貝萊德 (BLK) 2023 Q4 法說會逐字稿

Good morning. My name is Jennifer, and I will be your conference facilitator today. At this time, I'd like to welcome everyone to the BlackRock, Inc. Fourth Quarter 2023 Earnings Teleconference.

早安.我叫詹妮弗，今天我將擔任你們的會議主持人。現在，我歡迎大家參加貝萊德公司 2023 年第四季財報電話會議。

Participants for today's call will include Chairman and Chief Executive Officer, Laurence D. Fink; Chief Financial Officer, Martin S. Small; President, Robert S. Kapito; General Counsel, Christopher J. Meade; and Global Infrastructure Partners, Founder and Chief Executive Officer, Bayo Ogunlesi. (Operator Instructions)

今天電話會議的參與者包括董事長兼執行長 Laurence D. Fink；財務長 Martin S. Small；羅伯特‧卡皮托 (Robert S. Kapito) 主席；總法律顧問克里斯多福·J·米德；以及全球基礎設施合作夥伴、創辦人兼執行長 Bayo Ogunlesi。 （操作員說明）

Mr. Meade, you may begin your conference.

米德先生，您可以開始會議了。

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

大家，早安。我是克里斯·米德，貝萊德的總法律顧問。

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有所不同。如您所知，貝萊德已向 SEC 提交了報告，其中列出了一些可能導致貝萊德業績與我們今天所說的產生重大差異的因素。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 Larry.

那麼，我會把它交給拉里。

Thank you, Chris, and good morning to everybody, and Happy New Year. Thank you for joining us today to discuss BlackRock's fourth quarter and full year results.

謝謝克里斯，大家早安，新年快樂。感謝您今天加入我們討論貝萊德第四季和全年業績。

We're also very excited to announce our agreement to acquire Global Infrastructure Partners, and I'd like to welcome all our new partners from GIP. And their Chairman and my friend and founder, Bayo Ogunlesi, is here with me, alongside with Rob and Martin. We're all here today to answer your questions after our prepared remarks.

我們也非常高興地宣布達成收購全球基礎設施合作夥伴的協議，我對 GIP 的所有新合作夥伴表示歡迎。他們的董事長、我的朋友兼創辦人 Bayo Ogunlesi 和我在一起，還有 Rob 和 Martin。今天，我們在準備好的發言後齊聚一堂，回答大家的問題。

Thank you, Larry. My fellow founders and colleagues across GIP and I are very excited about the opportunity to join BlackRock. Our combination will drive even better opportunities for our clients. All of us at GIP is sharing the vision of delivering better outcomes with clients and leading critical global investments that drive economic growth. Thank you.

謝謝你，拉里。我和 GIP 的創辦人同事和同事對有機會加入貝萊德感到非常興奮。我們的合併將為我們的客戶帶來更好的機會。 GIP 的所有人都懷抱著共同的願景，即為客戶提供更好的成果，並領導推動經濟成長的關鍵全球投資。謝謝。

Thank you, Bayo. This is another truly transformational moment for BlackRock. Our firm is what it is today because we've taken a long-term view on what market forces will drive outsized growth for our clients and for our firm. We're doing that again today, guiding us always by the needs of our clients. Growing public deficits, a modernizing digital world, advancing energy independence and the energy transition are driving the mobilization of private capital to fund critical infrastructure. Infrastructure investment is a fast-growing market. In a higher rate environment, the ability to drive operational enhancements will be critical to investment performance.

謝謝你，巴約。這是貝萊德另一個真正的轉型時刻。我們公司之所以能達到今天的成就，是因為我們以長遠的眼光看待哪些市場力量將為我們的客戶和我們的公司帶來超額成長。今天我們再次這樣做，始終以客戶的需求為指導。不斷增長的公共赤字、現代化的數位世界、推動能源獨立和能源轉型正在推動私人資本的動員，為關鍵基礎設施提供資金。基礎設施投資是一個快速成長的市場。在利率較高的環境中，推動營運改善的能力對於投資績效至關重要。

Today, we are announcing 2 transformational changes in anticipation of the evolution we see ahead for the asset management industry and for the entire global capital markets. Our strategic re-architecture of our organization will simplify and improve how we work and deliver for our clients. And the acquisition of GIP will propel our leadership in a fast-growing market for a hard asset infrastructure. These transformations in total are the largest at BlackRock since we acquired BGI nearly 15 years ago.

今天，我們宣布兩項變革，以因應我們對資產管理產業和整個全球資本市場未來發展的預期。我們對組織的策略重組將簡化和改進我們為客戶提供服務的方式。收購 GIP 將提升我們在快速成長的硬資產基礎設施市場的領導地位。這些轉變總體上是貝萊德自近 15 年前收購華大基因以來規模最大的一次。

The planned combination of BlackRock's infrastructure platform in GIP will provide clients access to market-leading investments and operating expertise across infrastructure private markets. The integrated platform will deliver clients substantial scale as the second-largest private markets infrastructure manager in the world with over $150 billion in client assets. In addition, GIP will bring dedicated investment in operational improvement teams with track records of delivering deep value enhancements, which have led to impressive returns throughout its existence.

貝萊德基礎設施平台計畫與 GIP 結合，將為客戶提供跨基礎設施私募市場的市場領先投資和營運專業知識。該綜合平台將為客戶帶來龐大的規模，成為全球第二大私募市場基礎設施​​管理公司，擁有超過 1500 億美元的客戶資產。此外，GIP 還將專門投資於營運改善團隊，這些團隊擁有提供深度價值提升的記錄，這在其存在期間帶來了可觀的回報。

With a strong common culture of serving clients with excellence, together, we will deliver for our clients or holistic global infrastructure manager across equity, debt and solutions. We will provide the full range of infrastructure sector exposures and will offer unique originations across developed and the emerging markets.

憑藉為客戶提供卓越服務的強大共同文化，我們將共同為客戶或全球基礎設施管理者提供股權、債務和解決方案。我們將提供全方位的基礎設施產業投資，並將在已開發市場和新興市場提供獨特的起源。

BlackRock has developed a broad network of global corporate relationships through many years of long-term investments in both debt and equity. These long-term relationships will help us lead critical investments in infrastructure that will improve outcomes for communities around the globe and generate long-term investment benefits for our clients.

貝萊德透過多年的債務和股權長期投資，建立了廣泛的全球企業關係網絡。這些長期關係將有助於我們領導基礎設施的關鍵投資，進而改善全球社區的成果，並為我們的客戶帶來長期投資效益。

I know I speak for the entire BlackRock Board of Directors, BlackRock's leadership team and all of our employees when I say we could not be more excited about the prospects of a BlackRock family with our colleagues from GIP. And we similarly look forward to welcoming our new clients and deepening our relationships with those clients who already worked with both of us.

我知道，當我說我們對貝萊德大家庭與 GIP 同事的前景感到無比興奮時，我代表整個貝萊德董事會、貝萊德領導團隊和我們所有員工。我們同樣期待歡迎新客戶並加深與已經與我們合作過的客戶的關係。

Blackrock's industry leadership comes from delivering sustained performance, innovating and staying ahead of the needs of our clients. Today, we announced several organizational changes to simplify and improve how we work and how we deliver for clients. In anticipation of the major calls we are making on the future of the capital markets and the entire asset management industry. The strong senior leaders taking on new and expanded roles will keep us more tightly connected, stimulate fresh thinking and help us better deliver for all our clients.

貝萊德的行業領先地位來自於提供持續的業績、創新和領先於客戶的需求。今天，我們宣布了幾項組織變革，以簡化和改進我們的工作方式以及為客戶提供服務的方式。我們對資本市場和整個資產管理產業的未來做出了重大預測。強大的高階領導者擔任新的和擴大的角色將使我們保持更緊密的聯繫，激發新的思維，並幫助我們更好地為所有客戶提供服務。

Let me now turn on to Martin to cover our 2023 results and take you through the specifics of the transaction, our quarter before I offer further context.

現在讓我請馬丁介紹一下我們 2023 年的業績，並在我提供進一步背景之前向您介紹一下交易的具體細節以及我們這個季度的情況。

Thanks, Larry. Good morning, and happy New Year to everyone. Before I pass it back to Larry, I'll review our financial performance and business results and provide more detail on the GIP transaction. We plan for a longer call today so that we have plenty of time for questions. While our earnings release discloses both GAAP and as-adjusted financial results, I'll be focusing primarily on our as-adjusted results.

謝謝，拉里。早上好，祝大家新年快樂。在將其返回給 Larry 之前，我將回顧我們的財務業績和業務成果，並提供有關 GIP 交易的更多詳細資訊。我們計劃今天的通話時間更長，以便我們有足夠的時間提問。雖然我們的收益報告揭露了公認會計準則和調整後的財務業績，但我將主要關注我們調整後的業績。

The last 2 years have been a character-building, an inspiring time for investors, for clients and certainly for us at BlackRock. The monetary policy shock of a rapid rate rising campaign upended 10 years of asset allocation practices and spurred repositioning of portfolios into cash and money market funds at the expense of risk assets.

過去兩年對投資人、客戶，當然對我們貝萊德來說，都是塑造品格、鼓舞人心的時期。快速升息帶來的貨幣政策衝擊顛覆了十年來的資產配置實踐，並促使投資組合重新配置為現金和貨幣市場基金，而犧牲了風險資產。

At BlackRock, our business is to serve clients with excellence and help them design portfolios for the future. We built BlackRock to be a structural grower by having a platform of investment, technology and product capabilities that go beyond investment outcomes. They deliver client scale. They deliver clients' business efficiency. Whether clients are making wholesale portfolio allocation changes or just executing on tactical adjustments, they're doing it all within the BlackRock platform.

在貝萊德，我們的業務是為客戶提供卓越服務並幫助他們設計面向未來的投資組合。我們透過擁有超越投資成果的投資、技術和產品能力平台，將貝萊德打造成結構性成長企業。他們提供客戶規模。他們提高客戶的業務效率。無論客戶是要進行大規模投資組合配置變更還是只是執行戰術調整，他們都可以在貝萊德平台內完成這一切。

We've spoken throughout the year about what conditions we'd expect to bring investors out of cash and into risk assets. It's generally unfolding as we described. With greater clarity on terminal rates in the fourth quarter, we saw evidence of portfolio re-risking and we expect this trend to accelerate in 2024. BlackRock is a sure winner when there's assets in motion and clients continue to consolidate more of their portfolios with us.

我們全年都在談論我們希望在什麼條件下讓投資者擺脫現金並投資風險資產。它通常按照我們所描述的方式展開。隨著第四季度終端利率更加清晰，我們看到了投資組合重新風險的證據，我們預計這一趨勢將在2024 年加速。當資產處於流動狀態並且客戶繼續與我們整合更多投資組合時，貝萊德肯定是贏家。

In 2023, BlackRock generated $289 billion of total net inflows and delivered 1% organic base fee growth. Importantly, we finished the year with significant momentum in the fourth quarter generating approximately $96 billion of total net inflows. In November and December, we saw surge in flows resulting in 6% annualized organic base fee growth for the last 2 full months of the year.

2023 年，貝萊德的淨流入總額為 2,890 億美元，基本費用有機成長 1%。重要的是，我們在第四季以強勁勢頭結束了這一年，淨流入總額約為 960 億美元。 11 月和 12 月，我們看到流量激增，導致今年最後 2 個完整月的年化有機基本費用增加 6%。

Full year revenue of $17.9 billion was relatively flat year-over-year. Operating income of $6.6 billion declined 2% from 2022, while earnings per share of $37.77 increased by 7%.

全年營收為 179 億美元，與去年同期相比相對持平。營業收入為 66 億美元，較 2022 年下降 2%，而每股收益為 37.77 美元，成長 7%。

For the fourth quarter, revenue of $4.6 billion was 7% higher year-over-year, driven by the impact of higher markets on average AUM and higher performance fees. Quarterly operating income of $1.7 billion was up 9%, while earnings per share of $9.66 was 8% higher versus a year ago, also reflecting higher nonoperating income in the current quarter.

第四季的營收為 46 億美元，年增 7%，這是由於市場平均資產管理規模上升和績效費用上升的影響。季度營業收入為 17 億美元，成長 9%，每股收益為 9.66 美元，較去年同期成長 8%，也反映出本季非營業收入的增加。

Nonoperating results for the quarter included $122 million of net investment income, driven primarily by mark-to-market gains in our private equity co-investment portfolios. Our as-adjusted tax rate for the fourth quarter was approximately 24%, driven in part by discrete items. We currently estimate that 25% is a reasonable projected tax run rate for 2024, though the actual effective tax rate may differ because of nonrecurring or discrete items or potential changes in tax legislation.

本季的非經營業績包括 1.22 億美元的淨投資收入，這主要是由我們的私募股權聯合投資組合按市值計價的收益所推動的。我們第四季調整後的稅率約為 24%，部分原因是離散項目。我們目前估計 25% 是 2024 年合理的預測稅率，儘管實際有效稅率可能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 $3.6 billion was up 6% year-over-year, driven by the positive impact of market beta on average AUM, 2% organic base fee growth and higher securities lending revenue. Sequentially, base fee and securities lending revenue was down 2%. On an equivalent day count basis, our annualized effective fee rate was approximately 3/10 of a basis point lower compared to the third quarter. This was primarily due to lower securities lending revenue, underperformance of non-U.S. equity markets and client preferences favoring lower fee fixed income and cash. As a result of accelerating organic growth and global equity and bond market appreciation toward the end of the quarter, we entered the first quarter with an estimated base fee run rate approximately 6% higher than our total base fees for the fourth quarter.

第四季基本費用和證券借貸收入為 36 億美元，年增 6%，這得益於市場貝塔值對平均 AUM 的正面影響、2% 的有機基本費用增長和證券借貸收入的增加。隨後，基本費用和證券借貸收入下降了 2%。以同等天數計算，我們的年化有效費率比第三季低約 3/10 個基點。這主要是由於證券借貸收入下降、非美國股票市場表現不佳以及客戶偏好較低費用的固定收益和現金。由於有機成長加速以及全球股票和債券市場在本季末升值，進入第一季時，我們的估計基本費用運行率比第四季度的基本費用總額高出約 6%。

Fourth quarter and full year performance fees of $311 million and $554 million, respectively, increased from a year ago, reflecting higher revenue from liquid alternatives and long-only mandates. Quarterly technology services revenue increased 7% year-over-year, and full year revenue of $1.5 billion increased 9% reflecting the successful onboarding of new clients and large eFront on-premises licenses renewals in the third quarter.

第四季和全年績效費用分別比去年同期增加 3.11 億美元和 5.54 億美元，反映出來自流動性另類投資和多頭委託的收入增加。季度技術服務收入年增 7%，全年營收 15 億美元成長 9%，反映出第三季新客戶的成功引入和大量 eFront 本地授權續訂。

Annual contract value, or ACV, increased 10% year-over-year as clients increasingly partnered with BlackRock for integrated technology solutions to drive business transformation and scale. We remain committed to low to mid-teens ACV growth over the long term.

隨著客戶越來越多地與 BlackRock 合作開發整合技術解決方案以推動業務轉型和規模化，年度合約價值 (ACV) 比去年同期成長 10%。從長遠來看，我們仍然致力於 ACV 的低至中青少年成長。

Total expense increased 1% in 2023, reflecting higher compensation, G&A and direct fund expense. We effectively managed our discretionary spend in 2023, and we'll continue to be disciplined in focusing our resources in areas with the greatest opportunity.

2023 年總費用增加 1%，反映了薪資、一般管理費用和直接基金費用的增加。我們有效管理了 2023 年的可自由支配支出，並將繼續嚴格地將資源集中在機會最大的領域。

Our fourth quarter operating margin of 41.6% increased by 40 basis points year-on-year as we continue to drive operating leverage and profitable growth after the market shock of 2022. Our full year as-adjusted operating margin of 41.7% was down 110 basis points from a year ago. The decline primarily reflected the negative impact of markets and foreign exchange movements on our 2023 entry rate revenue as well as critical investments in our people and technology.

在 2022 年的市場衝擊之後，我們繼續推動營運槓桿和利潤成長，第四季營業利潤率為 41.6%，年增 40 個基點。全年調整後營業利潤率為 41.7%，下降了 110 個基點一年前的積分。這一下降主要反映了市場和外匯波動對我們 2023 年入門收入以及對我們的人員和技術的關鍵投資的負面影響。

During the year, we reorganized two of our fastest-growing businesses, private markets in Aladdin to stay ahead of our clients' evolving needs and build on our past successes in these areas. These specific groups further simplified their structures, resulting in a fourth quarter restructuring charge of $61 million comprised of severance and accelerated amortization of previously granted deferred compensation awards. This charge appears as a single line expense item on our 2023 GAAP income statement and has been excluded from our as-adjusted results to enhance comparison to prior periods.

在這一年裡，我們重組了兩個成長最快的業務，即阿拉丁的私人市場，以領先於客戶不斷變化的需求，並在我們過去在這些領域取得的成功的基礎上再接再厲。這些特定群體進一步簡化了其結構，導致第四季度重組費用為 6,100 萬美元，其中包括遣散費和先前授予的遞延薪酬獎勵的加速攤銷。此費用在我們 2023 年 GAAP 損益表中顯示為單一費用項目，並已從我們的調整後結果中排除，以增強與前期的比較。

In addition, we made resourcing decisions to free up investment capacity for our most important growth initiatives. This resulted in a onetime compensation expense of $28 million in the fourth quarter, which is included in our as-adjusted results.

此外，我們還做出了資源配置決策，以釋放投資能力，用於我們最重要的成長計畫。這導致第四季度一次性補償費用為 2800 萬美元，該費用已包含在我們調整後的業績中。

Overall, these 2 actions impacted approximately 3% of our workforce. By taking a targeted and disciplined approach to how we shape our teams and evolve our skill sets to meet changing market and technology environments, we increased investment capacity, we enhance organizational expertise and we create opportunities for operating leverage and career growth.

整體而言，這兩項行動影響了我們約 3% 的員工。透過採取有針對性和嚴格的方法來塑造我們的團隊並發展我們的技能以滿足不斷變化的市場和技術環境，我們提高了投資能力，增強了組織專業知識，並為營運槓桿和職業發展創造了機會。

Looking forward, we're prioritizing investments to propel our differentiated organic growth and operating leverage. We'll aim to align investment spend with our highest conviction structural growth areas, find additional ways to variabilize expenses and generate fixed cost scale through technology, automation and optimization of our footprint through our innovation hubs.

展望未來，我們將優先投資以推動我們差異化的有機成長和營運槓桿。我們的目標是使投資支出與我們最堅定的結構性成長領域保持一致，透過創新中心的技術、自動化和優化我們的足跡，尋找其他方法來改變支出並產生固定成本規模。

Excluding the impact of the GIP transaction at present, we'd expect our headcount to be broadly flat in 2024. Also excluding the impact of GIP and related transaction costs, we'd expect a low to mid-single-digit percentage increase in 2024 core G&A expense. Most core G&A growth should come from continued investment in technology as we look to operate more efficiently and better serve our clients.

排除目前 GIP 交易的影響，我們預計 2024 年我們的員工人數將大致持平。此外，排除 GIP 和相關交易成本的影響，我們預計 2024 年將出現低至中個位數的百分比增長核心一般及行政費用。大多數核心管理費用成長應來自對技術的持續投資，因為我們希望更有效地運作並更好地為客戶服務。

One of our biggest long-term advantages has been scale. Our ability to add significant assets managed with excellence without growing expenses linearly. Our platform strategy has delivered scale and operating leverage over time, and we're committed to delivering a premium operating margin.

我們最大的長期優勢之一是規模。我們能夠在不線性增加費用的情況下增加以卓越管理方式管理的重要資產。隨著時間的推移，我們的平台策略已經實現了規模和營運槓桿，並且我們致力於提供優質的營運利潤率。

Our capital management strategy remains consistent. We invest first either to scale strategic growth initiatives or drive operational efficiency, and then return excess cash to our shareholders through a combination of dividends and share repurchases.

我們的資本管理策略保持一致。我們首先進行投資以擴大策略性成長計畫或提高營運效率，然後透過股利和股票回購的組合將多餘現金回饋給股東。

In 2023, we returned over $4.5 billion to our shareholders through a combination of dividends and share repurchases. Share repurchases have been a consistent element of our capital management strategy. Since 2013, we've repurchased close to $15 billion of BlackRock stock, which generated an unlevered compound annual return of 14% for our shareholders. Over this time period, we reduced our share count by nearly 23 million shares or 13%. For the trailing 5 years, we've lowered our share count by 10 million shares completing $7.8 billion of share repurchases at an average price of $563 for an IRR of over 15%.

2023 年，我們透過股利和股票回購相結合的方式向股東返還了超過 45 億美元。股票回購一直是我們資本管理策略的一貫組成部分。自 2013 年以來，我們回購了近 150 億美元的貝萊德股票，為我們的股東帶來了 14% 的無槓桿複合年回報率。在此期間，我們減少了近 2300 萬股，即 13%。在過去 5 年裡，我們減少了 1,000 萬股股票，完成了價值 78 億美元的股票回購，平均價格為 563 美元，IRR 超過 15%。

BlackRock's Board of Directors declared a quarterly cash dividend of $5.10 per share, representing an increase of 2% over the 2023 level. At present, based on capital spending plans for the year and subject to market conditions, including the relative valuation of our stock price, we're targeting the purchase of $1.5 billion of shares during 2024.

貝萊德董事會宣布季度現金股利為每股 5.10 美元，較 2023 年水準增加 2%。目前，根據今年的資本支出計劃並根據市場狀況（包括我們股價的相對估值），我們的目標是在 2024 年購買 15 億美元的股票。

Full year total net inflows of $289 billion were positive across active and index as well as regions, led by $156 billion of net inflows from clients in the United States, and we had 70 products across our ETF and mutual fund ranges with over $1 billion in net inflows. BlackRock generated industry-leading ETF net inflows of $186 billion in 2023, representing 6% organic asset growth led by $112 billion of net inflows into our bond ETFs.

全年主動型和指數型以及各地區的淨流入總額為 2,890 億美元，其中美國客戶的淨流入為 1,560 億美元，我們的 ETF 和共同基金範圍內有 70 種產品，投資額超過 10 億美元。淨流入。貝萊德在 2023 年創造了行業領先的 ETF 淨流入 1,860 億美元，在我們的債券 ETF 淨流入 1,120 億美元的帶動下，有機資產增長了 6%。

Fourth quarter ETF net inflows of $88 billion reflected significant momentum into year-end, helped by seasonal tax trades and portfolio reallocations. We saw $28 billion of net inflows into precision exposures as institutional clients use these highly liquid instruments to re-risk in the quarter.

第四季 ETF 淨流入 880 億美元，反映了在季節性稅收交易和投資組合重新分配的幫助下，截至年底的強勁勢頭。隨著機構客戶在本季使用這些高流動性工具進行再創投，我們看到 280 億美元的淨流入精準風險敞口。

With Safe haven cash providing positive returns. Full year and fourth quarter retail net outflows of $8 billion and $9 billion, respectively, were primarily due to allocations out of rising rate sensitive strategies namely liquid alternatives and flexible bond funds. This was partially offset by strength in Aperio, which saw record net inflows of $12 billion in 2023. Aperio AUM since acquisition has grown 95% to $80 billion.

避險現金提供正回報。全年和第四季零售淨流出分別為 80 億美元和 90 億美元，主要是由於對利率敏感策略（即流動性另類投資和靈活債券基金）的配置。這被 Aperio 的強勢所部分抵消，該公司 2023 年淨流入創紀錄地達到 120 億美元。自收購以來，Aperio 的資產管理規模已增長 95%，達到 800 億美元。

BlackRock's institutional business generated net inflows of $32 billion in 2023, led by active net inflows of $87 billion including the funding of several significant outsourcing mandates throughout the year. Index net outflows of $55 billion were driven by redemptions from our low fee equity strategies as several large clients adjusted their allocations or redeemed for cash needs.

貝萊德的機構業務在 2023 年產生了 320 億美元的淨流入，其中活躍淨流入達 870 億美元，其中包括全年多項重要外包任務的融資。指數淨流出 550 億美元是由我們的低費用股票策略的贖回推動的，因為一些大客戶調整了其配置或贖回現金需求。

Finally, BlackRock's cash management platform saw $33 billion of net inflows in the fourth quarter and $79 billion of net inflows in 2023. We're pleased with the continued strong growth in our cash and liquidity business with year-end AUM up 14% or over $90 billion year-on-year. We're leveraging our scale and integrated cash offerings to engage with clients who are using these products not only to manage liquidity, but also to earn attractive returns.

最後，貝萊德現金管理平台第四季淨流入 330 億美元，2023 年淨流入 790 億美元。我們對現金和流動性業務持續強勁增長感到滿意，年末資產管理規模增長 14% 或以上同比900億美元。我們正在利用我們的規模和綜合現金產品來與使用這些產品的客戶互動，這些客戶不僅可以管理流動性，而且還可以賺取有吸引力的回報。

Demand for private markets remain strong, with $14 billion of net inflows into BlackRock illiquid strategies during the year, driven by infrastructure and private credit. We continue to expect these categories to be our primary growth drivers in the coming years.

私募市場的需求依然強勁，在基礎建設和私人信貸的推動下，貝萊德非流動性策略今年淨流入 140 億美元。我們仍然預計這些類別將成為我們未來幾年的主要成長動力。

Turning to our planned acquisition of GIP. This is an exciting day for us, our new partners, our clients and our shareholders. The combination will mark a transformational change in our private market scale and growth. GIP is the world's leading independent infrastructure manager with current client AUM of over $100 billion and fee-based AUM of over $60 billion. The acquisition will create a highly complementary pro forma, $150 billion infrastructure platform post-closing, tripling BlackRock's infrastructure client assets. The integration will nearly double our private markets management fees to over $1.5 billion and add over $400 million in post-tax annual FRE with FRE margins above 50%.

談到我們計劃收購 GIP。對於我們、我們的新合作夥伴、我們的客戶和我們的股東來說，這是一個令人興奮的一天。此次合併將標誌著我們私募市場規模和成長的變革。 GIP 是全球領先的獨立基礎設施管理公司，目前客戶資產管理規模超過 1,000 億美元，收費資產管理規模超過 600 億美元。此次收購將在交易完成後創建一個高度互補的價值 1500 億美元的基礎設施平台，使貝萊德的基礎設施客戶資產增加兩倍。此次整合將使我們的私募市場管理費增加近一倍，達到 15 億美元以上，並在稅後年度 FRE 中增加超過 4 億美元，FRE 利潤率超過 50%。

Since its founding in 2006, GIP has successfully scaled its equity flagship series from its $5.6 billion Fund I to $20-plus billion in the most recent vintages. GIP's current team of approximately 400 employees across 11 global offices has delivered strong long-term performance for clients and is expected to generate approximately $760 million of management fee revenue in 2023.

自 2006 年成立以來，GIP 已成功將其股票旗艦系列基金 I 的規模從 56 億美元擴大到最近幾個年份的 20 多億美元。 GIP 目前在全球 11 個辦公室擁有約 400 名員工，為客戶提供了強勁的長期業績，預計到 2023 年將產生約 7.6 億美元的管理費收入。

Turning to the financial terms of the transaction. We are acquiring 100% of the business and assets of GIP for total consideration of $3 billion in cash and approximately 12 million shares of BlackRock stock. 7 million shares will be paid at closing and 5 million shares to be paid in approximately 5 years, subject to certain performance measures. BlackRock will fund the cash consideration through $3 billion of additional debt, which will not meaningfully change its leverage profile. Primarily through growth synergies from proprietary deal origination, larger transaction sizes, capital formation scale and multi-asset class infrastructure investment innovation, we see opportunities to drive significant value creation for BlackRock shareholders.

轉向交易的財務條款。我們將以 30 億美元現金和約 1,200 萬股貝萊德股票的總代價收購 GIP 100% 的業務和資產。 700萬股將在交割時支付，500萬股將在大約5年內支付，具體取決於某些業績指標。貝萊德將透過 30 億美元的額外債務為現金代價提供資金，這不會顯著改變其槓桿狀況。主要透過自營交易發起、更大的交易規模、資本形成規模和多資產類別基礎設施投資創新的成長協同效應，我們看到了為貝萊德股東推動重大價值創造的機會。

The terms of this transaction ensure long-term continuity and strong alignment of interest among GIP and BlackRock to best serve clients, employees and shareholders. A substantial majority of the consideration paid at closing and approximately 75% of nominal total transaction consideration will be paid in BlackRock common stock. GIP leadership will become meaningful shareholders of BlackRock with a shared ambition of driving One BlackRock outcomes for our clients and shareholders. 100% of carried interest and capital commitments from all existing GIP funds will continue to be owned by the GIP owners and employees. These are not economically included in the transaction perimeter and support long-term retention and incentives of GIP employees.

此次交易的條款確保了 GIP 和貝萊德之間的長期連續性和利益的緊密結合，以最好地服務客戶、員工和股東。交易完成時支付的大部分對價以及名義總交易對價的約 75% 將以貝萊德普通股支付。 GIP 領導層將成為貝萊德有意義的股東，共同致力於為我們的客戶和股東推動 One BlackRock 取得成果。所有現有 GIP 基金的 100% 附帶權益和資本承諾將繼續由 GIP 所有者和員工擁有。這些在經濟上不包含在交易範圍內，並且支持 GIP 員工的長期保留和激勵。

After closing, GIP's management team will lead our combined infrastructure platform, working with BlackRock's strong investment teams in equity debt and solutions. The GIP team will bring a talented group of investment and operational improvement professionals with a proven track record of building and running high-performing private markets businesses. Each of the GIP founders will become party to a shareholders agreement that requires shares to be voted in accordance with the recommendation of BlackRock's independent Board at any meeting of BlackRock shareholders. We've provided additional detail on the transaction structure and terms in a supplement posted to the BlackRock Investor Relations website this morning. We expect the transaction to be modestly accretive to as-adjusted EPS and operating margin in the first full year post close, which will exclude transaction-related costs.

交易完成後，GIP 的管理團隊將領導我們的聯合基礎設施平台，與貝萊德在股權債務和解決方案方面強大的投資團隊合作。 GIP 團隊將帶來一群才華橫溢的投資和營運改善專業人士，他們在建立和經營高效能私募市場業務方面擁有良好的記錄。每位 GIP 創辦人將成為股東協議的一方，該協議要求在任何貝萊德股東會議上根據貝萊德獨立董事會的建議對股份進行投票。今天上午，我們在貝萊德投資者關係網站上發布的補充文件中提供了有關交易結構和條款的更多詳細資訊。我們預計，交易將在交易結束後的第一個全年中適度增加調整後的每股收益和營業利潤率，其中不包括交易相關成本。

Given the structural growth trends of the private infrastructure market and what we see as a best-in-class whole portfolio infrastructure investing capability, we believe the transaction will be accretive to long-term organic asset and base fee growth. These abilities can be a key source of earnings diversification and growth acceleration to meet or exceed our through-the-cycle 5% or better organic growth ambitions.

考慮到私人基礎設施市場的結構性成長趨勢以及我們所認為的一流的整體投資組合基礎設施投資能力，我們相信此交易將促進長期有機資產和基本費用的成長。這些能力可以成為獲利多元化和成長加速的關鍵來源，以實現或超過我們整個週期 5% 或更好的有機成長目標。

Building on strong structural growth trends over this past year and the over $1.9 trillion of organic asset growth over the last 5 years, we're investing to deliver the industry's only comprehensive platform across public markets, private markets and investment technology. Having delivered differentiated organic growth and operating margin across the weakest markets in decades, we believe markets are trending to be strong for 2024 with a more risk on tone.

基於過去一年強勁的結構性成長趨勢以及過去 5 年超過 1.9 兆美元的有機資產成長，我們正在投資打造業界唯一跨公開市場、私募市場和投資技術的綜合平台。數十年來在最疲軟的市場中實現了差異化的有機成長和營業利潤率，我們相信 2024 年市場將趨於強勁，但風險基調更大。

BlackRock's a sure winner when assets are in motion. We see the pent-up demand behind over $1 trillion in money market fund flows this year poised to deliver significant opportunities across risk assets. Our combination with GIP will put BlackRock in the leadership position to drive great outcomes for clients and deliver new engines of earnings growth for our shareholders.

當資產運作時，貝萊德無疑是贏家。我們認為，今年超過 1 兆美元的貨幣市場資金流動背後被壓抑的需求將為風險資產帶來重大機會。我們與 GIP 的合併將使貝萊德處於領先地位，為客戶帶來巨大成果，並為我們的股東提供新的獲利成長引擎。

We've built an industry leader in structural growers like ETFs, model portfolios, outsourcing and investment technology with Aladdin. We're building a private market leader at new levels of scale, and we see the best opportunities we've had in years to get closer with clients and raise significant private capital. We enter 2024 in a stronger position than ever, and all of us at BlackRock are excited about the opportunities ahead for our clients, the firm and our shareholders.

我們與 Aladdin 合作，在 ETF、模型投資組合、外包和投資技術等結構性成長領域建立了行業領導者。我們正在以新的規模打造私人市場領導者，我們看到了多年來與客戶保持密切聯繫並籌集大量私人資本的最佳機會。進入 2024 年，我們的地位比以往任何時候都更加強大，貝萊德的所有人都對我們的客戶、公司和股東面臨的機會感到興奮。

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

有了這個，我會把它轉回給拉里。

Thank you, Martin. We'll leave plenty of time for your questions later on, but I want to describe how we evaluated bringing our firms together with GIP, why we think the timing is so opportune and how infrastructure private markets can be so beneficial to all our clients, employees and to you, our shareholders.

謝謝你，馬丁。稍後我們將留出足夠的時間來回答您的問題，但我想描述一下我們如何評估將我們的公司與GIP 結合在一起，為什麼我們認為時機如此合適，以及基礎設施私人市場如何對我們所有的客戶如此有利，員工以及您，我們的股東。

Infrastructure is a $1 trillion market forecasted to be one of the fastest-growing segments of private markets in the years ahead. A number of long-term structural trends support an acceleration in the infrastructure investments. These include increasingly growing global demand and upgrading digital infrastructure like fiber broadband, cell towers and data centers. Renewed investments to logistical hubs, such as airports, railroads, shipping ports, as supply chains are rewired and a movement towards increased energy independence in many parts of the world, supported by decarbonization infrastructure.

基礎設施市場規模達 1 兆美元，預計將成為未來幾年私人市場成長最快的領域之一。一些長期結構性趨勢支持基礎設施投資的加速。其中包括日益增長的全球需求以及升級光纖寬頻、手機訊號塔和資料中心等數位基礎設施。隨著供應鏈的重新佈線以及世界許多地區在脫碳基礎設施的支持下增強能源獨立性的趨勢，對機場、鐵路、航運港口等物流中心的投資得到了更新。

In the United States and around the world, there's a public need for greater investment in infrastructure. This growing needs create significant investment opportunity for clients. The unprecedented need for new infrastructure, coupled with the record-high government deficits means that private capital will be needed like never before. That supply-demand imbalance creates compelling investment opportunities for our clients. At the same time, corporates are looking to engage partners in new projects or partially derisking the existing ones. These dynamics offer clients, especially those investing for retirement, the high coupon inflation-protected long duration investments they need. And we believe it will define the future of asset management for the next 20 years.

在美國和世界各地，民眾都需要增加基礎建設投資。這種不斷增長的需求為客戶創造了重要的投資機會。對新基礎設施的前所未有的需求，加上創紀錄的政府赤字，意味著將前所未有地需要私人資本。這種供需失衡為我們的客戶創造了極具吸引力的投資機會。同時，企業正在尋求讓合作夥伴參與新專案或部分降低現有專案的風險。這些動態為客戶，特別是為退休投資的客戶提供了所需的高票息通膨保護的長期投資。我們相信它將定義未來 20 年資產管理的未來。

Our acquisition philosophy has always been about growth, not about cost takeouts and/or consolidations. Consistently, these combinations have resulted in reaching heights that neither BlackRock nor merged partners could ever reach on their own. I truly believe that this will be the case again with the integration of BlackRock infrastructure and GIP.

我們的收購理念始終是關於成長，而不是成本削減和/或整合。始終如一，這些合併達到了貝萊德和合併後的合作夥伴單獨無法達到的高度。我堅信，隨著貝萊德基礎設施和 GIP 的整合，情況將會再次出現。

Transformational transactions have strengthened our firm, have strengthened our culture and bringing top talent, new skills and experience into our organization. Our culture has evolved as we welcome new teams and colleagues to BlackRock. Today, it represents a blending of the best parts of the cultures that have come together over the years.

轉型交易增強了我們的公司實力，強化了我們的文化，並為我們的組織帶來了頂尖人才、新技能和經驗。隨著我們歡迎新團隊和同事加入貝萊德，我們的文化也不斷發展。如今，它代表了多年來匯聚在一起的文化中最好的部分的融合。

What's made our acquisition so successful was our steadfast commitment to One BlackRock culture totally connecting to our clients with one platform, shared goals, a common Aladdin technology. And as a result, BlackRock is greater than the sum of any one part, and then that drives BlackRock's differentiating growth model.

我們的收購之所以如此成功，是因為我們對 One BlackRock 文化的堅定承諾，透過同一個平台、共同的目標和共同的阿拉丁技術將我們的客戶完全連結起來。因此，貝萊德的表現大於任何部分的總和，從而推動了貝萊德的差異化成長模式。

Reaching this moment is quite personal and emotional for me. Our firms, BlackRock and GIP, have similar origin stories. We founded BlackRock on understanding investment risks and the factors and forces driving returns initially in fixed income and then across the equity markets and then globally. We wanted to help long-term investors better manage their risk in their portfolios in a scaled way through technology. That is what drove our early investments in Aladdin and all the investments we made since to enhance our understanding of risk factors to deliver superior outcomes for our clients.

對我來說，到達這一刻是非常個人化和情緒化的。我們的公司貝萊德和 GIP 有著相似的起源故事。我們創立貝萊德的初衷是了解投資風險以及驅動回報的因素和力量，最初是固定收益領域，然後是整個股票市場，最後是全球範圍。我們希望透過科技幫助長期投資者更好地管理其投資組合的風險。這就是推動我們對阿拉丁的早期投資以及此後我們進行的所有投資的原因，這些投資旨在增強我們對風險因素的理解，從而為我們的客戶提供卓越的結果。

GIP started with a similar focus in the infrastructure space. understanding operational risks and the factors and forces driving business efficiencies. Like BlackRock's focused on understanding risk and fixed income, GIP built an active approach to analyzing and addressing operational risk.

GIP 一開始也同樣關注基礎建設領域。了解營運風險以及推動業務效率的因素和力量。與貝萊德專注於了解風險和固定收益一樣，GIP 建立了一種積極的方法來分析和解決操作風險。

My partners and I had the privilege of pioneering the mortgage-backed securities market. Bayo and his GIP partners, in my opinion, pioneered modern infrastructure investing in private markets. And many of the BlackRock and GIP founders grew up in the same firms early in their careers, where we created common routes from shared experiences, most of them good, sometimes bad, and close flight relationships.

我和我的合夥人有幸開創了抵押貸款支持證券市場。在我看來，Bayo 和他的 GIP 合作夥伴開創了私人市場現代基礎設施投資的先河。貝萊德和GIP 的許多創始人在職業生涯早期都在同一家公司長大，我們根據共同的經驗創建了共同的航線，其中大多數都是良好的，有時是糟糕的，以及密切的飛行關係。

The integration of BlackRock's existing infrastructure platform with GIP will result in a market-leading comprehensive infrastructure business with truly differentiated origination and asset management capabilities. GIP will be highly complementary and has limited overlap by client and investment programs for BlackRock's existing leading franchises. These include diversified infrastructure, infra debt, infra solutions, climate infrastructure and decarbonization partners. BlackRock has invested originally and has invested organically and inorganically growing our infrastructure platform, which has $50 billion in AUM, having tripled since our acquisition of First Reserve in 2017.

貝萊德現有基礎設施平台與 GIP 的整合將帶來市場領先的綜合基礎設施業務，具有真正差異化的發起和資產管理能力。 GIP 將與貝萊德現有領先特許經營權的客戶和投資計劃高度互補，且重疊有限。其中包括多元化基礎設施、基礎設施債務、基礎設施解決方案、氣候基礎設施和脫碳合作夥伴。貝萊德最初進行了投資，並透過有機和無機方式投資發展我們的基礎設施平台，該平台的資產管理規模達 500 億美元，自 2017 年收購 First Reserve 以來已增加兩倍。

BlackRock has already demonstrated our access to some of the largest pools of capital in the world. We're winning deals like ADNOC pipeline transaction and being chosen to partner with sovereign wealth funds and governments on significant climate infrastructure strategy. We have the sourcing capabilities, but greater AUM scale will enable us to have more sizable positions. The planned combination of GIP with BlackRock will accelerate investment scale, enabling us to grow faster. BlackRock's deep relationships with clients, corporates, governments and sovereign wealth funds can accelerate investment opportunities.

貝萊德已經證明了我們能夠獲得世界上一些最大的資本池。我們正在贏得 ADNOC 管道交易等交易，並被選為與主權財富基金和政府在重大氣候基礎設施策略方面合作。我們有採購能力，但更大的AUM規模將使我們擁有更大規模的部位。 GIP與貝萊德的合併計劃將加速投資規模，使我們能夠更快地發展。貝萊德與客戶、企業、政府和主權財富基金的深厚關係可以加速投資機會。

GIP's own lending proprietary deal flow -- leading proprietary deal flow has been supported by investment sizes, relationships and strong track record, including a long history of successful JVs with large industrial partners. GIP's deals span the world and sectors. Their investments include Gatwick Airport, Edinburgh Airport and Sydney Airport and CyrusOne data center in the Port of Melbourne and several other major renewable platforms. Through the future combination of BlackRock and GIP, we'll be able to connect our clients with bigger and better opportunities while also accelerating growth, diversifying revenues and generating earnings for our shareholders.

GIP 自己的貸款自營交易流——領先的自營交易流得到了投資規模、關係和良好業績記錄的支持，包括與大型工業合作夥伴建立成功合資企業的悠久歷史。 GIP 的交易遍及全球和各個產業。他們的投資包括蓋特威克機場、愛丁堡機場和雪梨機場以及墨爾本港的 CyrusOne 資料中心以及其他幾個主要的再生能源平台。透過貝萊德和 GIP 的未來合併，我們將能夠為客戶提供更大更好的機會，同時加速成長、實現收入多元化並為股東創造收益。

Like Rob and I, Bayo and his partners are all founders. We're excited about the opportunity to have new partners and new colleagues. I'm proud that the consideration of this transaction consists of approximately 75% of BlackRock stock. GIP founders will become among the largest shareholders of BlackRock, and we plan to have Bayo join our Board of Directors post closing of our transaction. There is no question spiritually or financially about whether we are long-term partners. We have the same interest as significant shareholders alongside our broader shareholder base.

像 Rob 和我一樣，Bayo 和他的合夥人都是創辦人。我們很高興有機會擁有新的合作夥伴和新同事。令我感到自豪的是，本次交易的對價包含貝萊德約 75% 的股票。 GIP 創辦人將成為貝萊德最大股東之一，我們計劃在交易完成後讓 Bayo 加入我們的董事會。無論在精神上或經濟上，我們是否是長期合作夥伴都是毫無疑問的。我們與重要股東以及更廣泛的股東基礎擁有相同的利益。

Our One BlackRock culture has been central to our success over the last 35 years, and cultural alignment has been core throughout our history of successful M&A. Here are founding to today, our firm is purpose-driven, focused on clients, focused on risk management and powered by data and technology.

在過去 35 年裡，One BlackRock 文化一直是我們成功的核心，而文化一致性也是我們成功併購歷史的核心。從成立至今，我們公司以目標為導向，以客戶為中心，專注於風險管理，並以數據和技術為動力。

Bringing our 2 businesses together result in an influx of top senior private market talent to BlackRock. GIP founders will lead our combined infrastructure platform with teams of talented investors and business builders. They bring with them a strong investment and performance culture and a commitment to working across One BlackRock. I'm confident we'll be looking back on today as another transformational moment in the BlackRock history in a similar way when we could look back at our acquisition of BGI, Merrill Lynch Investment Management and our early days building Aladdin.

將我們的兩項業務合併在一起，將導致大量頂級高級私人市場人才湧入貝萊德。 GIP 創辦人將與才華橫溢的投資者和業務建立者團隊一起領導我們的綜合基礎設施平台。他們帶來了強大的投資和績效文化以及在 One BlackRock 工作的承諾。我相信，當我們回顧我們對華大基因、美林投資管理公司的收購以及我們早期創建阿拉丁時，我們將以類似的方式回顧今天，將其視為貝萊德歷史上的另一個轉型時刻。

Our ability to adapt and to evolve and to grow has generated a total return of 9,000% for our shareholders since our IPO in 1999. That is well in excess of our S&P return of 490% and representative of a business model serving all our stakeholders. I truly believe we're better positioned than ever before in our history, and I'm very optimistic on the coming years ahead and the opportunities ahead for all of us.

自1999 年首次公開募股以來，我們的適應、發展和成長能力為我們的股東帶來了9,000% 的總回報。這遠遠超過了我們490% 的標準普爾回報率，代表了為所有利益相關者服務的商業模式。我堅信，我們在歷史上比以往任何時候都處於更好的位置，我對未來幾年以及我們所有人面臨的機會非常樂觀。

BlackRock was built on optimism. When we founded BlackRock, we knew clients would be at the center of everything we do. We had a deep conviction in the long-term growth and the importance of the capital markets. In principle and practice, those beliefs remain core to BlackRock today. We are more connected to our clients as ever, thousands of clients on behalf of millions of individuals around the world have entrusted BlackRock with $1.9 trillion of net new business over the last 5 years. Thousands more use our technology to support the growth and commercial agility of their own business, years of organic growth alongside a long-term growth of the capital markets underpins our $10 trillion of client assets, which grew in 2023 by over $1.4 trillion.

貝萊德是建立在樂觀的基礎上的。當我們創立貝萊德時，我們知道客戶將是我們所做一切的中心。我們對長期成長和資本市場的重要性深信不疑。無論從原則上或實踐上，這些信念至今仍是貝萊德的核心。我們與客戶的聯繫一如既往，在過去 5 年裡，代表全球數百萬人的數千名客戶委託貝萊德提供 1.9 兆美元的淨新業務。還有數千人使用我們的技術來支持自己業務的成長和商業敏捷性，多年的有機成長以及資本市場的長期成長支撐著我們10 兆美元的客戶資產，該資產在2023 年增長了超過1.4兆美元。

In good times and bad times, whether investors are adding or reducing risk, our consistent industry-leading organic growth demonstrates that clients are consolidating more of their portfolios with BlackRock. In 2023, our clients awarded us with $289 billion of net new assets during this period of rapid change and significant portfolio derisking. BlackRock's differentiated business model has enabled us to continue to grow with our clients and maintain positive organic base fee growth. We've grown regardless of the market backdrop and even if most of the industry has experienced outflows.

無論順境還是逆境，無論投資者是增加還是降低風險，我們始終保持行業領先的有機增長表明，客戶正在將更多的投資組合與貝萊德整合。 2023 年，在這個快速變化和重大投資組合去風險時期，我們的客戶向我們授予了 2,890 億美元的淨新資產。貝萊德的差異化業務模式使我們能夠繼續與客戶一起成長，並保持積極的有機基本費用成長。無論市場背景如何，即使大多數行業都經歷了資金外流，我們仍然在成長。

I think back to 2016 and 2018 when uncertainty and cautious sentiment impacted investment behaviors among institutional and individuals. Many clients derisked and move to cash. BlackRock stayed connected with our clients. We stayed rigorous in driving investment performance, innovating new products, technologies and providing advice on portfolio design. Once clients were ready to move more actively step back -- to stepping back into the markets, they did it with BlackRock, leading to new record flows for client flows and organic base growth at or above our targets.

我回想起2016年和2018年，不確定性和謹慎情緒影響了機構和個人的投資行為。許多客戶降低了風險並轉向現金。貝萊德與我們的客戶保持聯繫。我們在推動投資績效、創新新產品、技術以及提供投資組合設計建議方面始終保持嚴謹態度。一旦客戶準備好更積極地退一步——重返市場，他們就會與貝萊德一起做到這一點，從而導致客戶流量和有機基礎增長達到或高於我們的目標，創下新紀錄。

As we've seen before, when investors were ready to put money back to work, they did it with BlackRock. Flows and organic base fee growth accelerated at the end of the year. We generated $96 billion of total net inflows in the fourth quarter, and we entered 2024 with great momentum. I spent much of 2023 on the road, meeting with clients around the world, and I plan to do the same thing in 2024 starting this month. Our partnership approach and the performance we deliver is resonating both in markets where we have a long-standing presence and those where our profile is just beginning and strengthening.

正如我們之前所看到的，當投資者準備好將資金投入工作時，他們會選擇貝萊德。流量和有機基本費用成長在年底加速。第四季我們產生了 960 億美元的淨流入總額，我們以強勁的勢頭進入了 2024 年。 2023 年的大部分時間我都在路上，與世界各地的客戶會面，我計劃從本月開始在 2024 年做同樣的事情。我們的合作方式和我們提供的業績在我們長期存在的市場和我們的形象剛開始和加強的市場中都引起了共鳴。

Companies and clients increasingly want to work with BlackRock. For companies where we are investors, they appreciate that we are a long-term consistent capital. We invest early and stay invested through cycles, whether it's debt or equity, pre-IPO or post-IPO. Companies recognize the uniqueness of our global relationships, our brand and our expertise across businesses, markets and industries. This makes us a very valuable partner, and in turn, it enables us to be involved in their sourcing and in performance that we provide for our clients.

公司和客戶越來越希望與貝萊德合作。對於我們作為投資者的公司來說，他們欣賞我們是長期穩定的資本。我們儘早投資並在整個週期中保持投資，無論是債務還是股權，無論是首次公開募股前還是首次公開募股後。公司認識到我們的全球關係、品牌以及跨業務、市場和行業的專業知識的獨特性。這使我們成為非常有價值的合作夥伴，反過來，它使我們能夠參與他們的採購以及我們為客戶提供的績效。

For example, in November, our diversified infrastructure franchise invested $550 million in STRATOS, a commercially scaled direct air capture facility in Texas which is expected to be the largest in the world upon completion. Through our funds joint venture partner, Occidental Petroleum, we are providing our clients with investment access to a bespoke energy infrastructure project. This is just a latest example of our sourcing and execution on numerous distinctive deals for clients over the last 18 months.

例如，去年11 月，我們的多元化基礎設施特許經營公司向STRATOS 投資了5.5 億美元，這是德克薩斯州的一個商業規模的直接空氣捕獲設施，預計建成後將成為世界上最大的設施。透過我們的基金合資夥伴西方石油公司，我們為客戶提供客製化能源基礎設施專案的投資機會。這只是我們在過去 18 個月為客戶採購和執行眾多獨特交易的最新例子。

In the United States, we partnered with AT&T and GigaPower JV and invested in Jupiter Power. Beyond the U.S., examples include such investments of Brazeau in Brazil, First Air in South Korea, Acacia Energy in Australia, Lake Turkana Wind Farm in Kenya, just to name a few.

在美國，我們與 AT&T 和 GigaPower JV 合作，投資了 Jupiter Power。除美國外，巴西的布拉佐、韓國的第一航空、澳洲的 Acacia Energy、肯亞的圖爾卡納湖風電場等投資都是這樣的例子。

Last month, we announced an innovative partnership with Altera that we will see a $2 billion investment in the climate opportunities across BlackRock's private debt and infrastructure equity strategies. This is one of our largest ever private markets mandates. It adds on to our very strong track record investing in the transition, including in emerging markets and extend our over $100 billion transition investment platform.

上個月，我們宣布與 Altera 建立創新合作夥伴關係，我們將在 BlackRock 的私人債務和基礎設施股權策略中對氣候機會投資 20 億美元。這是我們有史以來最大的私募市場任務之一。它增強了我們在轉型投資（包括新興市場）方面的良好記錄，並擴展了我們超過 1000 億美元的轉型投資平台。

BlackRock's global network of relationships, data, analytics and flexible, adaptable capital means, we could source unique deals for our clients and mobilize assets and accelerate innovation and economic growth. Our active investment insights, our expertise, our strong investment performance, similarly differentiating BlackRock to the markets. We saw nearly $60 billion of active net inflows in 2023 compared to an industry outflows. Across our active franchise, BlackRock has delivered durable investment performance with 87% and 92% of fundamental equity and taxable fixed income AUM above benchmarks or peer medium for the past 5-year period.

貝萊德的全球關係網絡、數據、分析和靈活、適應性強的資本意味著我們可以為客戶尋找獨特的交易並調動資產並加速創新和經濟成長。我們積極的投資見解、我們的專業知識、我們強勁的投資業績，同樣讓貝萊德在市場中脫穎而出。與產業流出相比，我們在 2023 年看到了近 600 億美元的活躍淨流入。在我們的活躍特許經營權中，貝萊德在過去 5 年期間實現了持久的投資業績，87% 和 92% 的基本權益和應稅固定收益資產管理規模高於基準或同業中等。

In ETF, BlackRock generated an industry-leading $186 billion of net inflows for 2023. Our long-term leadership of the ETF industry is another testament to our global platform and our deep connectivity with our clients. BlackRock is the most scaled, diversified ETF provider in the U.S. and globally. We are bringing the ETF benefits of liquidity, of price discovery and market efficiencies and access to investors around the world. Nearly half of the 2023 iShares net inflows were from ETFs listed internationally in local markets, led by our European iShares net inflows of $70 billion. BlackRock has the #1 share of the European ETF market where industry flows were up 70% in 2023. Catalyst trends that we saw in the U.S. years ago, like the growth of the fee-based advisory and model controllers are just beginning to take root in Europe.

在 ETF 領域，貝萊德在 2023 年實現了行業領先的 1,860 億美元淨流入。我們在 ETF 行業的長期領導地位再次證明了我們的全球平台以及我們與客戶的深度連結。貝萊德是美國乃至全球規模最大、最多元化的 ETF 供應商。我們為 ETF 帶來流動性、價格發現、市場效率以及接觸世界各地投資者的優勢。 2023 年 iShares 淨流入量中近一半來自在本地市場國際上市的 ETF，其中歐洲 iShares 淨流入量為 700 億美元。貝萊德在歐洲ETF 市場中佔有第一的份額，該市場的行業流量在2023 年增長了70%。幾年前我們在美國看到的催化劑趨勢，例如收費諮詢和模型控制者的增長，才剛開始紮根在歐洲。

BlackRock takes a client-first approach to product innovation, and we continue to develop products that are suited for the new investment regime. For example, we launched 19 active ETFs in 2023, leveraging the benefits of the ETF structure to help clients reach the outcomes they seek. Some of these strategies provide access to the insights of our active portfolio managers such as Rick Rieder and Tony DeSpirito, other use an option strategy to generate income or provide greater downside protection such as our buy right and buffer ETFs. And in the fourth quarter, we launched a series of LightPath Target Date ETF to provide an easier way to save for retirement, especially for the many Americans who lack access to a workplace retirement plan.

貝萊德在產品創新方面採取客戶至上的態度，我們將持續開發適合新投資制度的產品。例如，我們在 2023 年推出了 19 檔主動 ETF，利用 ETF 結構的優勢幫助客戶實現他們所尋求的結果。其中一些策略可以讓我們了解我們的主動投資組合經理（例如 Rick Rieder 和 Tony DeSpirito）的見解，其他策略則使用選擇策略來產生收入或提供更大的下行保護，例如我們的購買權和緩衝 ETF。在第四季度，我們推出了一系列 LightPath Target Date ETF，以提供更簡單的退休儲蓄方式，特別是對於許多缺乏工作場所退休計畫的美國人來說。

Just yesterday, the iShares Bitcoin ETF began trading in another landmark moment that advances ETF innovation and expand access to Bitcoin for investors. We will continue to provide more convenient and cost-effective investment access across asset classes through innovation, through risk management and technology.

就在昨天，iShares 比特幣 ETF 開始交易，這是另一個具有里程碑意義的時刻，它推動了 ETF 創新並擴大了投資者獲得比特幣的機會。我們將繼續透過創新、風險管理和技術，為跨資產類別提供更便利、更具成本效益的投資管道。

Aladdin is the operating system uniting all of BlackRock, and its fundamental and foundational to how we serve our clients across our platform. It is the key technology that powers BlackRock, and it also powers many of our clients. The need for integrated data, integrated risk analytics and the whole portfolio views across public and private market is driving the ACV growth of Aladdin.

阿拉丁是團結整個貝萊德的作業系統，也是我們如何透過我們的平台為客戶提供服務的基礎和基礎。它是為貝萊德提供動力的關鍵技術，也為我們的許多客戶提供動力。對公共和私人市場的綜合數據、綜合風險分析和整體投資組合視圖的需求正在推動 Aladdin 的 ACV 成長。

In 2023, we generated $1.5 billion in technology service revenues. Clients are looking to grow and expand with Aladdin, reflecting in strong harvesting activities, with over 50% of the Aladdin sales being multiproduct. Through its dynamic ecosystem of over 130,000 users, the Aladdin platform is constantly in the state of innovation. Investments in Aladdin AI copilots, enhancements and openness supporting ecosystem partnerships and advancing whole portfolio solutions, including private markets and digital assets, are going to further augment the value of Aladdin for our clients.

2023 年，我們的技術服務收入達到 15 億美元。客戶希望與 Aladdin 一起成長和擴張，這反映在強勁的收穫活動中，超過 50% 的 Aladdin 銷售額是多產品。 Aladdin 平台擁有超過 13 萬個用戶的動態生態系統，始終處於創新狀態。對阿拉丁人工智慧副駕駛員的投資、支持生態系統合作夥伴關係的增強和開放性以及推進整個投資組合解決方案（包括私人市場和數位資產）將進一步增強阿拉丁對我們客戶的價值。

We led our industry by both being an agent for and adapting to change. Our best years have followed tough years. And just as we continue to innovate and evolve our business to stay ahead of our clients, we are also evolving our organization and evolving our leadership team. As Martin mentioned, we undertook restructuring efforts that were designed to ensure we are aligning resources to our greatest growth opportunities and client needs. As part of this, a number of valued clients, valued colleagues and friends and part of the firm, we truly appreciate the contributions that they made to BlackRock and wish all of them well. We are continuing to anticipate with clients' needs and shaping BlackRock so they could be getting our insights, our solutions and the outcomes that they expect from us.

我們透過推動變革和適應變革來引領產業。我們最好的歲月是在艱難的歲月之後發生的。正如我們不斷創新和發展我們的業務以保持領先於客戶一樣，我們也在不斷發展我們的組織和領導團隊。正如馬丁所提到的，我們進行了重組工作，旨在確保我們將資源調整到最大的成長機會和客戶需求。作為其中的一部分，一些尊貴的客戶、尊貴的同事和朋友以及公司的一部分，我們衷心感謝他們為貝萊德做出的貢獻，並祝福他們一切順利。我們將繼續預測客戶的需求並塑造貝萊德，以便他們獲得我們的見解、我們的解決方案以及他們對我們的期望。

As we look ahead, the rerisking of client portfolios will create tremendous prospects for both our public and private market franchises. These are the times where investors are making wholesale changes to the way they build portfolios, and BlackRock is leading the way in helping investors build the portfolio of the future, one that integrates public markets and private markets and it's digitally enabled. We view that these changes are a big catalyst for BlackRock. We set ourselves up to be a structural grower in the years ahead with the diversified platform we built.

展望未來，客戶投資組合的再風險將為我們的公共和私人市場特許經營權創造巨大的前景。現在是投資者對建構投資組合的方式進行大規模改變的時代，貝萊德在幫助投資者建立未來的投資組合方面處於領先地位，該投資組合整合了公開市場和私人市場，並且是數位化的。我們認為這些變化是貝萊德的一大催化劑。透過我們建立的多元化平台，我們將自己定位為未來幾年的結構性成長者。

And the need for integration data, technology and risk management will continue to drive demand for Aladdin. BlackRock was founded on the belief in the long-term growth of the capital markets. Our success has been shaped by a number of those calls and how we would evolve. Our client needs have always been our compass. As we listen to them today, we have our eyes on themes we believe that will define the next decade of asset management. The continuum of blurring the lines across product structure, the unprecedented need for new infrastructure driving inflation protected current cash flow long-duration returns, the accelerating capital markets and asset management industry around the world.

對整合數據、技術和風險管理的需求將繼續推動對 Aladdin 的需求。貝萊德成立於對資本市場長期成長的信念之上。我們的成功取決於許多這樣的呼籲以及我們將如何發展。我們的客戶需求始終是我們的指南針。當我們今天聆聽他們的演講時，我們著眼於我們相信將定義資產管理未來十年的主題。產品結構之間的界限不斷模糊，對新基礎設施的前所未有的需求推動了通貨膨脹，保護了當前現金流的長期回報，全球資本市場和資產管理行業的加速發展。

We are positioning ourselves ahead of these transformations by making 3 major changes in how we work and how we deliver for each and one of our clients. First, we're creating a new strategic global product and solution business that will work across all their investment strategies, asset classes, fund structures while enabling our ETF and index business across the firm. We have always viewed ETF as a technology that facilitates investing. And just as Aladdin technologies has become core to asset management, so has have ETFs. That's why we believe embedding our ETFs and index businesses across the entire firm, and that will accelerate further growth of iShares and every investment strategy within BlackRock.

我們透過對我們的工作方式以及為每位客戶提供服務的方式進行三項重大改變，使自己處於這些轉型的領先地位。首先，我們正在創建一個新的策略性全球產品和解決方案業務，該業務將適用於他們所有的投資策略、資產類別、基金結構，同時支援我們整個公司的 ETF 和指數業務。我們一直將ETF視為一種促進投資的技術。正如阿拉丁技術已成為資產管理的核心一樣，ETF 也已成為資產管理的核心。這就是為什麼我們相信將我們的 ETF 和指數業務嵌入整個公司，這將加速 iShares 和貝萊德內部每項投資策略的進一步成長。

We are looking to the future, and we believe that ETF revolution that iShares lead will only continue to accelerate as BlackRock turns -- as our clients turn at BlackRock for ETFs as a preferred vehicle for investing in strategic and strategies of all types. If you can make an ETF or a bitcoin, my gosh, you can make an ETF or anything.

我們展望未來，我們相信，隨著貝萊德的轉變，iShares 引領的 ETF 革命只會繼續加速——因為我們的客戶將貝萊德視為投資所有類型策略和策略的首選工具。如果你可以創建 ETF 或比特幣，天哪，你可以創建 ETF 或任何東西。

Second, we are creating a new international business structure to provide a unified leadership to allow us to be simultaneously more global, but much deeper local in a fast-growing international markets. BlackRock has been a central player in the growth of the global capital markets, and this is including the developing of retirement solutions in every market around the world and bringing the benefits of ETFs to every market to assist them in growing their markets.

其次，我們正在創建一個新的國際業務結構，以提供統一的領導力，使我們能夠在快速成長的國際市場中同時更加全球化，同時更加深入在地化。貝萊德一直是全球資本市場發展的核心參與者，其中包括在全球每個市場開發退休解決方案，並將 ETF 的優勢帶到每個市場，以幫助他們發展市場。

And third, we are realigning our private markets business to further leverage the potential of GIP and to meet the growing needs of our clients for infrastructure and other private market investments.

第三，我們正在重新調整我們的私募市場業務，以進一步利用 GIP 的潛力，並滿足客戶對基礎設施和其他私募市場投資日益增長的需求。

All of us at BlackRock have a lot of hard work and a lot of exciting work ahead of us. We have a track record of quick, intense and successful integrations. We'll be more novel and aligned with clients through our new architecture and with the aim to be delivering better experiences, better performance, better outcomes for all of our clients worldwide. I see excitement and incredible amount of energy in our offices. While there's a lot of hard work to come, there really is a bright future for all of us ahead of us. Over the past few months, we've seen decidingly more positive sentiment and tone in markets and among clients that are very optimistic will carry into 2024. And once again, we look forward to beginning this next BlackRock chapter with our new partners and colleagues at GIP.

貝萊德的所有人都面臨著大量艱苦的工作和大量令人興奮的工作。我們擁有快速、密集和成功整合的記錄。我們將透過新的架構更加新穎並與客戶保持一致，目標是為全球所有客戶提供更好的體驗、更好的效能和更好的結果。我在我們的辦公室裡看到了興奮和令人難以置信的活力。儘管還有很多艱苦的工作要做，但我們所有人確實都有光明的未來。在過去的幾個月裡，我們看到市場和客戶中明顯更加積極的情緒和基調，他們對2024 年持樂觀態度。我們再次期待與我們的新合作夥伴和同事一起開啟貝萊德的​​下一個篇章。GIP。

We entered 2024 with $10 trillion of our client money. We entered the year with strong growth momentum. And we entered 2024 as an organization positioned in the future for growth and prosperity. At BlackRock, we are energized by a never-done attitude. And today, I really feel that we're just getting started. I see greater opportunity for BlackRock. I see greater opportunity for our clients, and I see great opportunities for our shareholders today, tomorrow and stronger than ever before.

進入 2024 年，我們的客戶資金已達 10 兆美元。我們以強勁的成長勢頭進入了這一年。進入 2024 年，我們作為一個面向未來發展和繁榮的組織。在貝萊德，我們以永不完成的態度為動力。今天，我真的覺得我們才剛開始。我認為貝萊德有更大的機會。我看到我們的客戶有更多的機會，我也看到我們的股東今天、明天都有巨大的機會，而且比以往任何時候都更強大。

Let me open it up for questions. As I mentioned, Bayo will also participate in the Q&A. Thank you.

讓我打開它來提問。正如我所提到的，Bayo 也將參與問答。謝謝。

(Operator Instructions) Your first question comes from Craig Siegenthaler from Bank of America.

（操作員說明）您的第一個問題來自美國銀行的 Craig Siegenthaler。

I hope everyone is doing well, and congrats on the deal.

我希望每個人都做得很好，並祝賀這筆交易。

Thank you.

謝謝。

My question is actually on the GIP deal. So this is a high-quality business, strong track record. It's big enough to go public, stay independent, but they chose BlackRock, and they decided to take stock. So I imagine gross synergies were a driver. So my question is really on the strategic rationale. How can BlackRock's global distribution platform accelerate their growth? And do you see specific client segments, and I'm thinking private wealth, where you see low-hanging fruit?

我的問題實際上是關於 GIP 交易。因此，這是一項高品質的業務，有著良好的業績記錄。它足夠大，可以上市，保持獨立，但他們選擇了貝萊德，並決定盤點股票。所以我認為整體協同效應是一個驅動因素。所以我的問題其實是關於戰略理由的。貝萊德的全球分銷平台如何加速成長？您是否看到特定的客戶群，我正在考慮私人財富，您在哪裡看到了容易實現的目標？

Great question. I think it will be answered by me and Bayo. So let me once again go over the strategic rationale. As I said in my prepared speeches, and I think Bayo would echo everything I'm going to be saying, we're just beginning, I would say, a very bright investment horizon for infrastructure. As I said, deficits matter. More and more governments are going to have more difficulties to do deficit financing. And in turn, more and more governments are even focusing on doing more public, private.

很好的問題。我想我和巴約會回答這個問題。讓我再回顧一下戰略理由。正如我在準備好的演講中所說，我認為巴約會回應我將要說的一切，我想說，我們剛剛開始，一個非常光明的基礎設施投資前景。正如我所說，赤字很重要。越來越多的政府在赤字融資方面將面臨更多困難。反過來，越來越多的政府甚至開始關注更多的公共和私人事務。

I think GIP's success in the U.K. and Australia are very good examples of working with governments in terms of helping them sell assets, but at the same time using the private sector to improve the quality of services. And GIP has been a leader in that. I believe that a lot of capital that it could be needed as we digitize everything, the need for upgrading our electrical power grids worldwide is a must. The capital associated with that is going to be enormous.

我認為 GIP 在英國和澳洲的成功是與政府合作幫助政府出售資產，同時利用私營部門提高服務品質的一個好例子。 GIP 一直是這方面的領導者。我相信，當我們將一切數位化時，可能需要大量資金，升級全球電網的需求是必須的。與此相關的資本將是巨大的。

In my travels around the world, more governmental leaders are talking about the need for energy independence. And they look -- if they have some form of energy, they're going to be trying to be doing more of that, but more importantly or just as importantly, the amount of capital they need to provide -- to develop more decarbonizing investments in wind and solar. To provide broader energy for their growth in their economies is very important.

在我的世界各地旅行中，越來越多的政府領導人正在談論能源獨立的必要性。他們認為，如果他們擁有某種形式的能源，他們將嘗試做更多的事情，但更重要的是或同樣重要的是，他們需要提供大量的資本來開發更多的脫碳投資風能和太陽能。為他們的經濟成長提供更廣泛的能量非常重要。

If we are going to decarbonize the world, the amount of capital and infrastructure is going to be very necessary. If we are going to be more and more reliant on interconnectivity worldwide, the need for the upgrading of ports is vital. As more and more human beings grow into a middle-class lifestyle, the demand for air travel grows dramatically, the need for high-quality airports grows dramatically.

如果我們要讓世界脫碳，大量的資本和基礎設施將是非常必要的。如果我們要越來越依賴全球互聯互通，港口升級的需求就至關重要。隨著越來越多的人步入中產階級生活方式，航空旅行的需求急劇增長，對高品質機場的需求也急劇增長。

And so that's just one segment. And then when you think about corporations, corporations historically disposed of divisions to private equity. We see more corporations instead of disposing divisions, selling portions of those divisions, maybe keeping a major part of that, selling parts of their infrastructure or partnering with companies in their infrastructure, like the deal we did with Occidental Petroleum for air capture, the transaction BlackRock did with AT&T on 5G build-out across the United States. These are just a few examples, pipelines in the Gulf region.

這只是其中的一部分。然後，當你想到公司時，公司歷來將部門出售給私募股權公司。我們看到更多的公司不再處置部門，出售這些部門的一部分，也許保留其中的主要部分，出售部分基礎設施或與基礎設施中的公司合作，就像我們與西方石油公司進行的空氣捕獲交易一樣，該交易貝萊德 (BlackRock) 與 AT&T 合作在美國各地進行 5G 建設。這些只是海灣地區管道的幾個例子。

And so the industrial logic is pretty large in our opinion that the next 10 years is going to be greatly about the expansion of the global capital markets and infrastructure. And so we believe the demand for capital infrastructure will only to grow larger than larger. And as I said a few times in my prepared remarks. Having a long duration, high coupon, inflation-protected asset is a very strong asset class for all of retirement funds. But importantly, as you mentioned wealth, we believe a great opportunity to providing to the wealth management products, these types of products, so they can enjoy these type of long-duration assets. They're going to throw off these above, what I would say, public market returns. And so I believe across the board, sovereign funds, both retirements, both in the defined contribution space and the defined benefit space, across the board, these are the preferred instruments.

因此，我們認為，未來十年將是全球資本市場和基礎設施擴張的重要時期，而這一產業邏輯相當大。因此，我們相信對資本基礎設施的需求只會越來越大。正如我在準備好的發言中多次說過的那樣。對於所有退休基金來說，久期、高息票、抗通膨資產是一種非常強大的資產類別。但重要的是，正如您所提到的財富，我們相信向理財產品提供很好的機會，這些類型的產品，這樣他們就可以享受這些類型的長期資產。他們將拋棄上面這些，我想說的是，公開市場回報。因此，我相信，主權基金、退休基金、固定繳款空間和固定福利空間，都是首選工具。

In my calls with clients today, I could tell you more and more sovereign wealth funds, see infrastructure as a major growth area in their asset allocation. I'm going to let Bayo talk about BlackRock and us. I would only just say at Black -- from the BlackRock side, we only had 1 target. We only had 1 organization where we believe in their business model. It was only 1 organization where we believe we had such complementary skill sets. And then most importantly, it's a team of leaders under Bayo that we believed in. And we believe that will create real opportunities for BlackRock, and I'm pleased that Bayo will be joining the BlackRock Board post closing. And importantly, we look forward to having the intellectual capital that GIP is bringing alongside our superb team and infrastructure.

在今天與客戶的通話中，我可以告訴大家，越來越多的主權財富基金將基礎設施視為其資產配置的主要成長領域。我將讓 Bayo 談談貝萊德和我們。我只想說，在 Black 方面，從 BlackRock 方面來看，我們只有 1 個目標。我們只有 1 個組織相信他們的商業模式。我們認為只有 1 個組織擁有如此互補的技能。最重要的是，我們相信 Bayo 領導下的領導團隊。我們相信這將為貝萊德創造真正的機會，我很高興 Bayo 將在交易結束後加入貝萊德董事會。重要的是，我們期待擁有 GIP 帶來的智力資本以及我們卓越的團隊和基礎設施。

What I'll add to that is I think Larry is exactly right. We are about leading the golden age of infrastructure investment. And so the question for us at GIP was always how do we accelerate what we are doing. We're going to keep trying to do what we were doing by ourselves, but we thought that looking at it from both points of view, from the point of view of infrastructure investing, Larry is right. We have tremendous tailwinds that are going to drive the demand for private capital infrastructure investing. On our client side, the pension funds and sovereign wealth funds, the asset managers, infrastructure is what they want to invest in.

我要補充的是，我認為拉里是完全正確的。我們致力於引領基礎設施投資的黃金時代。因此，GIP 面臨的問題始終是如何加速我們正在做的事情。我們將繼續嘗試做我們自己正在做的事情，但我們認為從兩個角度來看，從基礎設施投資的角度來看，拉里是正確的。我們擁有巨大的推動力，將推動私人資本基礎設施投資的需求。在我們的客戶方面，退休基金和主權財富基金、資產管理公司、基礎設施是他們想要投資的。

They like the fact that infrastructure has very high yields. The average yield on our mature funds over the last 15 years annually is 8%, okay? That's in a world of 0 interest rates, we generating 8% yield. They like the fact that these assets are uncorrelated to other asset classes. Think about what's going on today. Infrastructure assets are doing very well. We have 19 companies in our flagship funds, 12 of them had double-digit asset EBITDA growth last year. 5 of them, single-digit EBITDA growth. The only one that didn't was because it sold assets. Compare that to the other real asset class, commercial real estate, okay? So investors love the fact that these asset classes are not correlated. They like the fact there's a lot of downside protection, right? Because they provide essential services, okay?

他們喜歡基礎設施具有非常高的收益。過去15年我們成熟基金的年平均報酬率是8%，好嗎？在 0 利率的世界裡，我們產生 8% 的收益率。他們喜歡這些資產與其他資產類別不相關的事實。想想今天發生了什麼事。基礎設施資產表現非常好。我們的旗艦基金中有 19 家公司，其中 12 家去年的資產 EBITDA 成長達到兩位數。其中 5 家 EBITDA 實現個位數成長。唯一沒有這樣做的是因為它出售了資產。將其與其他實體資產類別（商業房地產）進行比較，好嗎？因此，投資者喜歡這些資產類別不相關的事實。他們喜歡有很多下行保護，對吧？因為他們提供基本服務，好嗎？

And so these are all sort of congruence that we thought how do we accelerate what we're doing. And the marriage with BlackRock is a marriage made in heaven. Rob Kapito said this is a deal where 1 plus 1 equals 4. I'm not sure whether it's 3 or 4, but I know Rob is directionally correct, okay? When we look at the 2 businesses, they're very complementary. BlackRock has built a terrific infrastructure business. They've tripled the size of it over the last years that they've owned it. But they make mid-market or mid-cap investments. We make large cap investments. We have a terrific infrastructure debt business. It's mostly investment grade, ours is mostly below investment grade. They have capital solutions business that we don't have. So if you put these 2 businesses together, we can go to clients, large cap clients, mid cap clients, offer them a complete array of solutions. You want investment-grade debt, we've got. You want high -- lessen investment grade debt, we've got it, okay?

因此，這些都是我們思考如何加速我們正在做的事情的一致性。與貝萊德的婚姻堪稱天作之合。 Rob Kapito 說這是一筆 1 加 1 等於 4 的交易。我不確定是 3 還是 4，但我知道 Rob 的方向是正確的，好嗎？當我們審視這兩項業務時，我們發現它們非常互補。貝萊德已經建立了出色的基礎設施業務。在他們擁有的過去幾年裡，他們把它的規模擴大了兩倍。但他們進行中端市場或中型股投資。我們進行大盤投資。我們擁有出色的基礎設施債務業務。大部分是投資級別，我們的大多低於投資級別。他們擁有我們沒有的資本解決方案業務。因此，如果將這兩項業務放在一起，我們就可以向客戶（大型客戶、中型客戶）提供全套解決方案。您想要投資等級債務，我們有。你想要高——減少投資等級債務，我們已經做到了，好嗎？

And so we think this will allow us to accelerate the rate at which we can provide investment opportunities for our clients. And look, it's always nice to think you're right. The proof of the pudding is what people say when you call them. And as Larry mentioned, he and I have been on the phone with our clients. And this is what they've said. This is a fantastic transaction. One, for us as clients; two, for BlackRock and 3 for GIP. Now I wish I have known that put BlackRock ahead of GIP because then I want to ask for a higher price, but it's all worked out very well. And I think the other thing people should recall is -- and I hope Martin and Larry don't mind me saying this. We are taking 75% of the consideration in stock. The initial offer from BlackRock was actually a low model stuff, okay? We like the fact that BlackRock thinks their stock is undervalued. And the fact that we are taking 75% in BlackRock stock tells us we also think it's undervalued.

因此，我們認為這將使我們能夠加快為客戶提供投資機會的速度。瞧，認為自己是對的總是讓人高興的。布丁的證明就是你打電話給他們時人們所說的話。正如拉里所提到的，他和我一直在與我們的客戶通電話。這就是他們所說的。這是一筆奇妙的交易。一、對於我們作為客戶來說；貝萊德 (BlackRock) 為 2 個，GIP 為 3 個。現在我希望我知道貝萊德優先於 GIP，因為這樣我就想要求更高的價格，但一切都進展順利。我認為人們應該記住的另一件事是——我希望馬丁和拉里不介意我這麼說。我們將 75% 的對價作為庫存。貝萊德最初的報價實際上是低型號的東西，好嗎？我們喜歡貝萊德認為其股票被低估的事實。我們持有貝萊德 75% 股票的事實告訴我們，我們也認為它被低估了。

And the final thing I'd say is we actually looked at -- Larry talked about how the cultures are very different. I think that's absolutely true. But we've also looked at what BlackRock has actually done when it has acquired businesses. Interesting -- congrats, iShares or BGI, 3 trillion assets when they bought it; today, 10 -- (inaudible). So that's actually a little bit scary. Infrastructure, they tripled the size. So it's clear to me the supplemental message is we have to at least double the size of our infrastructure portfolio going forward. I hope that answered your question.

我要說的最後一件事是我們實際上看到了——拉里談到了文化之間的差異。我認為這絕對是真的。但我們也研究了貝萊德在收購業務時實際上做了什麼。有趣－恭喜iShares或BGI，他們買的時候有3兆資產；今天，10 點——（聽不清楚）。所以這其實有點可怕。基礎設施規模擴大了兩倍。因此，我很清楚，補充資訊是我們未來必須將基礎設施投資組合的規模至少增加一倍。我希望這回答了你的問題。

We go next to Michael Cyprys with Morgan Stanley.

接下來是摩根士丹利的麥可‧賽普里斯 (Michael Cyprys)。

Congratulations on the transaction. Just curious what are the plans for integration. If you could talk about that a bit? And any particular lessons that you take away from other private market transactions, acquisitions that we've seen across the industry as you think about driving success here?

祝賀交易成功。只是好奇整合計劃是什麼。你能談談這個嗎？當您考慮推動這裡的成功時，您從我們在整個行業中看到的其他私募市場交易和收購中吸取了哪些特別的教訓？

Thanks, Mike. Happy New Year. We have a really strong track record of successful integrations at BlackRock. And we believe this transaction will prove to be another success. I think Larry and Bayo spoke very much about the common cultures, the shared vision, the opportunities, the growth with clients. We know that GIP shares the same laser focus on clients and values that we do rigorous investment process in us and the structuring of the transaction was also done to reduce strain on teams and help facilitate the transition into new leadership in a more diversified platform.

謝謝，麥克。新年快樂。貝萊德在成功整合方面有著非常出色的記錄。我們相信這筆交易將成為另一個成功。我認為拉里和巴約談到了共同的文化、共同的願景、機會以及與客戶的共同成長。我們知道，GIP 與我們一樣對客戶和價值觀有著同樣的高度關注，我們在投資過程中也進行了嚴格的投資，而交易的結構也是為了減輕團隊的壓力，並幫助促進在更加多元化的平台中向新的領導層過渡。

Some of the organizational changes that we also announced today are going to help us be more nimble and aligned with our clients. We've reorganized businesses for the future with the aim of delivering better experience performance and outcomes for clients. The thing I'd add is Larry talked about in his prepared remarks, our integrated operating platform, and he talked about our track record and integrations. We have built our private markets business with substantial inorganic activity going back all the way to the early 2000s and we built a lot of the existing infrastructure business that we have today, also through inorganic transactions that have been successfully integrated. So we've been doing this for 10 years in the infrastructure space and look forward to accelerating it with Bayo and his partners and the entire GIP team who have substantial experience in business building and alternatives.

我們今天也宣布的一些組織變革將幫助我們更加靈活並與客戶保持一致。我們針對未來重組了業務，旨在為客戶提供更好的體驗績效和成果。我要補充的是拉里在他準備好的演講中談到了我們的整合營運平台，他談到了我們的業績記錄和整合。我們透過大量的無機活動建立了我們的私募市場業務，可以追溯到 2000 年代初，我們還透過已成功整合的無機交易建立了今天擁有的許多現有基礎設施業務。因此，我們在基礎設施領域已經這樣做了 10 年，並期待與 Bayo 及其合作夥伴以及在業務建設和替代方案方面擁有豐富經驗的整個 GIP 團隊一起加速這一進程。

And the last thing I'll say just about integration is I think in many ways, this is a less complex integration and that these are highly complementary platforms, Bayo just talked you through in terms of some of the differences in investing acumen and solutions on the equity side, on the debt side. And so in many ways, we have limited amounts of overlap, both in clients as well as in the characteristics of our investment solutions. In many ways, that makes the integration, I think, nimble and easier to position with clients and more agile for us to bring the platforms together.

關於集成，我要說的最後一件事是，我認為從很多方面來說，這是一個不太複雜的集成，而且這些都是高度互補的平台，Bayo 剛剛向您介紹了投資智慧和解決方案的一些差異。權益方面，債務方面。因此，在許多方面，我們的重疊程度有限，無論是在客戶方面還是在我們的投資解決方案的特徵方面。我認為，從很多方面來說，這使得整合變得靈活，更容易與客戶進行定位，也讓我們更靈活地將平台整合在一起。

Let me just add one thing. Bayo and I are going to be on the road a lot. And we are going to -- with the combined organization, we have an amazing story. And we are going to be telling everyone the story from the corporation sides to governments. I just got an e-mail from a big government and saying, okay, there are things we could do more. So that was a nice e-mail that I just received. But I do believe our key is making sure our clients and the investors that have invested in BlackRock and GIP that they understand the merits of the combination and that they think this is even better for them. And our job is to make sure that everybody sees it and we execute that way. But we are very excited about this, and I look forward to being on the road with Bayo.

讓我補充一件事。巴約和我會經常出差。我們將透過合併後的組織，創造一個令人驚嘆的故事。我們將向所有人講述從公司到政府的故事。我剛剛收到一個大政府的電子郵件，說，好吧，我們可以做更多的事情。這是我剛剛收到的一封很好的電子郵件。但我確實相信，我們的關鍵是確保我們的客戶和投資貝萊德和 GIP 的投資者了解合併的優點，並認為這對他們來說更好。我們的工作是確保每個人都能看到它並以這種方式執行。但我們對此感到非常興奮，我期待著與 Bayo 一起上路。

We'll go next to Michael Brown with KBW.

接下來我們將與 KBW 一起前往 Michael Brown。

Maybe I'll just condition to the organic growth outlook here as we think about 2024. Obviously, there's been a lot of optimism around the acceleration of the fixed income flows and with what seems to be a more visible interest rate trajectory. So I had to hear about maybe some of your early conversations you're having with institutional clients regarding allocations and what they're -- and how you expect that to progress through 2024. And when you think about the fixed income inflows, where should we think about where that money will kind of shift from? Is it from the money market funds? Or is it kind of the ownership of direct securities moving into funds or from bank deposits? Just love some commentary on that.

也許我會在考慮 2024 年時只考慮有機成長前景。顯然，人們對固定收益流動的加速以及似乎更加明顯的利率軌跡抱有很多樂觀情緒。因此，我必須聽聽您與機構客戶就配置及其內容進行的一些早期對話，以及您預計到 2024 年將如何進展。當您考慮固定收益流入時，應該在哪裡進行我們會考慮這些錢會從哪裡轉移？是來自貨幣市場基金嗎？還是直接將證券轉入基金或銀行存款的所有權？只是喜歡對此的一些評論。

Great, Mike, it's Martin. I'll start just on some of the organic growth outlook and then Rob will talk a little bit about your specific fixed income. In 2023, obviously, we delivered $289 billion of total net inflows and 1% organic base fee growth. We continue to have conviction here in our 5% base fee target over the long term. We've reached it on average over the last 5 years and met or exceeded it in 6 of the last 10. And importantly, I think the way our shareholders evaluate us, years marked by significant market volatility, 2016, 2018, '22, '23, we generated positive organic base fee growth. And these last 2 years, no doubt have been more challenged on base fee growth through tough markets, but we've continued to generate positive growth while the industry has seen decay. We don't aim, as you know, to be the fastest grower in any quarter or any year. We aim to deliver more consistent and durable organic growth through market and over the long term.

太好了，麥克，是馬丁。我將從一些有機成長前景開始，然後羅布將談論您的特定固定收益。顯然，到 2023 年，我們實現了 2,890 億美元的淨流入總額和 1% 的有機基本費用成長。從長遠來看，我們仍然堅信 5% 的基本費用目標。我們在過去5 年中平均達到了這一目標，並在過去10 年中有6 年達到或超過了這一目標。重要的是，我認為我們的股東評估我們的方式，即市場大幅波動的年份，2016 年、2018 年、'22、 '23，我們實現了積極的有機基本費用成長。在過去的兩年裡，毫無疑問，在艱難的市場中，基本費用成長面臨更大的挑戰，但我們在產業衰退的同時繼續實現正成長。如您所知，我們的目標並不是成為任何季度或任何年份成長最快的企業。我們的目標是透過市場和長期實現更一致和持久的有機成長。

I would note we saw excellent momentum to finish the fourth quarter. As I mentioned in my remarks, in November and December, we generated an annualized 6% organic base fee growth rate, and that, to me, suggests that we can trend towards our 5% through the cycle target as rates stabilize and the market is more constructive. This is some of the best organic base fee growth momentum we've seen since 2021. I do want to flag 2 things. The first of which is I'd particularly flagged that iShares in Europe is really well positioned, and I think it's going to be a bigger part of the organic base fee growth story over time. European ETF industry flows are up 70% year-on-year. European iShares had almost 50% flow market share. And a lot of the long-term trends that propelled the U.S. industry to high growth rates are taking hold in Europe. So I think it's just the beginning. We also see this combination with GIP and the potential for higher management fee growth in illiquid alternatives as bolstering, diversifying our overall organic base fee growth trajectory.

我要指出的是，我們在第四季結束時看到了良好的勢頭。正如我在發言中提到的，在11 月和12 月，我們實現了6% 的年化基本費用增長率，對我來說，這表明隨著費率穩定和市場的發展，我們可以通過週期目標實現5% 的趨勢。更有建設性。這是我們自 2021 年以來看到的最好的有機基本費用增長勢頭。我確實想指出兩件事。首先，我要特別指出的是，iShares 在歐洲的定位確實非常好，而且我認為隨著時間的推移，它將成為有機基本費用成長故事的重要組成部分。歐洲ETF產業流量年增70%。歐洲 iShares 擁有近 50% 的流量市場佔有率。許多推動美國工業實現高成長率的長期趨勢正在歐洲紮根。所以我認為這只是一個開始。我們也認為，與 GIP 的結合以及非流動性替代品中管理費成長的潛力將支撐我們的整體有機基本費用成長軌跡，並使之多樣化。

So I'll give it to Rob on fixed income.

所以我會把它交給固定收益的羅布。

Yes. So I'll just add just 2 things, Mike. I wake up every morning salivating about the $7 trillion that's sitting in money market accounts that's waiting to move. And in order for it to move, we have to have a wide plate of products. That's what we have been developing in client solutions. A lot of this is going to come from money that's flowing into model portfolios, which we are the leader in. And a lot of it is going to come from digital wealth, which is a $17 billion global market. It's growing at 15% and ETFs are becoming the investors' preferred vehicle with access to investments. And then lastly, as we blend the active and passive business together, we're going to see a lot of active fixed income portfolios move into an ETF wrapper. We're the leader in ETF wrappers as well. So I think there's a huge, huge runway for fixed income and really the wind is right behind our back for that.

是的。所以我只加兩件事，麥克。每天早上醒來，我都會對貨幣市場帳戶中等待轉移的 7 兆美元垂涎欲滴。為了讓它移動，我們必須擁有廣泛的產品。這就是我們一直在開發的客戶解決方案。其中很大一部分將來自流入模型投資組合的資金，而我們是該領域的領導者。其中很大一部分將來自數位財富，這是一個 170 億美元的全球市場。它以 15% 的速度成長，ETF 正在成為投資者的首選投資工具。最後，當我們將主動和被動業務融合在一起時，我們將看到許多主動固定收益投資組合進入 ETF 包裝。我們也是 ETF 包裝領域的領導者。所以我認為固定收益有一個非常非常大的跑道，而且實際上風就在我們背後。

Your next question comes from Brian Bedell of Deutsche Bank.

您的下一個問題來自德意志銀行的布萊恩·比德爾。

Maybe just to ask about the infrastructure, another angle of this. Just your outlook for fundraising over the next 1 to 2 years, given your -- the products that you have and your thoughts around the growth in that $760 million of fee-related revenue. And maybe just the timing of it, I think you have -- you said it a successful fund of 2019, that was a $22 billion fund. So are you in the market now for a fund or will soon be and do you expect to exceed that? And then also just the -- in that retail channel, the desire to create democratized infrastructure products for retail investors that have some liquidity features?

也許只是想問基礎設施，這是另一個角度。考慮到您擁有的產品以及您對 7.6 億美元費用相關收入成長的想法，這只是您對未來 1 到 2 年籌款的展望。也許只是時機問題，我想你說過它是 2019 年的成功基金，那是一檔 220 億美元的基金。那麼，您現在是否在市場上尋找基金，或者很快就會在市場上尋找基金，您預計會超過這個數字嗎？然後，在零售通路中，是否希望為散戶創建具有一定流動性特徵的民主化基礎設施產品？

Thanks. I'll start, and then I'm sure there'll be some additional color. First of all, clients continue very much to increase their allocations to illiquid alternatives in private markets. These are the client needs that drove our acquisition of eFront. They're the moves that bring us here today with GIP. And the moves that we've made organically and inorganically to build market-leading alternatives capabilities. At BlackRock, our alternatives client assets now total $330 billion, including liquid credit. Our private market to liquid alternatives have reached $166 billion in assets with about $140 billion in fee-paying AUM. And private credit, private equity solutions and infrastructure were the main drivers of Q4 and full year flows with $4 billion and about $14 billion, respectively.

謝謝。我會開始，然後我確信會有一些額外的顏色。首先，客戶持續大幅增加對私募市場非流動性替代方案的配置。這些是客戶的需求推動了我們收購 eFront。正是這些舉措讓我們今天來到了 GIP。以及我們為建立市場領先的替代品能力而採取的有機和無機措施。在貝萊德，我們的另類客戶資產目前總計 3,300 億美元，其中包括流動信貸。我們的流動性替代品私募市場資產已達 1,660 億美元，其中付費資產管理規模約 1,400 億美元。私人信貸、私募股權解決方案和基礎設施是第四季和全年資金流動的主要驅動力，分別達到 40 億美元和約 140 億美元。

Since 2021, we've had excellent momentum in our private markets fundraising. We've raised approximately $96 billion of gross capital across our platform, and we continue to see good momentum with clients. We're building on vintages and strong track records, so we can scale successor funds. We expect our primary growth drivers, as I said, over the next 3 to 5 years to be infrastructure and credit private equity solutions, where we've built great franchises.

自 2021 年以來，我們的私募市場融資勢頭強勁。我們已經在整個平台籌集了約 960 億美元的總資本，並且我們繼續看到與客戶的良好勢頭。我們正在以年份和良好的業績記錄為基礎，因此我們可以擴大後續基金的規模。正如我所說，我們預計未來 3 到 5 年的主要成長動力將是基礎設施和信貸私募股權解決方案，我們已經在這些領域建立了出色的特許經營權。

We continue to see terrific opportunities. Larry and Bayo have really talked about what some of these are. But I do think BlackRock has a durable competitive advantage that's been built through our public markets, relationships with global corporates, our advisory work with sovereigns in the public sector around the world as well as our technology capabilities of the year and bringing together a lot of this public and private sector long-term objectives, officially moving capital to key drivers of industrial transformation. That's often when BlackRock at its best. So we're very optimistic and energized by our capital formation opportunities, particularly with our new partners at GIP. And I think as Larry and Bayo said, they're both going to be traveling a lot. So I'm looking forward to how those sessions, I think, will help us grow together. But importantly, I think really bring innovative solutions to corporates, through partnerships and unique public-private opportunities for us that will help grow our illiquid alternatives base fees and assets.

我們繼續看到絕佳的機會。拉里和巴約確實討論過其中的一些內容。但我確實認為貝萊德擁有持久的競爭優勢，這種優勢是透過我們的公開市場、與全球企業的關係、我們與世界各地公共部門主權國家的諮詢工作以及我們年度技術能力和匯集了許多這一公營和私部門的長期目標，正式將資本轉移到產業轉型的關鍵驅動力。這通常是貝萊德處於最佳狀態的時候。因此，我們對資本形成機會非常樂觀並充滿活力，特別是與 GIP 的新合作夥伴一起。我認為正如拉里和巴約所說，他們都會經常旅行。因此，我認為這些會議將如何幫助我們一起成長，我對此充滿期待。但重要的是，我認為透過合作夥伴關係和獨特的公私合作機會，真正為企業帶來創新的解決方案，這將有助於增加我們的非流動性替代品基本費用和資產。

GIP is in the final stages of raising a very large fund, which because it's in the stages of raising the money that we cannot talk about it. So stand by. But it's in the late stages of fundraising.

GIP 正處於籌集一個非常大的基金的最後階段，因為它正處於籌集資金的階段，所以我們不能談論它。所以，站在一邊。但目前正處於籌款的後期階段。

The other thing is that we are very good at structuring product for the individual investor, the wealth investor, and I'm looking forward to working with Bayo's team to figure out how our teams can get together and democratize those investments because, as Larry mentioned before, this is such a perfect retirement product long duration, good yield, equity upside, it's going to open up new areas of growth that we have not tapped yet.

另一件事是，我們非常擅長為個人投資者、財富投資者建立產品，我期待與 Bayo 的團隊合作，找出我們的團隊如何團結起來並使這些投資民主化，因為正如 Larry 提到的在此之前，這是一個如此完美的退休產品，期限長，收益率高，股票上漲，它將開闢我們尚未開發的新成長領域。

Next question comes from Brennan Hawken of UBS.

下一個問題來自瑞銀集團的布倫南·霍肯。

So curious question on the deal here. Is this a deal that you would consider transformational? Or is this more indicative of a desire to continue to add more, all its capabilities going forward? And then one, just sort of a little bit more granular, the roughly $400 million in FRE is based on 2024 forecast from what I can understand. Can you give maybe an indication about where GIP's FRE was for 2023?

關於這裡的交易非常好奇。您認為這是一項具有變革意義的交易嗎？或者這更顯示了繼續增加更多功能的願望？然後，更具體一點，FRE 中大約 4 億美元的金額是基於我所能理解的 2024 年預測。您能否透露 2023 年 GIP 的 FRE 狀況？

Thanks, Brennan, for the question. It's Martin. First of all, this is unassailably a transaction that we consider transformational. Most definitely, our clients feel its transformation. The volume of e-mails, I can see on Larry screen suggests to me that it's transformational. And it's what we've talked about is transformational transactions. It's transformational in terms of the capabilities that BlackRock has and can offer to clients and it's transformational in terms of the financial and earnings impact to the firm. So those 2 axes are how we've always measured transformational in terms of our capabilities and in terms of the financial impact, and on both fronts, this is definitely a transformational transaction.

謝謝布倫南提出的問題。是馬丁。首先，我們認為這無疑是一項具有變革性的交易。毫無疑問，我們的客戶感受到了它的轉變。我在拉里螢幕上看到的電子郵件數量表明，這是變革性的。這就是我們所說的轉型交易。就貝萊德擁有和可以向客戶提供的能力而言，它是變革性的，就對公司的財務和盈利影響而言，它也是變革性的。因此，這兩個軸是我們一直如何衡量我們的能力和財務影響方面的轉型，而在這兩個方面，這絕對是一次轉型交易。

GIP has generated really strong performance as well as FRE growth. I'm not going to comment on the 2023, it will let the 2024 speak for itself. But we continue to see great growth opportunities in terms of being able to expand fee paying AUM across the illiquid alternatives platform with the infrastructure as a priority as well as growing base fees in a way that adds to our 5% organic growth objective through the cycle.

GIP 產生了非常強勁的業績以及 FRE 的成長。我不會評論 2023 年，讓 2024 年自己說話。但我們仍然看到巨大的成長機會，能夠以基礎設施為優先事項，擴大整個非流動性另類平台的付費資產管理規模，並增加基本費用，從而在整個週期中實現 5% 的有機成長目標。

Let me just add on some of our small and large transformational deals. Transformational deals could be as large as a BGI transaction. But if you remember, everyone, when we did that transaction, most people hated it. They did not see the merits, did not see the marriage of active and passive, did not think cultures can merge, did not understand ETFs as a technology. And as Bayo was saying earlier, what we bought BGI was under $300 billion in iShares assets, and now it's over $3.5 trillion. In the past 10 years, we acquired First Reserve when it had about $3 billion, and it's more than tripled its assets in a number of years in terms of infrastructure.

讓我補充一下我們的一些大大小小的轉型交易。轉型交易可能與華大基因交易一樣大。但如果大家還記得的話，當我們進行那筆交易時，大多數人都討厭它。他們沒有看到優點，沒有看到主動與被動的聯姻，不認為文化可以融合，不理解ETF作為一種技術。正如 Bayo 之前所說，我們購買 BGI 的 iShares 資產不到 3000 億美元，而現在已超過 3.5 兆美元。在過去的10年裡，我們收購了First Reserve，當時它的資產約為30億美元，在基礎設施方面，它的資產在幾年內增加了兩倍多。

Just recently, we acquired Aperio and the assets are up 95% since we acquired Aperio. And then just as importantly, in technology buying eFront, we made a statement that whole portfolio analytics are going to become very important, not just public market analytics. And we are now the leading technology platform, both in privates and publics. And you dovetail all of this is -- it's all wrapped around our global view of where the global capital markets are doing. The technology needs for markets and the movement. And I do believe all of this is going to be playing out.

就在最近，我們收購了 Aperio，自收購 Aperio 以來，資產成長了 95%。同樣重要的是，在購買 eFront 技術時，我們聲明整個投資組合分析將變得非常重要，而不僅僅是公開市場分析。我們現在是私人和公共領域的領先技術平台。所有這些都吻合——這一切都圍繞著我們對全球資本市場趨勢的全球看法。市場和運動的技術需求。我確實相信這一切都會發生。

As I said in my prepared remarks, I truly believe infrastructure and Bayo reconfirm that infrastructure is at the very beginnings and the great need of capital and because of the type of asset it is, the demand for this type of investment is really going to be strong. And we believe, and this is what our statement is, we believe the next 10 years is going to be a lot about infrastructure. And this will become more and more of a major component of the entire private markets ecosystem.

正如我在準備好的演講中所說，我確實相信基礎設施和 Bayo 再次確認基礎設施還處於起步階段，並且非常需要資本，並且由於其資產類型，對此類投資的需求確實會強的。我們相信，這就是我們的聲明，我們相信未來十年將有很多關於基礎設施的事情。這將越來越成為整個私募市場生態系統的主要組成部分。

The next question comes from Patrick Davitt of Autonomous Research.

下一個問題來自自治研究中心的派崔克‧戴維特。

You guys have been pushing this idea that the $7 trillion in money funds will start to rotate into risk assets for a while now. But the historical data we can see from past Fed cycle does not really show that, at least from what we can see. And it looks like last year's flows maybe came more from the bank deposits than risk positions. So what are you seeing maybe that we can't see that suggests this cycle will be different? And if rates really are higher for longer, can't both money funds and bonds win with $17 trillion still sitting in bank deposits?

你們一直在推動這樣的想法，即 7 兆美元的貨幣基金將開始轉向風險資產一段時間了。但我們從過去的聯準會週期中看到的歷史數據並沒有真正表明這一點，至少從我們所看到的來看是如此。看起來去年的資金流量可能更多來自銀行存款，而不是風險部位。那麼，您所看到的也許我們看不到的東西表明這個週期將會有所不同？如果利率確實在較長時間內維持在較高水平，銀行存款仍存有 17 兆美元，貨幣基金和債券就無法雙贏嗎？

Yes. So it's Rob here. So the answer is it's going to be dependent upon rates and alternative investments. So I think history shows when the cycle stops, that's when people first start to re-risk. We saw about $40 billion come out of money market funds to us as people re-risk and then there's market volatility and it stops. So I think we have to get to what people will feel is the end of the cycle in rates, and then people will look. The benefit for us is then when they re-risk, they usually come into more precision investments, which are higher fee type investments and yield really matters. So I think if you look at it, there's a blurring between the bank deposits and the money markets, all dependent upon rates. But once that cycle stops and it's been a start and stop over the last year, at least, especially in the fourth quarter, but that's how we look at it.

是的。所以這是羅布。所以答案是這將取決於利率和另類投資。所以我認為歷史表明，當週期停止時，就是人們第一次開始重新冒險的時候。隨著人們重新承擔風險，我們看到大約 400 億美元從貨幣市場基金中流出，然後市場出現波動，然後就停止了。因此，我認為我們必須讓人們感覺到利率週期的結束，然後人們才會關注。對我們來說的好處是，當他們重新冒險時，他們通常會進行更精準的投資，這是費用較高的投資類型，而且收益率確實很重要。因此，我認為，如果你仔細觀察，你會發現銀行存款和貨幣市場之間的界線很模糊，而這一切都取決於利率。但一旦這個週期停止，至少在去年，特別是在第四季度，這就是一個開始和停止，但這就是我們的看法。

Your next will be our last question comes from Bill Katz from TD Cowen.

您的下一個問題將是我們的最後一個問題，來自 TD Cowen 的 Bill Katz。

Congrats on the transaction. Sorry, my phone cut out a little earlier today, the hazards of working from home. So I missed a little bit of the Q&A earlier on. Maybe for Martin, perhaps just a little technical question at this point. As you sort of model out the modest accretion as you look forward, I was just sort of wondering, how do the economics on the performance fees work? It looks like you're keeping about 40% of the incremental opportunity. Wonder if you could just give us a sense of what kind of returns GIP has put up over time? And how does that flow down to performance fees? And then I would presume that as part of the guidance that this new fund that they're in the market for now that Larry is sort of intimated is going to be coming shortly, would be part of the economics. And then when you say greater than (inaudible) margin, can you sort of give us a little more sense on that? Can you just try to back into the fee rate as well as the absolute margin?

恭喜交易成功。抱歉，我的手機今天早些時候沒電了，在家工作的危險。所以我錯過了早些時候的一些問答。也許對馬丁來說，此時可能只是一個小技術問題。當你對未來的適度成長進行建模時，我只是想知道，績效費的經濟學原理是如何運作的？看起來您保留了大約 40% 的增量機會。不知道您能否讓我們了解 GIP 隨著時間的推移所帶來的回報？這如何轉化為績效費？然後我認為，作為指導的一部分，拉里暗示他們目前在市場上推出的這檔新基金將很快推出，這將成為經濟學的一部分。然後，當您說大於（聽不清楚）餘裕時，您能否給我們更多的理解？你能嘗試回到費率和絕對利潤嗎？

Thanks, Bill. I'm sorry, your phone wasn't working. So it's great to hear from you. Happy New Year. So as we said, we expect the transaction to be modestly accretive to EPS and operating margin in the first full year post close. We expect it to be accretive to long-term organic assets and base fee growth over time. We are adding -- we expect to be adding pro forma $400 million plus of post-tax margin accretive FRE as a result of the transaction. The transaction is structured so (inaudible) 100% of the assets and business of GIP. So all of the future management base fees will be within the transaction perimeter. And that's where we derive our estimates for the 2024 and beyond FRE growth in the business.

謝謝，比爾。抱歉，您的電話無法使用。很高興收到您的來信。新年快樂。因此，正如我們所說，我們預計該交易將在交易結束後的第一個全年中適度增加每股收益和營業利潤率。我們預計，隨著時間的推移，它將促進長期有機資產和基本費用的成長。我們預計，由於此交易，預計將增加 4 億美元的稅後利潤增值 FRE。這次交易的結構是（聽不清楚）GIP 100% 的資產和業務。因此，未來所有的管理基本費用都將在交易範圍內。這就是我們對 2024 年及以後 FRE 業務成長的預測的依據。

In terms of thinking about the fee rates, the fee rates are relatively comparable overall to the BlackRock illiquid alternatives, but think north of 100 basis points in terms of how you're modeling that out. As you noted in the deck that we posted to the Investor Relations website, the transaction is that GIP owners and employees are keeping 100% of the carried interest for existing GIP funds and future funds will be 60% to the GIP teams and 40% to BlackRock. I'm not going to talk about fundraising or future funds, but we would expect those performance fees to come on in later years, not in the near term, given the trajectory for how vintages come on. And we'd expect improvement in the fee-related earnings growth over the next 2 years.

就費率而言，費率總體上與貝萊德非流動性替代品相當，但在建模方式方面要考慮 100 個基點以上。正如您在我們發佈到投資者關係網站的幻燈片中指出的那樣，交易是GIP 所有者和員工保留現有GIP 基金100% 的附帶權益，未來資金將60% 歸GIP 團隊，40% 歸GIP 團隊。黑石。我不會談論籌款或未來的基金，但考慮到年份的發展軌跡，我們預計這些績效費將在以後幾年而不是在短期內出現。我們預計未來兩年與費用相關的獲利成長將有所改善。

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

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 everybody for joining our -- joining us this morning and for your interest in BlackRock. Our fourth quarter and full year performance is a direct result of our steadfast commitment to serving clients and evolving for our long-term needs of our clients. Our acquisition of GIP and the organizational changes will be transformational and accelerating our growth ambitions and delivering value for our clients and for our shareholders. Hopefully, everyone could hear that we are incredibly excited about the opportunities ahead of us. The opportunity of having partners like Bayo and his team, and we believe we have never been in a stronger position to grow with the global capital markets and to grow and being a very large client serving firm and helping our clients meet their future needs. Everyone, have a very good quarter and try to enjoy it as much as possible. Thank you.

謝謝你，接線生。我要感謝大家今天早上加入我們並感謝大家對貝萊德的興趣。我們第四季度和全年的業績是我們堅定致力於服務客戶並不斷發展以滿足客戶的長期需求的直接結果。我們對 GIP 的收購和組織變革將帶來變革，加速我們的成長目標，並為我們的客戶和股東創造價值。希望每個人都能聽到我們對眼前的機會感到非常興奮。有機會擁有像Bayo 和他的團隊這樣的合作夥伴，我們相信我們比以往任何時候都處於更有利的地位，能夠與全球資本市場一起成長，成長為一家非常大的客戶服務公司，幫助我們的客戶滿足他們的未來需求。祝大家度過一個愉快的季度，並儘可能地享受它。謝謝。

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

今天的電話會議到此結束。您現在可以斷開連線。