，部分被固定收益淨流入所抵消，因為許多大客戶在股市大幅上漲或戰術性轉變後重新平衡投資組合資產為固定收益和現金。

BlackRock's institutional active franchise generated a record $169 billion of net inflows in 2021, reflecting broad-based strength across all product categories and the funding of several significant OCIO mandates. We are seeing strong momentum in our OCIO business, evidenced by another significant core fixed income funding in the fourth quarter. We also saw continued growth in our LifePath target date franchise and remain committed to helping investors around the world plan and invest for retirement. In the aggregate, strong growth across active strategies led to 7% organic base fee growth for our institutional channel in 2021.

貝萊德的機構活躍特許經營權在 2021 年創造了創紀錄的 1,690 億美元的淨流入，反映了所有產品類別的廣泛實力以及幾項重大 OCIO 授權的資金。我們看到我們的 OCIO 業務發展勢頭強勁，第四季度又一筆重要的核心固定收益資金證明了這一點。我們還看到 LifePath 目標日期特許經營權的持續增長，並繼續致力於幫助世界各地的投資者計劃和投資退休。總體而言，主動策略的強勁增長使我們的機構渠道在 2021 年實現了 7% 的有機基礎費用增長。

Across retail and institutional client types, BlackRock generated a record $49 billion of active equity net inflows for the full year, led by top-performing franchises in technology, health sciences and U.S. growth equities as well as quantitative strategies. We remain well positioned for future growth in our active platform with over 75% of our fundamental active equity, systematic active equity and taxable fixed income assets performing above their respective benchmarks or peer median for the trailing 5-year period.

在零售和機構客戶類型中，貝萊德全年創造了創紀錄的 490 億美元的活躍股票淨流入，其中技術、健康科學和美國成長型股票以及量化策略領域表現最佳的特許經營權處於領先地位。我們仍然為我們活躍平台的未來增長做好準備，我們超過 75% 的基本活躍股票、系統活躍股票和應稅固定收益資產在過去 5 年期間的表現高於各自的基准或同行中位數。

Overall demand for alternatives also continued, with $27 billion of net inflows into illiquid and liquid alternative strategies during the year driven by credit, infrastructure and our multi-strat and global event-driven hedge funds. Total alternatives fundraising notched a record in 2021, and we have approximately $36 billion of committed capital to deploy for institutional clients in a variety of strategies, representing over $230 million of future annual base fees and significant potential performance fees.

對替代品的總體需求也在繼續，在信貸、基礎設施以及我們的多層次和全球事件驅動對沖基金的推動下，今年有 270 億美元淨流入非流動性和流動性替代策略。 2021 年，另類籌資總額創下歷史新高，我們擁有約 360 億美元的承諾資本，可用於各種策略的機構客戶，代表未來年度基本費用和大量潛在績效費用超過 2.3 億美元。

Finally, BlackRock's cash management platform generated $44 billion of net inflows in the fourth quarter and $94 billion of net inflows in 2021 as we continued to grow market share in a persistent low rate environment by leveraging our scale, product breadth, technology and risk management on behalf of clients.

最後，貝萊德的現金管理平台在第四季度產生了 440 億美元的淨流入，並在 2021 年產生了 940 億美元的淨流入，因為我們在持續的低利率環境中通過利用我們的規模、產品廣度、技術和風險管理來繼續擴大市場份額代表客戶。

It has been another strong year for BlackRock. Our global scale and diverse platform allow us to continue investing for the future, whether in good markets or more challenging ones, and our differentiated business model remains incredibly well positioned to sustain industry-leading organic growth and deliver long-term shareholder value. Our commitment remains to optimize organic growth in the most efficient way possible and we will do so responsibly to meet the needs of all stakeholders.

對於貝萊德來說，這是又一個強勁的一年。我們的全球規模和多元化平台使我們能夠繼續為未來投資，無論是在良好市場還是更具挑戰性的市場，我們差異化的商業模式仍然非常適合維持行業領先的有機增長並為股東創造長期價值。我們仍然致力於以最有效的方式優化有機增長，我們將負責任地這樣做以滿足所有利益相關者的需求。

With that, I'll turn it over to Larry.

有了這個，我會把它交給拉里。

Thank you, Gary. Good morning, everyone, and thank you for joining the call. I hope you all have had a healthy and happy holiday season, and that all of you are staying safe.

謝謝你，加里。大家早上好，感謝您加入電話會議。我希望你們都度過了一個健康快樂的假期，並且你們所有人都保持安全。

Throughout BlackRock's history, we have relentlessly focused on helping our clients meet their investment goals and solve their most complex challenges. We have continually invested and reinvested in our business to meet and anticipate our clients' evolving and changing needs and to deliver the most comprehensive global investment and technology platform. Our 2021 results truly demonstrated the benefits of those investments.

縱觀貝萊德的歷史，我們一直致力於幫助我們的客戶實現他們的投資目標並解決他們最複雜的挑戰。我們不斷對我們的業務進行投資和再投資，以滿足和預測客戶不斷變化和變化的需求，並提供最全面的全球投資和技術平台。我們 2021 年的業績真正證明了這些投資的好處。

BlackRock delivered the strongest organic growth in our history even as our assets under management reached new highs. We generated $540 billion in net inflows in 2021, representing a record 11% organic base fee growth. We also ended the year with strong momentum with $212 billion of fourth quarter net inflows, reflecting our 7th consecutive quarter of organic base fee growth above our 5% target. And we have steadily expanded our organic growth premium relative to the industry, relative to our competitors as our clients continue to entrust us with more of their portfolios.

即使我們管理的資產達到新高，貝萊德也實現了我們歷史上最強勁的有機增長。我們在 2021 年創造了 5400 億美元的淨流入，代表著創紀錄的 11% 的有機基礎費用增長。我們還以強勁的勢頭結束了今年第四季度的淨流入量為 2120 億美元，這反映了我們連續第 7 個季度有機基礎費用增長超過我們 5% 的目標。隨著我們的客戶繼續將更多的投資組合委託給我們，我們相對於行業和競爭對手的有機增長溢價穩步擴大。

Importantly, our growth is more diversified than it's ever been. In 2021, our active platform, including alternatives, contributed $267 billion of inflows, representing nearly half of our total net inflows.

重要的是，我們的增長比以往任何時候都更加多樣化。 2021 年，我們的活躍平台（包括替代品）貢獻了 2670 億美元的流入，占我們總淨流入的近一半。

ETFs remained a significant growth driver with record flows of $306 billion. And our technology services revenues grew by 12%, reaching $1.3 billion.

ETF 仍然是重要的增長動力，流量達到創紀錄的 3060 億美元。我們的技術服務收入增長了 12%，達到 13 億美元。

This strong momentum across our entire business drove record financial results. For the year, BlackRock delivered 20% revenue growth, 19% operating income growth, 16% ETFs growth and at the same time, we expanded our margins.

我們整個業務的強勁勢頭推動了創紀錄的財務業績。這一年，貝萊德實現了 20% 的收入增長、19% 的營業收入增長、16% 的 ETF 增長，同時我們擴大了利潤率。

Two years into the pandemic, we continue to confront new virus strains. We're confining divergent restriction approaches country by country and even an uneven economy worldwide. Meanwhile, inflation has reached a 40-year high as we see several structural changes take hold. Consumer demand has shifted from services to household goods as people are spending more time at home and benefiting from higher levels of savings. Labor shortages are causing supply chain bottlenecks as people have more choice in the gig economy. The quit rate in the United States has ever been higher, reflecting the confidence of employees. And we will need to recognize that the energy transition is inherently inflationary given the significant cost differential between clean and traditional technology today. And that is why we are so optimistic about investing in green technology to move the energy transition forward.

大流行兩年後，我們繼續面對新的病毒株。我們正在逐個國家限制不同的限制方法，甚至限制全球經濟不平衡。與此同時，通貨膨脹已達到 40 年來的最高點，因為我們看到了一些結構性變化。隨著人們在家里花費更多時間並受益於更高水平的儲蓄，消費者需求已從服務轉向家居用品。由於人們在零工經濟中有更多選擇，勞動力短缺正在導致供應鏈瓶頸。美國的離職率比以往任何時候都高，反映了員工的信心。我們需要認識到，鑑於當今清潔技術和傳統技術之間的巨大成本差異，能源轉型本質上是通貨膨脹的。這就是為什麼我們對投資綠色技術以推動能源轉型如此樂觀的原因。

BlackRock has always focused on evolving and staying ahead of our clients' needs as they navigate change, and they are coming to BlackRock more than ever before. They value BlackRock's insights. They value the breadth of our solutions. They certainly value our global footprint. As a result, BlackRock is building deeper partnerships with more clients across our whole portfolio throughout the world.

貝萊德一直專注於在客戶駕馭變革的過程中不斷發展並保持領先於客戶的需求，而且他們比以往任何時候都更多地來到貝萊德。他們重視貝萊德的洞察力。他們重視我們解決方案的廣度。他們當然重視我們的全球足跡。因此，貝萊德正在全球範圍內與我們整個投資組合中的更多客戶建立更深層次的合作夥伴關係。

We have strong conviction in our ability to continue generating differentiated organic growth over the long term because we have built a platform to help our clients, as a fiduciary, to meet their objectives in all market environments. And we continue to invest ahead of their evolving needs and are swiftly and aggressively trying to embrace new market opportunities.

我們堅信我們有能力在長期內繼續產生差異化的有機增長，因為我們已經建立了一個平台來幫助我們的客戶作為受託人在所有市場環境中實現他們的目標。我們繼續在他們不斷變化的需求之前進行投資，並迅速而積極地嘗試迎接新的市場機會。

Our long-term strategy remains to be -- remains to keep alpha and performance at the heart of BlackRock, to accelerate growth in iShares, to build out our illiquid alternatives that continue to differentiate our technology, to deliver a whole portfolio solution and become the global leader in sustainable investing.

我們的長期戰略仍然是——仍然將阿爾法和業績作為貝萊德的核心，加速 iShares 的增長，構建我們的非流動性替代品，繼續使我們的技術脫穎而出，提供完整的投資組合解決方案並成為可持續投資的全球領導者。

BlackRock is a $2.6 trillion active manager, and our multiyear investment in incorporating data science, sustainability and new tools for portfolio construction is resulting in stronger growth than at any time in our corporate history.

貝萊德是一家價值 2.6 萬億美元的活躍管理公司，我們在將數據科學、可持續性和新工具用於投資組合構建方面的多年投資正在帶來比我們公司歷史上任何時候都更強勁的增長。

We generated a record $267 billion of net inflows from active strategies in 2021, including a second consecutive year of record active equity inflows. Active strategies contributed over 60% of our annual organic base fee, and our growth is significantly outpacing that of our peers and the broader industry as we take market share in this fragmented landscape.

2021 年，我們通過主動策略創造了創紀錄的 2670 億美元淨流入，其中包括連續第二年創紀錄的主動股票流入。主動策略貢獻了我們年度有機基礎費用的 60% 以上，隨著我們在這個分散的環境中佔據市場份額，我們的增長顯著超過了同行和更廣泛的行業。

BlackRock's active mutual fund captured the #1 share of industry flows in 2021, and our organic growth rate has tripled that of industry.

貝萊德的主動型共同基金在 2021 年佔據了行業流量的第一大份額，我們的有機增長率是行業的三倍。

As Gary discussed, our investment performance remained strong with 88% of our taxable fixed income and 78 of our fundamental active equity funds above benchmark or peer median for a 5-year period. And in the U.S., nearly 80% of our active mutual funds are rated either a Morningstar 4 or Morningstar 5, positioning us well for future growth.

正如 Gary 所討論的，我們的投資業績保持強勁，我們 88% 的應稅固定收益和 78 個基本主動股票基金在 5 年內高於基准或同行中位數。在美國，我們近 80% 的活躍共同基金被評為晨星 4 或晨星 5，為我們的未來增長做好了準備。

Clients are increasingly -- increasing their allocation to alternative strategies as they search for diversification and higher returns. BlackRock has built a broad platform across infrastructure, private credit, real estate and private equity to meet that demand. We raised a record $42 billion in client capital in 2021 and are confident in our ability to accelerate our growth as a leader in private markets.

越來越多的客戶在尋求多元化和更高回報時增加了對替代策略的配置。貝萊德在基礎設施、私人信貸、房地產和私募股權方面建立了一個廣泛的平台來滿足這一需求。我們在 2021 年籌集了創紀錄的 420 億美元的客戶資金，並對我們作為私募市場領導者加速增長的能力充滿信心。

Infrastructure, for example, has significant secular tailwinds, driving growth and will be an important engine of fiscal stimulus for economies looking to build for their future. BlackRock is incredibly well positioned to capture opportunity in this area. We are one of the largest infrastructure managers in the industry, with over $35 billion of client assets, including one of the largest renewable power platform. We have grown our platform fourfold in the last 5 years and look forward to partnering with more clients as we raise new vintages in our flagship funds and launch new innovative strategies in this asset class.

例如，基礎設施具有重大的長期順風，推動增長，並將成為尋求建設未來的經濟體財政刺激的重要引擎。貝萊德非常有能力抓住這一領域的機會。我們是業內最大的基礎設施管理公司之一，擁有超過 350 億美元的客戶資產，其中包括最大的可再生能源平台之一。在過去 5 年中，我們的平台增長了四倍，並期待與更多客戶合作，因為我們在旗艦基金中籌集新的年份，並在該資產類別中推出新的創新策略。

iShares also had a record year as the global ETF industry crossed $1 trillion in annual inflows for the first time. Growth was driven by greater adoption globally from asset owners, asset managers, wealth managers and more recently, from many of the approximately 40 million first-time investors who opened self-directed investment accounts over the last 2 years.

iShares 也創下了創紀錄的一年，全球 ETF 行業的年流入量首次超過 1 萬億美元。增長是由全球資產所有者、資產管理公司、財富管理公司以及最近在過去 2 年開設自主投資賬戶的約 4000 萬首次投資者中的許多人的更多采用推動的。

BlackRock and iShares ETFs generated a record $306 billion of net inflows in 2021. We saw strength across each of our product categories including over $100 billion in net inflows into our core ETFs for the first time and nearly $80 billion in our fixed income ETF and more than $50 billion into each of our sustainable and precision ETF categories.

貝萊德和 iShares ETF 在 2021 年創造了創紀錄的 3,060 億美元淨流入。我們在每個產品類別中都看到了強勁勢頭，包括首次超過 1,000 億美元的淨流入我們的核心 ETF 和近 800 億美元的固定收益 ETF 等等超過 500 億美元用於我們的每個可持續和精準 ETF 類別。

We saw strong client demand for fixed income ETFs despite a challenging macro environment for fixed income more broadly. Our growth benefited from the diversity of our product range across inflation-linked bonds, municipal bonds, sustainability and emerging market exposures and the diversity of our client base, many of whom are increasingly using ETFs as part of their active portfolio construction.

儘管更廣泛的固定收益宏觀環境充滿挑戰，但我們看到客戶對固定收益 ETF 的需求強勁。我們的增長得益於我們產品範圍的多樣性，包括通脹掛鉤債券、市政債券、可持續發展和新興市場風險敞口，以及我們客戶群的多樣性，其中許多客戶越來越多地將 ETF 作為其積極投資組合構建的一部分。

Worldwide ETFs are increasingly becoming the vehicle of choice for accessing a broad range of investment exposures, both in a passive way and in an active way. And as barriers for ETF adoption comes down, it is enabling a new generation of investors to access markets and more and more of them are looking to ETFs as a default investment vehicle.

全球 ETF 正日益成為以被動方式和主動方式獲得廣泛投資風險的首選工具。隨著 ETF 採用障礙的降低，新一代投資者能夠進入市場，越來越多的投資者將 ETF 作為默認投資工具。

For those wanting to create more customized indexes, our Aladdin technology has long provided this capability to institutions. And through our recent Aperio acquisition, we can now provide custom index capabilities to U.S. wealth advisers.

對於那些想要創建更多定制索引的人來說，我們的阿拉丁技術早就為機構提供了這種能力。通過我們最近的 Aperio 收購，我們現在可以為美國財富顧問提供自定義指數功能。

Following a breakout in 2020, momentum and sustainable investments continued, and we generated a record $104 billion of net inflows in 2021 as client demand for sustainable strategies accelerated. We now manage $509 billion in sustainable AUM, more than double from a year ago and remain committed to innovating and expanding choice for our clients.

繼 2020 年取得突破後，勢頭和可持續投資仍在繼續，隨著客戶對可持續戰略的需求加速，我們在 2021 年創造了創紀錄的 1040 億美元淨流入。我們現在管理著 5090 億美元的可持續 AUM，比一年前增加了一倍多，並繼續致力於為我們的客戶創新和擴大選擇。

One of the biggest opportunities of this generation will be helping our clients navigate the global transition to a net zero economy. We have already seen $4 trillion of capital move from traditional investments to sustainability ones in the last 2 years alone and this is just the beginning.

這一代人最大的機遇之一將是幫助我們的客戶駕馭全球向淨零經濟的過渡。僅在過去 2 年中，我們就已經看到 4 萬億美元的資本從傳統投資轉向可持續發展投資，而這僅僅是個開始。

The transition will not happen overnight and it will require significant investment in technology. BlackRock is working with companies across a wide range of carbon-intensive sectors that are proactively transforming their businesses and whose innovation will be critical to the world's decarbonization agenda.

這種轉變不會在一夜之間發生，它需要對技術進行大量投資。貝萊德正在與廣泛的碳密集型行業的公司合作，這些行業正在積極轉變其業務，其創新將對世界脫碳議程至關重要。

We believe these companies will present an important investment opportunity for investors. BlackRock is intently focused on helping our clients participate in these opportunities and understand the impact of the transition on their portfolios through better data and analytics. Our ambition is to move more capital into transition than anyone else.

我們相信這些公司將為投資者提供重要的投資機會。貝萊德專注於幫助我們的客戶參與這些機會，並通過更好的數據和分析了解轉型對其投資組合的影響。我們的目標是讓更多的資本投入到轉型中。

Our multi-decade investment into Aladdin technology platform continues to differentiate BlackRock both as an asset manager and a leading fintech provider. We generated $1.3 billion in annual technology revenues, up 12% year-over-year. We remain focused on continually evolving Aladdin for the next decade and beyond. We are innovating and extending our capabilities into areas of high client demand, including whole portfolios, wealth and sustainability.

我們對阿拉丁技術平台的數十年投資繼續使貝萊德作為資產管理公司和領先的金融科技提供商脫穎而出。我們每年創造 13 億美元的技術收入，同比增長 12%。我們將繼續專注於在未來十年及以後不斷發展阿拉丁。我們正在創新並將我們的能力擴展到客戶需求高的領域，包括整個投資組合、財富和可持續性。

The combination of Aladdin and eFront for example, which allows a client to bring together their whole portfolio in one place and customize at scale, has already been embraced by over 2 dozen clients, and the pipeline is the strongest it has ever been and growing.

例如，Aladdin 和 eFront 的組合允許客戶將他們的整個產品組合集中在一個地方並進行大規模定制，已經被超過 2 打客戶所接受，並且管道是有史以來最強大的並且還在不斷增長。

The breadth of BlackRock's investment strategies, our technology capabilities and our One BlackRock culture are truly what differentiates us in providing whole portfolio solutions to our clients. In my conversations with clients around the world, I'm hearing about the challenges they are facing and their desire to consolidate the number of partners that they work with. They are increasingly choosing BlackRock as their partner of choice for those large, strategic, complex relationships.

貝萊德廣泛的投資策略、我們的技術能力和我們的 One BlackRock 文化是我們為客戶提供整體投資組合解決方案的真正區別。在我與世界各地客戶的交談中，我聽到了他們面臨的挑戰以及他們希望合併與他們合作的合作夥伴數量的願望。他們越來越多地選擇貝萊德作為大型、戰略性、複雜關係的首選合作夥伴。

This is resonating, especially in our work with insurance clients. Our strong fourth quarter inflows included a previously announced $49 billion of active fixed income mandate from a large strategic insurance client. Our role at BlackRock is to leverage our insurance expertise and our diversified global platform across asset management, technology, sustainability, advisory solutions to deliver fully and completely to our clients.

這引起了共鳴，尤其是在我們與保險客戶的合作中。我們強勁的第四季度資金流入包括先前宣布的來自大型戰略保險客戶的 490 億美元主動固定收益授權。我們在貝萊德的職責是利用我們的保險專業知識和我們在資產管理、技術、可持續發展、諮詢解決方案方面的多元化全球平台，全面、完整地為我們的客戶提供服務。

We see significant opportunity to work more closely with our insurance and broader OCIO clients in 2022 and beyond. Our ability to address client challenges enables us to fulfill our purpose and drive long-term performance that benefits all our stakeholders.

我們看到了在 2022 年及以後與我們的保險和更廣泛的 OCIO 客戶更密切合作的重要機會。我們應對客戶挑戰的能力使我們能夠實現我們的目標並推動使所有利益相關者受益的長期績效。

Over the last 5 years, clients have entrusted us with $1.8 trillion of net new assets. That's our organic growth for the last 5 years. We crossed $10 trillion in AUM in the fourth quarter.

在過去 5 年中，客戶委託我們提供了 1.8 萬億美元的淨新資產。這是我們過去 5 年的有機增長。我們在第四季度的資產管理規模超過了 10 萬億美元。

As with every milestone we reached over the decade, we are incredibly humbled by our client support and their incredible trust they have placed on us. All of us at BlackRock feel and take this deep responsibility in managing every dollar our clients awarded us, whether it is an individual investor using one of our ETFs is their first portfolio or investment account or a very large pension fund entrusting us with their whole portfolio. It is truly an honor that we recognize every moment and every day.

正如我們十年來達到的每一個里程碑一樣，我們對客戶的支持和他們對我們的難以置信的信任感到非常謙卑。貝萊德的所有人都深感並肩負著管理客戶給予我們的每一美元的責任，無論是個人投資者使用我們的 ETF 是他們的第一個投資組合或投資賬戶，還是一個非常大的養老基金委託我們管理他們的整個投資組合.我們能認識到每一刻和每一天，真的是一種榮幸。

BlackRock's consistent results are possible because of our dedicated employees. I often talk about the importance of putting a company's purpose at the foundation of a relationship with all stakeholders. Our purpose is resonating with our employees more than ever. BlackRock employee base has remained stable over the last 2 years amidst its turbulent environment. And I'm extremely proud of how passionate our 18,000 employees are in helping more and more people experience financial well-being.

得益於我們敬業的員工，貝萊德取得一致的結果是可能的。我經常談到將公司的宗旨作為與所有利益相關者關係的基礎的重要性。我們的目標是比以往任何時候都更能引起員工的共鳴。在動蕩的環境中，貝萊德的員工基礎在過去 2 年中保持穩定。我為我們的 18,000 名員工在幫助越來越多的人體驗財務福祉方面的熱情感到非常自豪。

I want to take this moment to thank each and every one of our employees and every one of them individually for their continued partnership resilience and hard work and dedication through another difficult year. Everything BlackRock does is rooted in our culture of focusing on the long term, and we will continue to innovate. We will continue to be using our scale and contributing to a more equitable, a more resilient future to benefit more clients, to benefit our employees, and to benefit our shareholders and the people and communities worldwide where we operate. I firmly believe that the efforts of 2021 will position BlackRock to deliver value over the long run for all our stakeholders.

我想藉此機會感謝我們的每一位員工以及他們每一個人，感謝他們在又一個艱難的一年中持續的合作韌性、辛勤工作和奉獻精神。貝萊德所做的一切都植根於我們注重長遠的文化，我們將繼續創新。我們將繼續利用我們的規模，為更公平、更有彈性的未來做出貢獻，以造福更多客戶，造福我們的員工，造福我們的股東以及我們經營所在的全球人民和社區。我堅信，2021 年的努力將使貝萊德能夠為所有利益相關者提供長期價值。

With that, let me open it up for questions.

有了這個，讓我打開它來提問。

(Operator Instructions) Your first question comes from the line of Alex Blostein with Goldman Sachs.

（操作員說明）您的第一個問題來自高盛的 Alex Blostein。

So maybe we could start with a question around just the active dynamics for BlackRock in 2021. Clearly, a great year, record year in active flows across the board, equity, et cetera. How sustainable do you think this trend will be, I guess, into '22? And then I also was hoping you could expand on how faster increases in interest rates could also impact asset allocation decisions over the next 12 to 18 months?

所以也許我們可以從一個關於貝萊德在 2021 年的活躍動態的問題開始。顯然，這是一個偉大的一年，創紀錄的全面活躍流動、股權等的一年。我猜，你認為這種趨勢將持續到 22 年嗎？然後我還希望你能詳細說明利率的更快增長也會如何影響未來 12 到 18 個月的資產配置決策？

Sure. I'm getting over cold for my grandchild.

當然。我對我的孫子感冒了。

Our results in our active investment strategies is really one of the core transformations of BlackRock over many years of work. The history of BlackRock was an active fixed income manager. Our acquisition of BGI with our fantastic quantitative approach to both fixed income and equity active strategies. Our development in our illiquid space where we built out that platform. Our recommitment and fortifying our fundamental equity teams over the last 5 years, which led to great performance.

我們在積極投資策略中取得的成果確實是貝萊德多年來工作的核心轉變之一。貝萊德的歷史是一位積極的固定收益經理。我們通過對固定收益和股票主動策略的出色量化方法收購了華大基因。我們在我們建立該平台的非流動空間中的發展。在過去 5 年中，我們重新承諾並加強了我們的基本股票團隊，這導致了出色的表現。

In addition, over the last 5 years, Alex, and you're aware of this, our build-out of our distribution team, our build-out in the RIA channel, having $102 billion of inflows from retail globally. The large portion of that was active. So it's not just building out our investment teams and fortifying them, but it was building out also our distribution side of our businesses, too. That's all built -- led to a well positioned as active strategies continue to be a choice with more and more investors worldwide. And let's be clear, many of our flows in ETFs were from active strategies too.

此外，在過去的 5 年裡，亞歷克斯和你都知道，我們對分銷團隊的擴充，我們在 RIA 渠道的擴充，從全球零售中獲得了 1020 億美元的資金流入。其中很大一部分是活躍的。因此，這不僅僅是建立我們的投資團隊並加強他們，而且還建立了我們業務的分銷方面。這一切都建立起來了——隨著主動策略繼續成為全球越來越多投資者的選擇，這導致了良好的定位。讓我們明確一點，我們在 ETF 中的許多資金流也來自主動策略。

So across the board, the $267 billion of inflows represented from great performance, well positioned. And I think that will continue to build in 2022.

因此，總體而言，2670 億美元的資金流入代表了出色的表現，定位良好。我認為這將在 2022 年繼續發展。

I would say the other major thing is, and I talked about this quite a bit in my prepared remarks, was our whole portfolio approach. We believe more and more organizations are going to be looking to outsource large components of their balance sheets, whether it's an insurance company, a pension fund and endowment.

我想說另一個主要的事情是，我在準備好的評論中談到了很多，是我們的整個投資組合方法。我們相信越來越多的組織將尋求外包其資產負債表的大部分組成部分，無論是保險公司、養老基金還是捐贈基金。

And we're looking for an organization that can position that quite well. And because of our business model of having both active and index products across having the technology to interface with our clients. We are as -- we are probably the best positioned organization in the world to meet those types of opportunities. And so if anything, I think that momentum in active is going to accelerate going forward, especially in the OCIO area and whole portfolios, this is going to be driving more and more of our success.

我們正在尋找一個可以很好地定位的組織。並且由於我們擁有與客戶交互的技術，同時擁有活躍和指數產品的商業模式。我們是——我們可能是世界上最能抓住這些機會的組織。因此，如果有的話，我認為積極的勢頭將加速前進，特別是在 OCIO 領域和整個投資組合中，這將推動我們越來越多的成功。

Obviously, we saw flows in sustainability. That continues to be driven our success in illiquids, has really been a cornerstone of our 2021 results. So I'm extremely optimistic on our positioning for '22 and beyond.

顯然，我們看到了可持續性的流動。這繼續推動我們在非流動性領域取得成功，這確實是我們 2021 年業績的基石。所以我對我們在 22 年及以後的定位非常樂觀。

In terms of rising rates, it really depends on how rising rates are going to be resulting in. Are we going to see a flattening yield curve with rising rates? Are we going to see a steepening yield curve? I tend to believe we're going to have more of a flat here on. If central banks raise rates 8 to 10x, which the forward curve suggests, we could have a 2.25%, 2.5% year, let's say, short-term rate. The real question is, what does that mean for the 10-year rate. Those questions and how that plays out is going to be very important.

就利率上升而言，這實際上取決於利率上升的結果。隨著利率上升，我們是否會看到收益率曲線趨於平坦？我們會看到收益率曲線變陡嗎？我傾向於相信我們會在這裡擁有更多的公寓。如果中央銀行將利率提高 8 到 10 倍，遠期曲線表明，我們可能會有 2.25%，2.5% 的年利率，比如說短期利率。真正的問題是，這對 10 年期利率意味著什麼。這些問題及其結果將非常重要。

The biggest opportunity that we have is how BlackRock is positioned and the opportunities we have. I really do believe whether we have rising rates, a flattening yield curve, a steepening yield curve, we will be part of the conversation with all our investors worldwide.

我們擁有的最大機會是貝萊德的定位和我們擁有的機會。我真的相信，無論我們是否有利率上升、收益率曲線趨平、收益率曲線趨陡，我們都將成為與全球所有投資者對話的一部分。

Yes, Larry, maybe I can just jump in on the rates, just one thing for Alex. I think obviously, the dynamic between rates going up and our level of AUM, I think, is well known. But I would just highlight a couple of things. One is we -- our $2.8 trillion is primarily institutional for sure. And obviously, those are very sticky assets that are both strategic and matched for liability. So we think we have very sticky assets.

是的，拉里，也許我可以直接了解費率，這對亞歷克斯來說只是一件事。我認為顯然，利率上升和我們的 AUM 水平之間的動態是眾所周知的。但我只想強調幾件事。一個是我們——我們的 2.8 萬億美元肯定主要是機構性的。顯然，這些都是非常粘的資產，既具有戰略意義又與責任相匹配。所以我們認為我們有非常粘性的資產。

Two is we're obviously very well positioned in terms of our broad-based fixed income platform. So whether it's unconstrained, high yield, total return or short duration, I think we've got that. So we're ready for a rotation. And more importantly, I think, really, is if rates go up, a bunch of cash is likely to come off the sidelines. And so that will enable us to basically move that cash into other asset classes.

二是我們在基礎廣泛的固定收益平台方面顯然處於非常有利的地位。因此，無論是無約束、高收益、總回報還是短期，我認為我們已經做到了。所以我們準備好輪換了。更重要的是，我認為，真的，如果利率上升，一大筆現金可能會從場外流出。因此，這將使我們能夠基本上將現金轉移到其他資產類別中。

And as I mentioned in my remarks, very importantly, we waived $500 million of fees last year in our cash business. That first 25 basis point move by the Fed, and as many people think that could come as early as the first quarter. We think that will free up almost all of those waivers. That will have about a 0.5 basis point increase on our annualized effective fee rate. And obviously, we've talked about while we share roughly half of that with our distributors, that will drop a significant amount of incremental profitability to the bottom line.

正如我在講話中提到的，非常重要的是，我們去年在現金業務中免除了 5 億美元的費用。美聯儲第一個 25 個基點的舉措，正如許多人認為的那樣，最早可能在第一季度出現。我們認為這將釋放幾乎所有這些豁免。這將使我們的年化有效費率增加約 0.5 個基點。顯然，我們已經討論過，雖然我們與分銷商分享了大約一半的利潤，但這將使大量的增量盈利能力下降到底線。

Your next question comes from the line of Craig Siegenthaler with Bank of America.

您的下一個問題來自美國銀行的 Craig Siegenthaler。

Larry, Rob, Gary, hope you're all doing well. First, I just want to congratulate you on being the first asset manager to reach $10 trillion.

拉里、羅伯、加里，希望你們一切都好。首先，我只想祝賀你成為第一個達到 10 萬億美元的資產管理公司。

Well, it just a number. Thank you, though.

好吧，它只是一個數字。不過謝謝。

So my question is on the ETF business. We saw that the New York State insurance regulator just published an update on the capital treatment of fixed income ETFs as bonds instead of equities. I know this has been a focus for a while, but do you think this could open the door to larger ETF allocations from your insurance company clients?

所以我的問題是關於 ETF 業務。我們看到紐約州保險監管機構剛剛發布了關於將固定收益 ETF 視為債券而非股票的資本處理的更新。我知道這是一段時間以來的焦點，但您認為這是否會為您的保險公司客戶提供更大的 ETF 配置打開大門？

Let me give that to Rob.

讓我把它交給羅布。

That's a great question, Craig. As to catch everybody up, towards the end of 2021, you saw the New York Department of Financial Services published a rule which permits insurance firms to treat diversified liquid bond ETFs like bonds for the purpose of risk-based capital. And this puts bond ETFs on a level playing field with bonds in an insurer's portfolio.

這是一個很好的問題，克雷格。為了趕上大家，您看到紐約金融服務部在 2021 年底發布了一項規則，允許保險公司將多元化的流動性債券 ETF 視為以風險為基礎的資本為目的的債券。這使債券 ETF 與保險公司投資組合中的債券處於公平競爭的環境中。

So, so far, we are really excited by the initial client feedback and interest to ETFs. Because of this rule, we are very optimistic as how this could lead to future growth. And this is just another sign of an unlock to come as ETFs are gaining increased understanding.

因此，到目前為止，我們對最初的客戶反饋和對 ETF 的興趣感到非常興奮。由於這條規則，我們非常樂觀地認為這將如何導致未來的增長。隨著 ETF 獲得越來越多的理解，這只是解鎖的另一個跡象。

And you know in the past, we've said that we expect by 2025 that ETFs are going to reach $15 trillion from $10 trillion today. We still believe that. And even at that level, ETFs would still be a small part of the capital markets, which is why we think there are decades of growth ahead. And so we're very excited about the fact that insurers now will use more ETFs to represent their bond portfolio. But a good question and a good insight by you.

你知道過去，我們曾說過，我們預計到 2025 年，ETF 將從今天的 10 萬億美元增長到 15 萬億美元。我們仍然相信這一點。即使在那個水平上，ETF 仍然只是資本市場的一小部分，這就是為什麼我們認為未來還有幾十年的增長。因此，我們對保險公司現在將使用更多 ETF 來代表其債券投資組合感到非常興奮。但是你提出了一個很好的問題和一個很好的見解。

Your next question comes from the line of Michael Cyprys from Morgan Stanley.

您的下一個問題來自摩根士丹利的 Michael Cyprys。

Just wanted to ask on Aladdin. I was just hoping you could update us on your number of Aladdin initiatives. You guys have a lot going on there from migrating to Microsoft Azure to the Snowflake partnership, Aladdin Climate. Maybe you could just expand upon the progress on those different initiatives, where they stand. Some of them earlier stages than others. What's been built out? What's left and any sort of early feedback from clients, maybe you could talk a little bit how you see that unlocking the revenue growth ahead.

只是想問問阿拉丁。我只是希望你能更新我們關於阿拉丁倡議的數量。從遷移到 Microsoft Azure 到 Snowflake 合作夥伴 Aladdin Climate，你們有很多事情要做。也許您可以擴展這些不同舉措的進展，它們所處的位置。其中一些階段比其他階段更早。建成了什麼？剩下什麼以及客戶的任何早期反饋，也許你可以談談你如何看待未來的收入增長。

Let me tackle the scale of Aladdin Climate, and I'll have Gary comment on the progress with Azure and Snowflake.

讓我來解決阿拉丁氣候的規模問題，我會讓 Gary 評論 Azure 和 Snowflake 的進展。

As I said in my prepared remarks, client demand for Aladdin has accelerated, especially with more and more remote working, having a comprehensive platform, a whole portfolio solution platform is really -- highlights the opportunities and the strength of Aladdin and more and more investment firms, asset owners and insurance companies are looking for Aladdin as an opportunity to expand their ability to navigate markets.

正如我在準備好的評論中所說，客戶對阿拉丁的需求已經加速，特別是隨著越來越多的遠程工作，擁有一個全面的平台，一個完整的投資組合解決方案平台真的 - 凸顯了阿拉丁的機會和實力以及越來越多的投資公司、資產所有者和保險公司正在尋找阿拉丁作為擴大其市場導航能力的機會。

As we built out on Aladdin, as you suggested, Michael, the whole space of where Aladdin is growing out, whether it is Aladdin Provider, connecting every Aladdin user to its custodial relationship, intersecting that. Aladdin Wealth, connecting Aladdin to wealth managers and having them more connected. And we are in the beta sites right now of rolling out with some of our Aladdin users already on Climate. And that will continue to be, in my mind, one of the principal drivers for Aladdin utilization going forward.

正如我們在 Aladdin 上構建的，正如你所建議的那樣，Michael，Aladdin 成長的整個空間，無論是 Aladdin 提供者，都將每個 Aladdin 用戶與其保管關係聯繫起來，相交。阿拉丁財富，將阿拉丁與財富管理公司聯繫起來，讓他們之間的聯繫更加緊密。我們現在正處於測試版站點，我們的一些阿拉丁用戶已經在氣候上推出。在我看來，這將繼續是阿拉丁未來使用的主要驅動力之一。

And then the greater utilization of alternatives, the combination of Aladdin and eFront really extended Aladdin across the entire investment ecosystem end-to-end. And so with Aladdin Provider, with Aladdin Wealth and now Aladdin Climate across all the portfolios, I do believe it is going to drive accelerated growth for Aladdin going forward.

然後更多地利用替代方案，阿拉丁和 eFront 的結合真正將阿拉丁端到端地擴展到整個投資生態系統。因此，與 Aladdin Provider、Aladdin Wealth 以及現在所有投資組合中的 Aladdin Climate 合作，我相信這將推動 Aladdin 未來的加速增長。

I'm incredibly optimistic about the opportunities we have, and I truly believe as more and more regulators are asking questions related to climate and how do you quantify climate as a risk, the need for Aladdin is essential in terms of understanding that risk as one measurement. I mean, there are many other tools that people could use but it will be one of the measurements that people can utilize.

我對我們擁有的機會非常樂觀，而且我真的相信，隨著越來越多的監管機構提出與氣候相關的問題以及如何將氣候量化為一種風險，就將風險理解為一種風險而言，對阿拉丁的需求至關重要測量。我的意思是，人們可以使用許多其他工具，但這將是人們可以使用的衡量標準之一。

And I would also add one of the great strengths for Aladdin over the last 2 years and why greater utilization is open Aladdin. We are now allowing every user of Aladdin to put their own models in that are proprietary to them. So Aladdin as a risk management system is not a monolithic system. What Aladdin has become is more an operating ecosystem and helping the owners of money, the asset managers of money to really navigate across asset categories, communication to clients, communication to the custodial bank and having your own proprietary risk system. And that has been one of the great transitions of Aladdin, and then dovetailing that, the infrastructure of Aladdin related to Azure and Snowflake, and I'll allow Gary to talk about what we're doing in the infrastructure to create a more resilient Aladdin.

我還要補充一下過去 2 年中阿拉丁的一大優勢，以及為什麼開放阿拉丁的利用率更高。我們現在允許 Aladdin 的每個用戶將他們自己的模型放入他們專有的模型中。所以阿拉丁作為一個風險管理系統並不是一個單一的系統。阿拉丁已成為一個運營生態系統，幫助貨幣所有者、貨幣資產管理者真正跨資產類別導航、與客戶溝通、與託管銀行溝通並擁有自己的專有風險系統。這是阿拉丁的重大轉變之一，然後與 Azure 和雪花相關的阿拉丁基礎架構相吻合，我將允許 Gary 談談我們在基礎架構中所做的工作，以創建更具彈性的阿拉丁.

Thanks, Larry. So Mike, I think you were specifically asking about cloud, I'll give you just a couple of comments. We are obviously migrating Aladdin from BlackRock managed data centers to the cloud. And we think that, that partnership with Microsoft, in particular, brings a number of enhanced capabilities to both ourselves and Aladdin clients.

謝謝，拉里。所以邁克，我想你是專門詢問云計算的，我只想給你一些意見。我們顯然正在將阿拉丁從貝萊德管理的數據中心遷移到雲端。我們認為，尤其是與微軟的合作，為我們自己和阿拉丁客戶帶來了許多增強的功能。

I mean the big 4 for us are to localize data hosting. As Larry talked about, really unlocking growth as a key part of our strategy to open Aladdin, where clients are really looking to use both data and APIs in ways that differentiate them and help to express their own competitive advantage. We're looking to accelerate innovation, and finally, migrating to the cloud is going to help us support greater computing scale and elasticity at our clients as we see client demand to use data clearly increasing.

我的意思是對我們來說四大是本地化數據託管。正如 Larry 所說，真正釋放增長是我們開設 Aladdin 戰略的關鍵部分，客戶真正希望以與眾不同的方式使用數據和 API，並幫助表達自己的競爭優勢。我們正在尋求加速創新，最後，遷移到雲將幫助我們支持客戶更大的計算規模和彈性，因為我們看到客戶使用數據的需求明顯增加。

More importantly, though, it's beyond just the cloud. I mean we're making investments really to address the needs of what we consider the investor for the future. Obviously, a focus on whole portfolio solutions. You know about our acquisition of eFront, where we bring public and private capabilities together in one platform. Sustainability data and analytics, which will be very critical. We talked about flexible tech solutions and connectivity that we just talked about, but also integrated data ecosystem that will allow clients to combine both Aladdin and non-Aladdin data, which I think is going to be important.

不過，更重要的是，它不僅僅是雲。我的意思是，我們進行投資真的是為了滿足我們認為投資者對未來的需求。顯然，專注於整個投資組合解決方案。您知道我們收購了 eFront，我們將公共和私有功能整合到一個平台中。可持續性數據和分析，這將非常關鍵。我們談到了剛剛談到的靈活的技術解決方案和連接性，還談到了集成的數據生態系統，它允許客戶將阿拉丁和非阿拉丁數據結合起來，我認為這很重要。

We're about 2/3 complete with our client migrations. That is ahead of our initial plan, and we anticipate completing the remainder of those client migrations likely in the first half of 2022.

我們大約完成了 2/3 的客戶遷移。這超出了我們最初的計劃，我們預計可能會在 2022 年上半年完成剩餘的客戶端遷移。

Your next question comes from the line of Brian Bedell with Deutsche Bank.

您的下一個問題來自德意志銀行的 Brian Bedell。

Maybe just to circle back on sustainable investing. It looks like that continues to be about nearly 20% of your organic growth. And you're now at over $500 billion, you're well on your way to making that $1 trillion mark well before the end of the decade if this type of pace continues.

也許只是為了回到可持續投資上。看起來這仍然是您有機增長的近 20%。而且你現在的資產超過 5000 億美元，如果這種速度繼續下去，你很可能在本世紀末之前達到 1 萬億美元大關。

But maybe, Larry, if you could talk about how you're seeing recent trends in demand momentum in the U.S. versus Europe. Obviously, Europe has been more of the growth engine over the long term on sustainable investing. But maybe you can just talk about that differentiation.

但也許，拉里，如果你能談談你如何看待美國與歐洲的近期需求勢頭趨勢。顯然，從長遠來看，歐洲更多地是可持續投資的增長引擎。但也許你可以談談這種差異化。

And then also just on carbon transition as well. This is such a developing market. I don't know if you have a view on what a longer-term market opportunity for investment product could be from an AUM size in that area and what sort of products you are targeting to do?

然後也只是關於碳轉型。這是一個發展中的市場。我不知道您是否對該領域的 AUM 規模以及您的目標產品類型有什麼看法？

Great question. Thanks, Brian.

好問題。謝謝，布賴恩。

Well, in 2020, we made a large statement related to the tectonic shift that we've seen is going to occur in the investment world. And we continue to see rising interest in sustainability worldwide. And I think just by evidence of 2021, we saw $31 billion of flows in the U.S. in sustainability, $65 billion of flows from EMEA, which you suggested more in Europe, $8 billion from APAC. And we went from about $100 billion in 2019 to $500 billion today.

好吧，在 2020 年，我們就投資界將發生的結構性轉變發表了重要聲明。我們繼續看到全球對可持續發展的興趣日益濃厚。而且我認為，僅憑 2021 年的證據，我們就看到了 310 億美元的可持續性流入美國，650 億美元來自歐洲、中東和非洲，你建議更多的是在歐洲，80 億美元來自亞太地區。我們從 2019 年的約 1000 億美元增加到今天的 5000 億美元。

I think what -- we're in different spots as evidenced by those flows, as you suggested. In Europe, if you do not have a sustainability lens, you will not be awarded any mandates today. It is a component of all -- I want to underscore all investing in Europe today.

我認為——正如你所建議的，我們處於不同的位置，正如你所建議的那樣，這些流動證明了這一點。在歐洲，如果您沒有可持續發展的視角，那麼您今天將不會獲得任何授權。它是一切的組成部分——我想強調今天在歐洲的所有投資。

In the United States, it's still quite mixed depending on the institution, but it's growing. It's growing because, a, we are able to create a customized portfolios, and this is the power of Aladdin for us. Customized portfolio for those clients who are looking to start looking at sustainability as an investment opportunity and an investment risk. And I believe this will continue to be driving flows in the coming years.

在美國，根據機構的不同，它仍然很複雜，但它正在增長。它正在增長，因為，a，我們能夠創建定制的投資組合，這就是阿拉丁對我們的力量。為那些希望開始將可持續性視為投資機會和投資風險的客戶定制的投資組合。我相信這將在未來幾年繼續推動流量。

The big opportunity and the greatest opportunity in this area is investing in new is a new technology. As I said in my prepared remarks, if we move to a green economy tomorrow, without new technology, it's going to lead to an unfair and unjust transition.

該領域最大的機會和最大的機會是投資新的新技術。正如我在準備好的發言中所說，如果我們明天轉向綠色經濟，沒有新技術，這將導致不公平和不公正的過渡。

And as we witnessed in so many places already with rising energy prices, we've seen governments capping energy costs to the consumer. Even the European countries that are so focused on sustainability, like France and Spain, have caps and heating and other things like that.

正如我們在許多地方目睹的那樣，能源價格已經上漲，我們已經看到政府限制了消費者的能源成本。即使是如此關注可持續性的歐洲國家，如法國和西班牙，也有上限和供暖等類似的東西。

So this is going to be a very long -- as I discussed over the years, a very long transition and very -- and it's not going to be a straight line. The opportunity then is to be working with traditional hydrocarbon companies who are going to be part of the solution. It's going to be working with agricultural companies who are part of the solution. It is investing in new start-ups, whether it is to create blue or green hydrogen or blue or green ammonia, to find new solutions for green cement and steel, for investing in new opportunities and sequestering of hydrocarbons.

所以這將是一個很長的時間——正如我多年來所討論的那樣，一個非常長的過渡，而且非常——而且不會是一條直線。那麼機會就是與將成為解決方案一部分的傳統碳氫化合物公司合作。它將與作為解決方案一部分的農業公司合作。它正在投資新的初創企業，無論是製造藍色或綠色氫氣還是藍色或綠色氨氣，為綠色水泥和鋼鐵尋找新的解決方案，投資於新的機會和碳氫化合物的封存。

So we believe climate transition opportunities for renewable power for these new technology are going to be great. And I do believe there's going to be huge investment opportunities going forward. So it's a combination of navigating your current portfolio as a lens but also the opportunities in investing in side-by-side with hydrocarbon companies or investing in new technologies and new start-ups.

因此，我們相信這些新技術的可再生能源的氣候轉型機會將是巨大的。我相信未來會有巨大的投資機會。因此，它既可以將您當前的投資組合作為一個鏡頭進行導航，也可以是與碳氫化合物公司並排投資或投資新技術和新初創企業的機會。

Gary, why don't you carry on and talk about sustainability, too, please?

加里，你為什麼不繼續談談可持續發展，好嗎？

I think you got it, Larry. I think you hit on all the key parts of the question in terms of just flows. I mean unless, Brian, there was anything specific you wanted additional color on the flows. I think Larry captured it. EMEA was basically 65% of flows sustainability for the year. Larry mentioned the U.S. being about $30 billion. I think importantly, the U.S. was up 50% year-over-year, notwithstanding that it's still only about 1/3 of those flows. But otherwise, I think Larry, you captured it.

我想你明白了，拉里。我認為您在流程方面觸及了問題的所有關鍵部分。我的意思是，除非，布賴恩，你想要在流程上添加額外的顏色。我認為拉里抓住了它。 EMEA 基本上是當年流量可持續性的 65%。拉里提到美國大約有 300 億美元。我認為重要的是，美國同比增長了 50%，儘管它仍然只佔這些流量的 1/3。但除此之外，我認為拉里，你抓住了它。

Well then, thank you. Okay.

那麼，謝謝。好的。

All right. Ladies and gentlemen, we have reached the allotted time for questions. Mr. Fink, do you have any closing remarks?

好的。女士們，先生們，我們已經到了規定的提問時間。芬克先生，您有什麼結束語嗎？

Thank you, operator. I want to thank all of you for joining us today and your continued interest in BlackRock.

謝謝你，接線員。我要感謝大家今天加入我們，感謝你們對貝萊德的持續關注。

Our fourth quarter and full year performance is a direct result of our commitment to serving our clients, investing for the long term anticipating their needs. And hopefully, you could hear from Gary and I and Rob, we see tremendous opportunities ahead. And BlackRock's focus remains on investing in our people, investing in the communities where we operate and to stay in front of our clients' needs. If we do all those well, our shareholders are going to be the biggest beneficiary. And I do believe this is what has enabled us to continue to deliver strong, durable, long-term returns for all of our shareholders.

我們的第四季度和全年業績是我們致力於為客戶服務、長期投資以預測他們的需求的直接結果。希望你能聽到加里、我和羅布的消息，我們看到了巨大的機遇。貝萊德的重點仍然是投資於我們的員工，投資於我們經營所在的社區，並始終滿足客戶的需求。如果我們把這些都做好，我們的股東將是最大的受益者。我相信這使我們能夠繼續為所有股東提供強勁、持久、長期的回報。

Thank you, again, and let's hope we have a great start in the new year, and we all stay healthy and safe. Talk to you in a few months. Bye-bye now.

再次感謝你們，讓我們希望我們在新的一年有一個美好的開始，我們都保持健康和安全。幾個月後再和你談談。現在再見。

This concludes today's teleconference. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。