貝萊德 (BLK) 2024 Q1 法說會逐字稿

Good morning. My name is Katie, and I will be your conference facilitator today. At this time, I would like to welcome everyone to the BlackRock, Inc. First Quarter 2024 Earnings Teleconference.

早安.我叫凱蒂，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 2024 年第一季財報電話會議。

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

今天電話會議的主持人是董事長兼執行長 Laurence D. Fink；財務長 Martin S. Small；羅伯特‧卡皮托 (Robert S. Kapito) 主席；和總法律顧問克里斯托弗·J·米德 (Christopher J. Meade)。 （操作員說明）。謝謝。

Mr. Meade, you may begin your conference.

米德先生，您可以開始會議了。

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

謝謝。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.

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。

As you know, BlackRock has filed reports with the SEC, which was some of the factors that may result -- cause the results of BlackRock to differ materially from what we say today.

如您所知，貝萊德已向美國證券交易委員會提交了報告，這是可能導致貝萊德業績與我們今天所說的產生重大差異的一些因素。

BlackRock assumes no duty and does not undertake to update any forward-looking statements.

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 Martin.

因此，我會將其交給馬丁。

Thanks, Chris, and good morning, everyone. It's my pleasure to present results for the first quarter of 2024.

謝謝克里斯，大家早安。我很高興公佈 2024 年第一季的業績。

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

在將其交給拉里之前，我將回顧我們的財務表現和業務成果。我們的收益報告揭露了公認會計準則和調整後的財務表現。我將主要關注我們調整後的結果。

BlackRock's first quarter results reflect sustained momentum across our entire platform. We ended the quarter with record AUM of nearly $10.5 trillion and one of the strongest opportunity sets ahead across multiple growth engines, including technology, outsourced solutions and private markets. Momentum's accelerating, and we have line of sight into a breadth of significant mandates in investment management and technology spanning client channels and geographies.

貝萊德第一季業績反映了我們整個平台的持續成長動能。本季結束時，我們的資產管理規模達到創紀錄的近 10.5 兆美元，並且在技術、外包解決方案和私人市場等多個成長引擎中出現了最強勁的機會之一。勢頭正在加速，我們的目光投向了跨越客戶管道和地理的投資管理和技術領域的一系列重要任務。

Teams across BlackRock are energized and organized to execute on these opportunities and deliver BlackRock's platform to clients through world-class client service. We built BlackRock to be a structural grower with industry leadership in secular growth areas like ETFs, private markets, model portfolios and technology. With supportive markets and more optimistic sentiment from clients, we're confident in our ability to both grow assets on behalf of clients and drive profitable growth for our shareholders.

貝萊德的團隊充滿活力、組織有序，把握這些機會，透過世界級的客戶服務向客戶提供貝萊德的平台。我們將貝萊德打造成結構性成長企業，在 ETF、私募市場、模型投資組合和技術等長期成長領域擁有產業領先地位。憑藉著支持性的市場和客戶更樂觀的情緒，我們對代表客戶增加資產並為股東推動利潤成長的能力充滿信心。

First quarter long-term net inflows of $76 billion continued to lead the industry, driving positive organic base fee growth alongside double-digit growth year-over-year in revenue and earnings as well as 180 basis points of margin expansion. Excluding low-fee institutional index equity flows, we saw $100 billion of long-term net inflows in the quarter.

第一季 760 億美元的長期淨流入繼續引領行業，推動了有機基本費用的正增長，同時收入和收益同比實現兩位數增長，利潤率擴大了 180 個基點。不包括低費用機構指數股票流量，我們看到本季的長期淨流入為 1000 億美元。

As equity markets powered to record highs in the first quarter, investors who were waiting in cash missed out on significant returns across broader markets. With long-term investing, time in the markets is often more important than market timing. Although cash remains an attractive safe haven with the prospect of fewer rate cuts for 2024, the nearly 30% increase in equities over the last year continues to propel clients towards rerisking into stocks and bonds.

隨著第一季股市創下歷史新高，等待現金的投資人錯失了整個市場的可觀回報。對於長期投資，在市場上的時間往往比市場時機更重要。儘管現金仍然是一個有吸引力的避風港，而且 2024 年降息的可能性較小，但去年股市近 30% 的漲幅繼續推動客戶重新投資股票和債券。

Clients choose BlackRock for performance. They continue to consolidate more of their portfolios with us, which is driving our growth premium. With more clarity on interest rates and a supportive market backdrop, the assets we manage on behalf of our clients, our units of trust ended the quarter up $1.4 trillion from a year ago, an increase of 15%. Organic asset and base fee growth again accelerated into the end of the quarter, and we see broad-based momentum growing across client channels and regions.

客戶選擇貝萊德是因為其業績。他們繼續與我們整合更多的投資組合，這推動了我們的成長溢價。隨著利率更加明確以及市場環境的支持，我們代表客戶管理的資產、我們的信託單位本季末比去年同期增加了 1.4 兆美元，成長了 15%。到本季末，有機資產和基本費用的成長再次加速，我們看到跨客戶管道和地區的廣泛勢頭正在增長。

In the first quarter, BlackRock generated long-term net inflows of $76 billion, partially offset by seasonal outflows from institutional money market funds. Total annualized organic base fee growth of 1% reflected seasonally softer flows earlier in the quarter before coming back to target in March.

第一季度，貝萊德產生了 760 億美元的長期淨流入，部分被機構貨幣市場基金的季節性流出所抵銷。年化基本費用總額 1% 的成長反映了本季早期流量的季節性疲軟，然後在 3 月恢復到目標水準。

First quarter revenue of $4.7 billion increased 11% year-over-year, driven by the impact of market appreciation over the last 12 months on average AUM and higher performance fees and technology services revenue.

第一季營收為 47 億美元，年增 11%，這得益於過去 12 個月平均 AUM 市場升值以及更高的績效費用和技術服務收入的影響。

Operating income of $1.8 billion was up 17% and earnings per share of $9.81 was 24% higher versus a year ago, also reflecting higher nonoperating income.

營業收入為 18 億美元，年增 17%，每股收益為 9.81 美元，年增 24%，也反映出非營業收入的增加。

Nonoperating results for the quarter included $90 million of net investment gains, driven primarily by mark-to-market noncash gains on our unhedged seed capital investments and minority investment in Envestnet.

本季的非經營業績包括 9,000 萬美元的淨投資收益，這主要是由我們未對沖的種子資本投資和 Envestnet 的少數投資按市值計價的非現金收益推動的。

Our as-adjusted tax rate for the first quarter was approximately 23% and included discrete tax benefits related to stock-based compensation awards that vest in the first quarter of each year.

我們第一季調整後的稅率約為 23%，其中包括與每年第一季歸屬的以股票為基礎的薪酬獎勵相關的離散稅收優惠。

We continue to estimate that 25% is a reasonable projected tax run rate for the remainder of 2024, though the actual effective tax rate may differ because of nonrecurring or discrete items or potential changes in tax legislation.

我們繼續估計 25% 是 2024 年剩餘時間的合理預計稅率，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。

First quarter base fees and securities lending revenue of $3.8 billion was up 8% year-over-year and up 5% sequentially, driven by the positive impact of market beta on average AUM and positive organic base fee growth. On an equivalent day count basis, our annualized effective fee rate was 0.3 basis point lower compared to the fourth quarter. This was mainly due to the relative outperformance of lower-fee U.S. equity markets, client preferences for lower-fee U.S. exposures and lower securities lending revenue.

第一季基本費用和證券借貸收入為 38 億美元，同比增長 8%，環比增長 5%，這得益於市場貝塔值對平均資產管理規模的積極影響以及基本費用的有機增長。以同等天數計算，我們的年化有效費用率比第四季低 0.3 個基點。這主要是由於費用較低的美國股票市場的相對優異表現、客戶對費用較低的美國風險敞口的偏好以及證券借貸收入較低。

Performance fees of $204 million increased from a year ago, primarily reflecting higher revenue from alternatives.

績效費用比一年前增加了 2.04 億美元，主要反映了替代品收入的增加。

Quarterly technology services revenue was up 11% compared to a year ago, reflecting sustained demand for our Aladdin technology offerings.

季度技術服務收入比去年同期增長 11%，反映出對我們的阿拉丁技術產品的持續需求。

Annual contract value or ACV increased 9% year-over-year.

年度合約價值（ACV）較去年同期成長 9%。

Beginning in the first quarter of 2024, earnings recognized from minority investments accounted for under equity method will be presented as part of our nonoperating results. Advisory and other revenue increased from a year ago, primarily reflecting this change.

從2024年第一季開始，以權益法核算的少數股權投資確認的收益將作為我們的非經營績效的一部分列報。諮詢和其他收入較上年同期增加，主要反映了這一變化。

In addition, as many of you know, we updated the presentation of expense line items by including a new sales, asset and account income statement caption. This category includes distribution and servicing costs, direct fund expense and sub-advisory and other sales, asset and account-based expense. Sub-advisory and other expense, which are variable noncompensation expenses associated with asset and revenue growth, was previously reported within general and administration expense.

此外，正如你們許多人所知，我們透過新增新的銷售、資產和帳戶損益表標題更新了費用行項目的列報。此類別包括分銷和服務成本、直接基金費用以及輔助諮詢和其他銷售、資產和帳戶費用。輔助諮詢和其他費用是與資產和收入成長相關的可變非補償費用，先前在一般和管理費用中報告。

We believe this change provides investors a clearer view of both BlackRock's variable noncompensation expense and G&A, which represents more fixed costs. It represents how we'll execute on our financial rubric of aligning investment spend with our highest conviction growth areas, variabilizing more of our expense base and generating fixed cost scale.

我們認為，這項變更使投資者能夠更清楚地了解貝萊德的可變非薪酬費用和一般及行政費用（代表更多的固定成本）。它代表了我們將如何執行我們的財務準則，將投資支出與我們最堅定的成長領域相結合，使我們的支出基礎更加多樣化並產生固定成本規模。

Total expense increased 8% year-over-year, reflecting higher compensation, G&A and sales, asset and account expense.

總費用較去年同期成長 8%，反映出薪資、一般管理費用和銷售、資產和帳戶費用的增加。

Employee compensation and benefit expense was up 11%, primarily reflecting higher incentive compensation as a result of higher operating income and performance fees.

員工薪資和福利費用增加了 11%，主要反映了營業收入和績效費增加導致激勵性薪資增加。

G&A expense increased 6% due to the timing of technology investment spend in the prior year. Sequentially, G&A expense decreased 12%, reflecting timing of technology investment spend and seasonally higher marketing and promotional expense in the fourth quarter. While one quarter's results can be impacted by timing of spend, we expect technology to be one of our primary areas of investment within G&A.

由於上一年技術投資支出的時間安排，一般管理費用增加了 6%。隨後，一般管理費用下降了 12%，反映了第四季度技術投資支出的時機以及季節性較高的行銷和促銷費用。雖然一個季度的業績可能會受到支出時間的影響，但我們預計科技將成為我們在 G&A 內的主要投資領域之一。

Sales, asset and account expense increased 5% compared to a year ago, primarily driven by higher direct fund expense.

銷售、資產和帳戶費用較上年同期增加 5%，主要是由於直接資金費用增加。

Direct fund expense was up 7% year-over-year, mainly due to higher average index AUM. Sequentially, direct fund expense increased due to higher average index AUM in the current quarter and higher rebates that seasonally occur in the fourth quarter.

直接基金費用年增 7%，主要是由於平均指數 AUM 較高。隨後，由於本季平均指數 AUM 較高以及第四季季節性回扣較高，直接基金費用增加。

Our first quarter as-adjusted operating margin of 42.2% was up 180 basis points from a year ago. As markets improve, we remain committed to driving operating leverage and profitable growth. BlackRock's industry-leading organic growth is a direct result of the disciplined investments we've made consistently through market cycles.

我們第一季調整後的營業利潤率為 42.2%，比去年同期成長 180 個基點。隨著市場的改善，我們仍然致力於推動營運槓桿和利潤成長。貝萊德領先業界的有機成長是我們在整個市場週期中持續進行嚴格投資的直接結果。

Looking forward, we'll continue to prioritize investments with differentiated organic growth potential or that will expand operating leverage through enhanced scale.

展望未來，我們將繼續優先考慮具有差異化有機成長潛力或透過擴大規模擴大營運槓桿的投資。

In line with our guidance in January and excluding the impact of Global Infrastructure Partners and related transaction costs, at present, we would expect our head count to be broadly flat in 2024 and we would also expect a low to mid-single-digit percentage increase in 2024 core G&A expense.

根據我們 1 月份的指引，排除全球基礎設施合作夥伴和相關交易成本的影響，目前，我們預計 2024 年我們的員工人數將基本持平，並且我們還預計會有低至中個位數的百分比增長2024年核心一般及行政費用。

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. At times, we may make inorganic investments where we see an opportunity to accelerate organic growth and support our strategic initiatives.

我們的資本管理策略保持一致：我們首先投資，要么擴大戰略成長計劃，要么提高營運效率，然後透過股息和股票回購的組合將多餘的現金返還給股東。有時，我們可能會在看到加速有機成長和支持我們的策略舉措的機會時進行無機投資。

Last month, we announced our agreement to acquire the remaining equity interest in SpiderRock Advisors, a leading provider of customized option overlay strategies in the U.S. wealth market. This transaction expands on BlackRock's minority investment in SpiderRock Advisors made in 2021 and builds on BlackRock's strong growth in personalized separately managed accounts via Aperio and ETF model portfolios.

上個月，我們宣布同意收購 SpiderRock Advisors 的剩餘股權，該公司是美國財富市場客製化選擇權疊加策略的領先提供者。此交易擴大了貝萊德 2021 年對 SpiderRock Advisors 的少數股權投資，並以貝萊德透過 Aperio 和 ETF 模型投資組合在個人化獨立管理帳戶方面的強勁成長為基礎。

At present, we expect the transaction to close in the second quarter of this year, subject to customary closing conditions.

目前，我們預計該交易將在符合慣例成交條件的情況下於今年第二季完成。

In March, we issued $3 billion of debt to fund a portion of the cash consideration for our planned acquisition of GIP. Our offering consisted of 3 tranches of senior unsecured notes across 5-, 10- and 30-year maturities. The offering was well received by fixed income investors, especially our inaugural 30-year bond. We currently have invested the proceeds of the offering at substantially the same rate as the cost of borrowing, effectively eliminating incremental cost of carrying additional debt prior to the close of the GIP transaction.

3 月份，我們發行了 30 億美元的債務，為我們計劃收購 GIP 的部分現金對價提供資金。我們的產品包括 3 批期限為 5 年、10 年和 30 年的優先無擔保票據。此次發行受到固定收益投資者的好評，尤其是我們的首期 30 年期債券。目前，我們以與借款成本基本相同的利率投資了本次發行的收益，有效消除了在 GIP 交易結束之前承擔額外債務的增量成本。

We continue to target the third quarter of 2024 for the closing of the GIP transaction, which remains subject to regulatory approvals and other customary closing conditions.

我們繼續目標於 2024 年第三季完成 GIP 交易，該交易仍需獲得監管部門批准並滿足其他慣例成交條件。

We repurchased $375 million worth of common shares in the first quarter. At present, based on our capital spending plans for the year and subject to market conditions, we still anticipate repurchasing at least $375 million of shares per quarter for the balance of the year, consistent with our January guidance.

我們在第一季回購了價值 3.75 億美元的普通股。目前，根據我們今年的資本支出計劃並根據市場情況，我們仍預計今年剩餘時間內每季回購至少 3.75 億美元的股票，這與我們 1 月份的指引一致。

More positive sentiment from clients and in markets persisted into the first quarter. Clients increasingly turn to BlackRock to reposition and redeploy across their portfolios.

客戶和市場的正面情緒持續到第一季。客戶越來越多地求助於貝萊德來重新定位和重新部署其投資組合。

First quarter long-term net inflows of $76 billion were positive across active and index strategies as well as each of our client and product types.

第一季主動策略和指數策略以及我們的每種客戶和產品類型的長期淨流入為 760 億美元。

ETF net inflows of $67 billion were led by core equity and fixed income ETFs with net inflows of $37 billion and $18 billion, respectively. These inflows were partially offset by seasonal tax trading-related outflows from our U.S. style box exposure in precision ETFs.

ETF 淨流入 670 億美元，其中核心股票和固定收益 ETF 的淨流入分別為 370 億美元和 180 億美元。這些資金流入被我們在精準 ETF 中的美式盒子曝險中與季節性稅收交易相關的資金流出部分抵消。

As you'll hear from Larry, our [Bitcoin ETC] saw surging demand after launching in January, gathering $14 billion of net inflows in the quarter. This is just the latest example of BlackRock innovating to provide better access and transparency to a wider range of investment exposures.

正如 Larry 所說，我們的 [比特幣 ETC] 在 1 月推出後需求激增，本季淨流入達 140 億美元。這只是貝萊德創新的最新例子，旨在為更廣泛的投資曝險提供更好的准入和透明度。

Retail net inflows of $7 billion were led by continued growth in Aperio as well as renewed demand for active fixed income. Financial advisers are increasingly looking to customize whole portfolios at scale, driving growth across our SMA and managed model platforms. Our partnership with Envestnet is one channel powering flows to model portfolios. We saw our best gross sales month ever on the platform, and year-to-date organic asset and revenue growth has more than doubled compared to this time last year.

Aperio 的持續成長以及對主動固定收益的新需求帶動了零售淨流入 70 億美元。財務顧問越來越希望大規模客製化整個投資組合，從而推動我們的 SMA 和管理模型平台的成長。我們與 Envestnet 的合作是推動投資組合模型流動的管道之一。我們在該平台上看到了有史以來最好的銷售月，今年迄今為止的有機資產和收入成長與去年同期相比增加了一倍多。

Sales on the platform aren't just accelerating, they're diversifying. We similarly saw record gross flows in custom models and record AUM in our global allocation models, both of which have larger active components.

該平台上的銷售不僅在加速，而且在多樣化。同樣，我們在自訂模型中看到了創紀錄的總流量，並在我們的全球分配模型中看到了創紀錄的資產管理規模，這兩個模型都有更大的活躍組件。

Within SMAs, our previously mentioned acquisition of SpiderRock Advisors will further enhance our product offerings and provide even greater personalization across our wealth segments.

在 SMA 中，我們之前提到的對 SpiderRock Advisors 的收購將進一步增強我們的產品供應，並在我們的財富領域提供更大的個人化服務。

Institutional active net inflows of $15 billion were driven by our LifePath target date franchise and outsourcing mandates. We see significant momentum across our whole portfolio capabilities. Our pipeline remains strong as more and more clients turn to BlackRock for outsourcing solutions.

我們的 LifePath 目標日期特許經營和外包授權推動了 150 億美元的機構活躍淨流入。我們看到我們整個投資組合能力的強勁勢頭。隨著越來越多的客戶轉向貝萊德尋求外包解決方案，我們的管道仍然強勁。

Institutional index net outflows of $13 billion were concentrated in low-fee index equities as several large clients rebalanced their portfolios amid significant equity market appreciation in the last 6 months.

由於過去 6 個月股市大幅升值，一些大客戶重新平衡了其投資組合，機構指數淨流出 130 億美元主要集中在低費用指數股票。

Our private markets franchise saw $1 billion of net inflows. Continued demand for our liquid offerings was offset by alpha generation for our clients, reflected in over $3 billion of fund monetization and LP distributions or change in fee basis, primarily for more seasoned private equity solutions programs.

我們的私募市場特許經營權淨流入 10 億美元。對我們流動性產品的持續需求被我們客戶的阿爾法產生所抵消，這反映在超過30 億美元的基金貨幣化和有限合夥人分配或費用基礎的變化上，主要是針對更成熟的私募股權解決方案專案.

Finally, BlackRock's cash management platform saw $19 billion of net outflows in the first quarter, in line with institutional money market industry trends. Our cash business can experience seasonal rotations in the first quarter as many institutional clients withdraw these liquid assets for operational purposes, including tax and bonus payments.

最後，貝萊德現金管理平台第一季淨流出 190 億美元，與機構貨幣市場產業趨勢一致。我們的現金業務在第一季可能會經歷季節性輪換，因為許多機構客戶提取這些流動資產用於營運目的，包括稅金和獎金支付。

Cash management flows were impacted by approximately $14 billion of net redemptions during the last week of March ahead of the Good Friday holiday. Outflows were driven by clients redeeming balances to have cash on hand during a time when many businesses are open, but the financial markets are closed. This phenomenon is not uncommon or unique to BlackRock. Balance has largely returned with approximately $20 billion of money market net inflows in the first week of April.

3 月耶穌受難節假期前的最後一周，現金管理流量受到約 140 億美元淨贖回的影響。資金外流是由於客戶在許多企業開業但金融市場關閉期間贖回餘額以持有現金，導致資金外流。這種現象對貝萊德來說並不罕見或獨特。 4 月第一週貨幣市場淨流入約 200 億美元，餘額已基本恢復。

BlackRock's differentiated business model has enabled us to continue to grow with our clients, driving industry-leading organic growth and margins. Looking ahead, as markets trend to be more supportive and clients rerisk, we see significant opportunity to expand our market share and consolidate our position to clients. We've set ourselves up to be a structural grower with the diversified platform that we've built.

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，推動業界領先的有機成長和利潤。展望未來，隨著市場趨於更加支持和客戶重新承擔風險，我們看到了擴大市場份額並鞏固我們對客戶地位的重大機會。我們已將自己定位為擁有多元化平台的結構性種植者。

Enthusiasm is growing, momentum's building across the platform. All of us at BlackRock are excited about our future and the growing opportunities for BlackRock, for our clients, for our employees, and of course, for our shareholders.

熱情不斷高漲，整個平台的勢頭不斷增強。貝萊德的所有人都對我們的未來以及貝萊德、我們的客戶、我們的員工，當然還有我們的股東不斷增長的機會感到興奮。

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

有了這個，我會把它交給拉里。

Thank you, Martin. Good morning, everyone and thank you for joining the call. BlackRock is partnering with clients to navigate structural and secular changes in business models, technology, monetary and fiscal policies, always staying focused on each and every client goal. Through this connectivity, we are having richer conversations with clients than ever before about their whole portfolio, and in many cases, deepening our relationships with them. This is driving accelerating momentum with a strong pipeline that has some of the best breadth of opportunities across all our client channels and regions that we've ever seen.

謝謝你，馬丁。大家早安，感謝您加入通話。貝萊德正在與客戶合作，應對商業模式、技術、貨幣和財政政策的結構性和長期變化，並始終專注於每個客戶目標。透過這種連接，我們與客戶就他們的整個產品組合進行了比以往更豐富的對話，並且在許多情況下加深了我們與他們的關係。這透過強大的管道推動了加速發展的勢頭，該管道在我們所有的客戶管道和地區中擁有我們所見過的最廣泛的機會。

BlackRock's integrated investment technology advisory platform and durable performance are resonating. In my conversations with clients around the world, I'm hearing about how they want to put their money to work. But they want to do it differently than they did in the past. They want their portfolios to be more holistically blending public and private markets, active in an index. They want their portfolios to be nimble, customized, text-enabled. They want to work with fewer providers or maybe just with one provider.

貝萊德的綜合投資技術諮詢平台和持久的業績令人產生共鳴。在我與世界各地的客戶的對話中，我聽到他們希望如何讓自己的錢發揮作用。但他們希望採取與過去不同的方式。他們希望自己的投資組合能更全面地整合公共和私人市場，並活躍於指數中。他們希望他們的投資組合靈活、客製化、支援文本。他們希望與更少的提供者合作，或只與一個提供者合作。

BlackRock is the only asset manager that can partner in this way, having the most diverse, integrated investment and technology platform in the industry. Clients around the world are choosing to do more with BlackRock, and this is resonating in our results.

貝萊德是唯一一家能夠以這種方式合作的資產管理公司，擁有業界最多元化、最全面的投資和技術平台。世界各地的客戶選擇與貝萊德合作開展更多業務，這在我們的業績中產生了共鳴。

But I'm actually more excited about the building momentum we're seeing across our entire platform. BlackRock's AUM ended the first quarter at a new record of nearly $10.5 trillion, up $1.4 trillion or 15% over the last 12 months. Also at that time, BlackRock has entrusted BlackRock with more than $236 billion of net new assets.

但實際上，我對我們在整個平台上看到的不斷增強的勢頭感到更興奮。貝萊德第一季的資產管理規模達到近 10.5 兆美元的新紀錄，比過去 12 個月增加了 1.4 兆美元，即 15%。同時，貝萊德已委託貝萊德管理超過2,360億美元的淨新資產。

BlackRock generated positive net flows across active and index and across all client types. And we grew our technology service revenues and ACV as clients leveraged Aladdin to support investment processes and their entire platform. We've had a number of real large marquee wins in Aladdin and are working on a number of significant new opportunities. Momentum remains strong as we grow with new and existing clients.

貝萊德在活躍和指數以及所有客戶類型上產生了正的淨流量。隨著客戶利用阿拉丁支援投資流程及其整個平台，我們的技術服務收入和 ACV 也有所成長。我們在《阿拉丁》中取得了許多真正的重大勝利，並且正在開發許多重要的新機會。隨著我們與新舊客戶共同成長，勢頭依然強勁。

We continue to deliver sustained asset and technology services growth at scale. BlackRock's operating income was up 17% year-over-year, and we increased our margin by 180 basis points. Earnings per share were up 24%.

我們繼續實現資產和技術服務的大規模持續成長。貝萊德的營業收入年增 17%，我們的利潤率提高了 180 個基點。每股收益成長 24%。

Activity is notably accelerating. As Martin said, we generated $76 billion of long-term net flows in the first quarter, which represents nearly 40% of last year's long-term flows in just the first 3 months of this year.

活動明顯加速。正如馬丁所說，我們在第一季產生了 760 億美元的長期淨流量，相當於去年僅今年前 3 個月的長期流量的近 40%。

And long-term net inflows across retail and ETFs and institutional active was actually $100 billion, which excludes the episodic institutional equity activity Martin mentioned.

零售、ETF 和機構活躍的長期淨流入實際上為 1000 億美元，其中不包括馬丁提到的偶發性機構股票活動。

Some of these are public, some aren't. But over the last few months, we've been chosen for a breadth of mandate, both wealth and institutional clients across regions that will fund over future quarters, and we're in active conversations on a number of unique broad-based opportunities, including several large mandates for Aladdin.

其中一些是公開的，有些則不是。但在過去的幾個月裡，我們被選為廣泛的授權對象，包括跨地區的財富客戶和機構客戶，這些客戶將在未來幾個季度提供資金，並且我們正在就許多獨特的廣泛機會進行積極對話，包括阿拉丁的幾項重大任務。

There is still a record amount of cash on the sidelines and money market fund balances are now approaching $9 trillion. I think this stems from fear and uncertainty, but it's hard to achieve retirement or long-dated objectives by holding cash. Clients worldwide are coming to BlackRock for advice on where and how to deploy their capital, and in many ways, how to help them reduce that fear and putting that money to work.

場外現金數量仍創歷史新高，貨幣市場基金餘額目前接近 9 兆美元。我認為這源於恐懼和不確定性，但持有現金很難實現退休或長期目標。世界各地的客戶都向貝萊德尋求建議，了解在哪裡以及如何部署他們的資金，以及如何在許多方面幫助他們減少這種恐懼並使資金發揮作用。

Being a growth company requires continued innovation, lots of investments and intense client focus. BlackRock has invested ahead of these themes we believe will define the next decade of asset management. I see the greatest opportunities I've ever seen for BlackRock, for our clients and for our shareholders and I'm very optimistic about the momentum into the rest of 2024 and beyond.

作為一家成長型公司，需要持續創新、大量投資和高度關注客戶。貝萊德已經在這些主題之前進行了投資，我們相信這些主題將定義資產管理的下一個十年。我看到了貝萊德、我們的客戶和股東所見過的最大的機會，我對 2024 年剩餘時間及以後的勢頭非常樂觀。

The uncertain backdrop does not mean a lack of opportunities. Instead, we see great opportunities for investors across a number of structural trends with near-term catalysts. These include rapid advancements in technology and AI, the rewiring of globalization, accelerated economic growth in certain emerging markets and an unprecedented need for new infrastructure. BlackRock is connecting with clients to these opportunities and providing them the confidence to continually investing in the long run.

不確定的背景並不意味著缺乏機會。相反，我們看到了投資者在許多具有近期催化劑的結構性趨勢中的巨大機會。其中包括技術和人工智慧的快速進步、全球化的重新佈線、某些新興市場的經濟加速成長以及對新基礎設施的前所未有的需求。貝萊德正在與客戶聯繫這些機會，並為他們提供持續長期投資的信心。

In a world where clients are looking for more certainty, the higher-coupon, longer-duration returns of infrastructure private markets are increasingly becoming more attractive. Demand for all forms of infrastructure is surging around the world from telecom networks to power generation, to transport hubs for data centers and new ways of securing energy. Over the last 12 months, BlackRock's infrastructure platform has delivered 19% organic asset growth. BlackRock's infrastructure franchise and our private markets business more broadly benefited from the firm's global footprint, our deep network of clients and distribution relationships and access to high-quality deal flow.

在客戶尋求更多確定性的世界中，基礎設施私募市場的更高票面、更長期限的回報正變得越來越有吸引力。從電信網路到發電，再到資料中心的交通樞紐和新的能源保障方式，世界各地對各種形式的基礎設施的需求都在激增。在過去 12 個月中，貝萊德的基礎設施平台實現了 19% 的有機資產成長。貝萊德的基礎設施特許經營權和我們的私募市場業務更廣泛地受益於該公司的全球足跡、我們深厚的客戶網絡和分銷關係以及高品質的交易流。

As we spoke in January, we believe the planned combination of BlackRock's infrastructure platform with GIP will provide clients with access to market-leading investments and operating expertise across infrastructure private markets. We have a deep conviction that this planned combination will be another transformational moment for BlackRock. It will be another example in our long-term history of staying ahead of client needs, positioning ourselves against accelerated macro trends.

正如我們在一月份所說的那樣，我們相信貝萊德基礎設施平台與 GIP 的計劃合併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。我們堅信，這次計劃中的合併將成為貝萊德的另一個轉型時刻。這將是我們長期領先於客戶需求、迎合加速的宏觀趨勢的另一個例子。

I believe infrastructure private markets are approaching the upward trajectory of their J-curve just as ETF did when we announced our acquisition of BGI and iShares nearly 15 years ago.

我相信基礎設施私募市場正在接近 J 曲線的上升軌跡，就像 15 年前我們宣布收購 BGI 和 iShares 時 ETF 所做的那樣。

We always viewed ETF as a technology that facilitated investing. Since our acquisition of iShares, BlackRock has led in expanding the market of ETFs by making them more accessible; by delivering new asset classes like bonds, investment strategies like actives. As a result of that success, the ETFs evolved beyond what started as an indexing concept. It is recognized as an efficient structure for a range of all investment solutions.

我們一直將ETF視為一種促進投資的技術。自從我們收購 iShares 以來，貝萊德透過讓 ETF 更容易上市，在擴大 ETF 市場方面處於領先地位；透過提供債券等新資產類別和主動投資等投資策略。由於這一成功，ETF 的發展超越了最初的指數概念。它被認為是適用於一系列所有投資解決方案的有效結構。

First quarter ETF net inflows of $67 billion reflected sustained client demand across our client categories, led by core equity and [bought] ETFs. ETF flows demonstrated accelerating activity with March accounting for more than half of the quarterly net inflows. And our flows in the month were 80% higher than the next largest issuer.

第一季 ETF 淨流入 670 億美元，反映了我們各客戶類別的持續客戶需求，其中以核心股票和[購買]ETF 為主導。 ETF 資金流表現出加速活動，3 月佔季度淨流入量的一半以上。我們當月的流量比第二大發行人高出 80%。

We continue to innovate across our ETF platform to give our clients better access to the most diverse range of exposures in the industry. Our Bitcoin fund, which was launched in January, was the fastest growing ETF in history and already has nearly $20 billion in AUM. Our active ETF drove $9 billion of net inflows in the first quarter led by our equity factor rotation and flexible income ETFs. These products offer alpha generation with some of our leading investors at BlackRock in a more efficient, more transparent ETF wrapper.

我們不斷在 ETF 平台上進行創新，讓我們的客戶能夠更好地獲得業界最多樣化的投資組合。我們的比特幣基金於 1 月推出，是史上成長最快的 ETF，資產管理規模已接近 200 億美元。在我們的股票因子輪換和靈活收益 ETF 的帶動下，我們的主動 ETF 在第一季帶動了 90 億美元的淨流入。這些產品以更有效率、更透明的 ETF 包裝方式為貝萊德的一些領先投資者提供阿爾法生成。

Across BlackRock, we continue to scale our product offerings to democratize access to new strategies, increase transparency and drive cost efficiency. To that end, last month, we announced the launch of our first tokenized fund as well as our minority investment in Securitize, a blockchain-based tokenization platform. This builds on our existing digital asset strategy. And we'll continue to innovate in new products and wrappers, all with the aim of providing greater access and customization to each and every of our clients.

在貝萊德，我們不斷擴大產品範圍，以實現新策略的民主化、提高透明度並提高成本效率。為此，上個月，我們宣布推出首個代幣化基金，並對基於區塊鏈的代幣化平台 Securitize 進行少數股權投資。這建立在我們現有的數位資產策略的基礎上。我們將繼續在新產品和包裝上進行創新，所有這些都是為了為我們的每位客戶提供更好的存取和客製化服務。

We continue to see demand for customization with our own wealth business as financial advisers and their clients they serve increasingly turn to SMAs to personalize their portfolios. We acquired Aperio 3 years ago in anticipation of this trend, and organic growth in that business has been over 20% since our acquisition.

我們繼續看到我們自己的財富業務對客製化的需求，因為財務顧問及其服務的客戶越來越多地轉向 SMA 來個性化他們的投資組合。我們在三年前就預見了這一趨勢，收購了 Aperio，自收購以來該業務的有機成長已超過 20%。

To further booster our SMA capabilities, we announced our planned acquisition of the remaining equity interest in SpiderRock, as Martin discussed.

正如 Martin 所討論的，為了進一步增強我們的 SMA 能力，我們宣布計劃收購 SpiderRock 的剩餘股權。

Among wealth clients, we are also seeking the renewed demand for our high-performing active fixed income strategies with particularly strength in high-yield and unconstrained bond funds.

在財富客戶中，我們也在尋求對我們高效能主動固定收益策略的新需求，尤其是高收益和無約束債券基金的優勢。

In the post-QE market, we see more opportunity ahead for active management with greater potential for selective risk-taking to generate superior returns. Quarterly active net inflows of $15 billion reflect strength in systematic equity and fundamental fixed income, including the funding of several institutional outsourcing mandates. Across our active franchise, BlackRock has delivered durable investment performance with 82%, 90% and 93% of our fundamental equity, systematic equity and taxable fixed income AUM above benchmarks or peer median for the last 5 years.

在量化寬鬆後的市場中，我們看到主動管理有更多的機會，有更大的潛力選擇性地承擔風險以產生卓越的回報。 150 億美元的季度活躍淨流入反映了系統性股權和基本固定收益的實力，包括為多項機構外包任務提供資金。在我們的活躍特許經營權中，貝萊德在過去5 年中實現了持久的投資業績，我們的基本股本、系統股本和應稅固定收益資產管理規模分別有82%、90% 和93% 高於基準或同行中位數。

Our active investment insights, our strong investment performance, our integrated Aladdin technology differentiates BlackRock and ultimately drives better outcomes for our clients.

我們積極的投資洞察、強勁的投資績效以及整合的阿拉丁技術使貝萊德脫穎而出，並最終為我們的客戶帶來更好的結果。

We first built Aladdin as a risk management enabler, empowering investors to better understand their portfolios through technology. Today, Aladdin is much more than that. Our clients are leveraging Aladdin as a whole enterprise operating system, connecting multiple asset classes, data, technology partners on a single platform. Aladdin's integrated offering continues to resonate with the majority of our sales this quarter spanning multiple Aladdin products.

我們首先將阿拉丁打造為風險管理推動者，使投資者能夠透過科技更了解他們的投資組合。如今，阿拉丁的意義遠不止於此。我們的客戶正在利用阿拉丁作為整個企業作業系統，在一個平台上連接多個資產類別、資料、技術合作夥伴。阿拉丁的整合產品繼續與我們本季涵蓋多種阿拉丁產品的大部分銷售產生共鳴。

We are in the late-stage conversation with several large potential Aladdin clients, and we look forward to executing on more opportunities ahead to be bringing the benefits of Aladdin to new clients and by expanding relationships with our existing clients.

我們正在與幾位大型潛在阿拉丁客戶進行後期對話，我們期待未來執行更多機會，將阿拉丁的優勢帶給新客戶，並擴大與現有客戶的關係。

From the early days of developing Aladdin to now managing nearly $10.5 trillion across our platform, our ambition has always been to help investors benefit from the growth of the capital markets and achieve financial futures that they seek. More than half of the assets we manage are related to retirement, making this an outcome central to many of our client conversations.

從開發阿拉丁的早期到現在在我們的平台上管理近10.5兆美元，我們的目標始終是幫助投資者從資本市場的成長中受益並實現他們所尋求的金融未來。我們管理的資產中有一半以上與退休有關，這使得這一結果成為我們許多客戶對話的核心結果。

BlackRock has been at the forefront of innovation and advocacy for retirement solutions for years. In fact, we pioneered the first target date fund called LifePath back in 1993. When we introduced the concept, it was revolutionary, eliminating some of the guesswork for retirement savings by automatically adjusting their investment mix over their time frame.

貝萊德多年來一直處於退休解決方案創新和倡議的前沿。事實上，我們早在1993 年就率先推出了第一個目標日期基金，稱為LifePath。儲蓄的一些猜測。

Fast-forward 30 years, target date funds have become the most common default investment option in defined contribution plans in the United States where we're entrusted to manage the retirement assets of 35 million Americans.

快轉 30 年，目標日期基金已成為美國固定繳款計畫中最常見的預設投資選擇，我們受託管理 3,500 萬美國人的退休資產。

We continue to evolve LifePath to help deliver the retirement outcome participants need. That has meant introducing LifePath options in new countries and in new wrappers such as LifePath Target Date ETFs we launched last year. Our LifePath Target Date franchise now has nearly $470 billion in assets and has risen over $115 billion in assets just over the last 5 years.

我們不斷發展 LifePath，以幫助實現參與者所需的退休成果。這意味著在新的國家和新的包裝中引入 LifePath 選擇權，例如我們去年推出的 LifePath 目標日期 ETF。我們的 LifePath Target Date 特許經營權目前擁有近 4,700 億美元的資產，並且在過去 5 年裡資產已增加超過 1,150 億美元。

In addition to helping people save for retirement, we also work to expand the LifePath solution to help people spend throughout their increasingly longer retirement. Society focuses a tremendous amount on helping people live longer and healthier lives, but spend just a fraction of that time and effort on helping them afford those extra wonderful years.

除了幫助人們為退休儲蓄之外，我們還致力於擴展 LifePath 解決方案，以幫助人們度過日益漫長的退休生活。社會投入了大量的精力來幫助人們活得更久、更健康，但只花了一小部分時間和精力來幫助他們度過那些額外美好的歲月。

The shift from pension to defined contribution models have put the large ask, the large burden on individual savers. They have to first build up their retirement nest egg, which in and of itself is a formidable challenge. Then even as they have this sizable savings at retirement, there's not much guidance about how to spend or not -- and how not to overspend these savings.

從退休金到固定繳款模式的轉變給個人儲戶帶來了巨大的要求和巨大的負擔。他們必須先建立退休儲蓄，這本身就是一個艱鉅的挑戰。即使他們在退休時有如此大的儲蓄，也沒有太多關於如何消費或不消費以及如何不超支這些儲蓄的指導。

We've been working for years to address this de-accumulation challenge, and we believe this will help increase hope in America. In 2020, we announced the LifePath Paycheck, the next generation of target date solutions. It will include an option to purchase a lifetime income stream from insurers selected by BlackRock and is expected to go live towards the end of the month. We are partnering on implementing LifePath Paycheck right now with 14 planned sponsors, representing over $25 billion in target date AUM and now have 0.5 million participants.

多年來，我們一直致力於解決這項去累積的挑戰，我們相信這將有助於增加美國的希望。 2020 年，我們發布了下一代目標日期解決方案 LifePath Paycheck。它將包括一個從貝萊德選擇的保險公司購買終身收入流的選項，預計將於本月底上線。我們目前正在與 14 家計畫贊助商合作實施 LifePath Paycheck，目標日期 AUM 超過 250 億美元，目前有 50 萬名參與者。

We will pair the flexibility of a 401(k) investment with a potential for a predictable paycheck life income stream similar to a pension. I believe it will be in one day the most used investment strategy in defined contribution plans.

我們將 401(k) 投資的靈活性與類似於退休金的可預測薪水生活收入流的潛力結合起來。我相信有一天這將成為固定繳款計畫中最常用的投資策略。

This pioneering structure can help address global gaps in funding retirement security, improve the quality of life and retirement for millions of Americans and bring back hope for those who were retiring.

這個開創性的結構可以幫助解決全球退休保障資金缺口，改善數百萬美國人的生活和退休質量，並為即將退休的人們重拾希望。

It's been 4 years since the start of the pandemic and the subsequent geopolitical upheavals. Leaders of countries, leaders of companies need to create hope for the future for all of their stakeholders. That's certainly what we're doing at BlackRock.

自從疫情爆發和隨後的地緣政治動盪以來，已經過了四年。國家領導人、企業領導人需要為所有利害關係人的未來創造希望。這當然就是我們貝萊德正在做的事情。

I've spoken before about the fear we see today, some is stoked by increasingly political polarization in the world. Our industry and BlackRock have been a subject of political dialogue, mostly in the United States. We recognize some of this with being the industry leader. We have done a better job now of telling our story so that people can make decisions based on facts, not on lies and not on misinformation or politicization by others.

我之前曾談到我們今天所看到的恐懼，其中一些恐懼是由世界上日益嚴重的政治兩極化所引發的。我們的行業和貝萊德一直是政治對話的主題，主要是在美國。作為行業領導者，我們認識到了這一點。我們現在在講述我們的故事方面做得更好，以便人們可以根據事實而不是謊言、錯誤訊息或他人的政治化來做出決定。

Unfortunately, there are still others out there who put short-term politics, who continuously lie about these issues. They are putting those issues above the long-term fiduciary responsibilities.

不幸的是，還有一些人關注短期政治，在這些議題上不斷說謊。他們將這些問題置於長期信託責任之上。

As a fiduciary, politics should never outweigh performance. I do believe that with the vast majority of our clients, our long-term fiduciary approach and performance are resonating. We heard it in our dialogue with them and we see it in our flows, and I know all of you as shareholders see it in our flows.

身為受託人，政治永遠不該凌駕於業績之上。我確實相信，我們的長期信託方法和績效能夠引起絕大多數客戶的共鳴。我們在與他們的對話中聽到了這一點，在我們的流程中看到了這一點，我知道你們所有人作為股東都在我們的流程中看到了這一點。

Over the last past 5 years, clients have entrusted BlackRock with an aggregate of $1.9 trillion of total net inflows, $1 trillion over the last 3 years and nearly $300 billion last year. It has been in the United States where client led inflows in every one of these periods. It is true also in the first quarter of this year. This is -- and all is in the environment where the industry has experienced flat or negative flows, BlackRock saw inflows.

過去5年，客戶委託貝萊德的淨流入總額總計1.9兆美元，過去3年1兆美元，去年近3,000億美元。在每一個時期，美國都是顧客引領資金流入的地方。今年第一季也是如此。這一切都是在該行業經歷了平穩或負流的環境下，貝萊德看到了資金流入。

Our sustained growth, our accelerating momentum are made possible by the trust of our clients and shareholders and the dedication of all the BlackRock people. Across our firm, we're delivering BlackRock to meet all our clients' individual needs. We're helping each and every client unlock their new opportunities. And the power of BlackRock's integrated platform has enabled us to drive better outcomes for each and every client and providing them a differentiated growth for them, which then entails providing differentiating growth for you, our shareholders.

我們的持續成長和不斷加速的勢頭得益於客戶和股東的信任以及全體貝萊​​德員工的奉獻。在我們公司，我們致力於提供貝萊德以滿足所有客戶的個人需求。我們正在幫助每一位客戶釋放他們的新機會。貝萊德綜合平台的力量使我們能夠為每位客戶帶來更好的成果，並為他們提供差異化的成長，這也意味著為我們的股東您提供差異化的成長。

I believe at this time, our momentum has never been stronger. The opportunity we have in front of us has never been stronger. And I look forward at BlackRock to be delivering on a significant broad base of opportunities across the world, across our platform, across all of our products and delivering the responsible fiduciary responsibilities that we provide to each and every client.

我相信此時，我們的勢頭從未如此強勁。我們面前的機會從未如此強大。我期待貝萊德能夠在全球範圍內、透過我們的平台、透過我們所有的產品提供廣泛的機會，並履行我們向每位客戶提供的負責任的信託責任。

Operator, let's open it up for questions.

接線員，讓我們打開提問吧。

(Operator Instructions) We'll go first to Craig Siegenthaler with Bank of America.

（操作員指示）我們先去找美國銀行的 Craig Siegenthaler。

So my question is on your commentary around building momentum and line of sight into significant fundings. So if we exclude fee rate issues like divergent beta, when do you BlackRock can get back to 5% base fee organic growth?

所以我的問題是關於您對建立重要資金的勢頭和視線的評論。因此，如果我們排除不同貝塔等費率問題，貝萊德何時才能恢復 5% 的基本費用有機成長？

And with the law of large numbers a factor, what is your confidence that this objective is still achievable at your current $10 trillion AUM size?

考慮到大數定律，您對以您目前 10 兆美元的管理資產規模仍可實現這一目標的信心有多大？

Martin?

馬丁？

Thanks, Craig. It's Martin. Listen, I'd start by like Q1 net flows were solid at $76 billion. And on a more granular look, we just see durable growth in that flows mix. We had about $100 billion across ETFs, retail, institutional active, institutional fixed income. Of course, we saw some of these $19 billion redemptions from cash with the Good Friday quarter-end dynamic and the $26 billion rebalanced away in institutional index equities.

謝謝，克雷格。是馬丁。聽著，我首先想說的是，第一季的淨流量穩定在 760 億美元。從更細緻的角度來看，我們只看到該流量組合的持久成長。我們在 ETF、零售、機構主動收益和機構固定收益方面擁有約 1,000 億美元。當然，我們看到其中一些因耶穌受難日季度末的動態而被現金贖回，而機構指數股票則有 260 億美元被重新平衡。

You know those institutional index equities happen from time to time. They're not meaningful revenue impacts or fee rate detractors, but they weigh on kind of the long-term flow totals.

你知道那些機構指數股票時常發生。它們不會對收入產生有意義的影響，也不會降低費率，但會影響長期流量總量。

When we look at this core momentum on flows, excluding the episodic index redemptions, Q1 flows were $100 billion. It's a healthy trajectory. It's an affirmation for us that we're focused on the right things to grow with clients.

當我們觀察這核心流量動量時，不包括間歇性指數贖回，第一季的流量為 1000 億美元。這是一個健康的軌跡。這對我們來說是一種肯定，因為我們專注於與客戶一起成長的正確事情。

And on base fees, the management team here, we really feel like we've turned a corner. Over the last 2 quarters, we see really solid trends in organic fee growth. They're really some of the best since the end of 2021. We saw excellent momentum to finish the fourth quarter, which we talked about on the last call. We closed out November and December higher than target. And this quarter, March new base fees annualized at target after we had a slower start.

就基本費用而言，這裡的管理團隊，我們真的感覺我們已經度過了難關。在過去的兩個季度中，我們看到有機費用成長的趨勢非常穩固。他們確實是 2021 年底以來最好的球隊之一。我們 11 月和 12 月的收盤價高於目標。在我們起步較慢之後，本季 3 月的新基本費用年化達到目標。

So over the last 6 months, we see organic base fee growth ticking up and trending more halfway or halfway plus to our long-term targets. It's not a straight line, but we're moving to target.

因此，在過去 6 個月中，我們看到有機基本費用成長上升，並且趨向於達到我們長期目標的一半或一半以上。這不是一條直線，但我們正在朝著目標前進。

And I say this because we see key positive trends in these sort of critical base fee growers for us. Retail posted $7 billion of flows in that 40 to 50 basis point bucket. Money is going back to work, redemption rates are moderating. We see really excellent momentum in active overall with $15 billion of flows and good velocity in institutional and retail active fixed income, in particular, at $9 billion.

我這麼說是因為我們看到了這些關鍵基本費種植者的主要正面趨勢。零售業在 40 至 50 個基點範圍內的流量為 70 億美元。資金正在重新發揮作用，贖回率正在放緩。我們看到整體活躍動能非常強勁，流量達 150 億美元，機構和零售活躍固定收益的流動速度良好，尤其是 90 億美元。

And I think what Larry is getting at, we've been selected for a breadth of mandates across investment management and technology that we see supporting 5% organic growth and will fund over future quarters. Our planned acquisition of GIP will help us build and bump from there. So we look forward to closing that transaction, executing on these mandates and keeping you guys posted on our progress.

我認為 Larry 的意思是，我們被選中承擔投資管理和技術領域的廣泛任務，我們認為這些任務將支持 5% 的有機成長，並將在未來幾個季度提供資金。我們計劃收購 GIP 將有助於我們在此基礎上不斷發展和進步。因此，我們期待完成該交易，執行這些任務，並向大家通報我們的進展。

I would just add, the breadth of conversations we're having with clients worldwide. Rob Kapito right now is in Asia, the type of conversations we had there. The opportunities we see in Europe, in the U.K., Middle East. These are just very large opportunities, large mandates, big opportunities.

我想補充一點，我們與世界各地的客戶進行的對話的廣度。羅布·卡皮托（Rob Kapito）現在在亞洲，我們在那裡進行過類似的談話。我們在歐洲、英國、中東看到了機會。這些都是非常大的機會、巨大的任務、巨大的機會。

And if you then overlay the opportunities and you overlay what infrastructure can do related to the build-out of power with all the AI promise and the need for data centers and the need for power is going to be extraordinary. And all of this is going to lead to much bigger opportunities. And then more importantly, more and more clients are going to be seeking those organizations who deliver the proprietary differentiated products.

如果你將機會和基礎設施與電力建設相關的功能與人工智慧的承諾以及資料中心的需求相結合，那麼對電力的需求將是巨大的。所有這一切都將帶來更大的機會。更重要的是，越來越多的客戶將尋求那些提供專有差異化產品的組織。

We'll go next to Michael Cyprys with Morgan Stanley.

接下來我們將討論摩根士丹利的麥可‧賽普里斯 (Michael Cyprys)。

Just wanted to ask about balancing investment spend with margin expansion. In the past, we've heard BlackRock talk about being margin-aware. So just curious how the thinking on that has evolved. What does that mean in today's environment?

只是想問如何平衡投資支出與利潤擴張。過去，我們曾聽貝萊德談論保證金意識。所以只是好奇對此的想法是如何演變的。這在今天的環境中意味著什麼？

And how might you quantify the opportunity for margin expansion over time? How do you see some of the levers to achieve that?

隨著時間的推移，您如何量化利潤擴張的機會？您如何看待實現這目標的一些手段？

Thanks, Mike. Our approach to shareholder value creation is obviously to generate differentiated organic growth, it's to drive operating leverage in a premium margin and it's to execute on a consistent capital management strategy. We have a strong track record of investing in our business for growth and scale and expanding profitability. And I want to emphasize, it's not just about growth. It's about profitable growth over the long term. And that growth comes from making continued investments in our business.

謝謝，麥克。我們創造股東價值的方法顯然是產生差異化的有機成長，以溢價驅動營運槓桿，並執行一致的資本管理策略。我們在投資業務以實現成長和規模以及擴大獲利能力方面擁有良好的記錄。我想強調，這不僅僅是成長。這是關於長期獲利成長的。這種成長來自於對我們業務的持續投資。

And I've talked a lot about on the last several calls and obviously some of the other meetings we've had, we're looking to size our operating investments in line with the prudent lens on organic growth potential. We're aiming to put more flexibility in our cost base and variabilize expenses where we can. And most importantly, we're looking to generate fixed cost scale, especially through investments in technology. We're consistently delivering industry-leading margins, which is a goal. And we've expanded our margin in 6 out of the last 10 years.

我在最近幾次電話會議以及顯然我們舉行的其他一些會議上談了很多，我們希望根據有機成長潛力的審慎視角來調整我們的營運投資規模。我們的目標是讓我們的成本基礎更加靈活，並盡可能調整開支。最重要的是，我們希望形成固定成本規模，特別是透過技術投資。我們始終如一地提供業界領先的利潤率，這是我們的目標。在過去 10 年中，我們有 6 年擴大了利潤率。

And I think those scale indicators are coming through in our results. We're delivering profitable growth. We generated 180 bps of margin expansion year-on-year while revenue op income and EPS all rose double digits. And we delivered 60 basis points of sequential improvement. Over the last 18 months, AUM's up $2.5 trillion while head count is actually flat or slightly lower.

我認為這些規模指標正在我們的結果中反映出來。我們正在實現獲利成長。我們的利潤率年增了 180 個基點，而營業收入和每股盈餘均成長了兩位數。我們實現了 60 個基點的連續改進。在過去 18 個月中，資產管理規模增加了 2.5 兆美元，而員工數量實際上持平或略有下降。

So I feel like we're delivering benefits of scale and productivity, which is showing in margin expansion. As I mentioned, we're planning for full year low to mid-single digit core G&A growth, flat head count, both excluding the GIP transaction.

所以我覺得我們正在提供規模和生產力的好處，這反映在利潤率的擴張上。正如我所提到的，我們計劃全年核心 G&A 成長為低至中個位數，員工人數持平，兩者均不包括 GIP 交易。

So you've heard on our last few calls and I hope today and some of Larry's color, we're looking to drive more fixed cost scale. That comes from technology. It comes from automation. It can come from AI. It comes from organizational design, global footprinting using some of our innovation hubs around the world. We see those as our major levers to drive margin expansion. And in the end, we're just looking to optimize organic growth in the most efficient way possible, deliver growth for clients and shareholders and ultimately expand our margin over time.

所以你已經在我們最近的幾次電話會議中聽到了，我希望今天和拉里的一些觀點，我們希望推動更多的固定成本規模。這來自於技術。它來自自動化。它可以來自人工智慧。它來自組織設計、利用我們在世界各地的一些創新中心的全球足跡。我們將這些視為推動利潤率擴張的主要槓桿。最後，我們只是希望以最有效的方式優化有機成長，為客戶和股東帶來成長，並最終隨著時間的推移擴大我們的利潤。

Michael, I would just add, as we continue to be investing in AI, our most recent experience of having $2.5 trillion more assets with the same head count is a real good indication of how we are trying to drive more efficiencies, more productivity. I think this is critical. We're going to bring down inflation in America. This is how it's going to have to be done, driven through technology and -- which will increase more productivity.

邁克爾，我想補充一點，隨著我們繼續投資人工智慧，我們最近在員工數量不變的情況下增加了 2.5 兆美元的資產，這很好地表明了我們如何努力提高效率和生產力。我認為這是關鍵。我們將降低美國的通貨膨脹。這就是必須透過技術來實現的方式——這將提高生產力。

And overall and actually through that process, we continue to drive more productivity. What it also means is rising wages. So people do more and the whole organization is doing more with less people as a percent of the overall organization. That is really our ambition.

總的來說，實際上透過這個過程，我們繼續提高生產力。這也意味著工資上漲。因此，人們做得更多，整個組織用更少的人做更多的事情（佔整個組織的百分比）。這確實是我們的雄心。

Your next question comes from Ken Worthington with JPMorgan.

您的下一個問題來自摩根大通的肯沃辛頓。

Fixed income flows have picked up for U.S. -- the U.S. mutual fund industry so far this year, but the same data services that track the industry don't show a proportionate pickup for BlackRock. Your fixed income ETF sales were solid at $18 billion, but below levels seen last year.

今年到目前為止，美國共同基金行業的固定收益流量有所回升，但追蹤該行業的相同數據服務並未顯示貝萊德的相應回升。你們的固定收益 ETF 銷售額穩定在 180 億美元，但低於去年的水平。

Can you talk about the competitive landscape for fixed income retail and fixed income ETFs, both inside and outside the U.S.? And to what extent do you think investor appetite may have changed in 2024?

能談談美國境內外固定收益零售和固定收益 ETF 的競爭格局嗎？您認為 2024 年投資人的偏好可能會發生多大程度的變化？

So Rob here. The conversations that we're having across all of the distribution systems are about a new allocation into fixed income. It's been very much clouded by all the noise around inflation and the Fed. So the yield curve remains inverted and investors are currently getting paid to wait. And a more balanced term structure of interest rates is going to be the indicator to watch, and that's where we'll start to see demand for intermediate and longer-term fixed income.

所以羅佈在這裡。我們在所有分配系統中進行的對話都是關於固定收益的新分配。圍繞通膨和聯準會的所有噪音都給它蒙上了一層陰影。因此，殖利率曲線仍然倒掛，投資者目前正在等待等待。更平衡的利率期限結構將成為值得關注的指標，這就是我們將開始看到對中期和長期固定收益的需求的地方。

So the first quarter for us flows of $42 billion, which I think is considerable, we saw the strength in the bond ETFs from immunization activity in institutional and about 25% of the flows were into active strategies. So we're seeing renewed demand for active fixed income and that's led to flows into the high yield, the unconstrained and the total return strategies and the fact that our longer-term performance has about 93% of our taxable active fixed income AUM above the benchmark or peer median in the last 5 years are really set up to capture this.

因此，第一季美國的資金流量為 420 億美元，我認為這是相當可觀的，我們看到了機構免疫活動中債券 ETF 的實力，大約 25% 的資金流入了主動策略。因此，我們看到對主動固定收益的新需求，這導致資金流入高收益、無約束和總回報策略，而且事實上，我們的長期業績約93% 的應稅主動固定收益資產管理規模高於平均水平。

But I do think the noise that's out there focused on inflation and the fact that you can still earn 5%, which is very attractive right now is causing the delay in more allocations to fixed income.

但我確實認為，外界的噪音主要集中在通貨膨脹以及您仍然可以獲得 5% 的收入（目前這非常有吸引力），這導致了更多固定收益配置的延遲。

The other part of why I'm more encouraged is we are finding a growing interest in high-performing active fixed income strategies alongside private market strategies. So I think that we stand to bode very well once you see some changes in the yield curve.

我更受鼓舞的另一個原因是我們發現人們對高效能主動固定收益策略以及私人市場策略越來越感興趣。因此，我認為，一旦看到殖利率曲線發生一些變化，我們就預示著好兆頭。

Let me just add, operator, to Ken's question. Ken, I do believe as an industry, the large pension funds that have an overallocation of private equity and the rotation of money in the private equity area has slowed down precipitously. We are also seeing evidence that more and more clients are keeping a higher balance of cash to meet their liability discharges. And so without the momentum and the velocity of money in private equity, they actually have to keep higher cash balances, too. So I think that is something to be watched, too.

讓我補充一下，操作員，肯的問題。肯，我確實相信，作為一個行業，私募股權過度配置的大型退休基金以及私募股權領域的資金輪動已經急劇放緩。我們還看到有證據表明，越來越多的客戶正在保持更高的現金餘額，以履行其債務清償。因此，如果沒有私募股權的動力和資金流通速度，他們實際上也必須保持更高的現金餘額。所以我認為這也是值得關注的事情。

If there was an unlock in the movement of private equity, I do believe you would see a factor allocation for the industry in fixed income and other income-producing products.

如果私募股權的流動得到釋放，我確實相信您會看到該行業在固定收益和其他創收產品中的要素配置。

We'll go next to Alex Blostein with Goldman Sachs.

接下來我們將討論高盛的亞歷克斯‧布洛斯坦 (Alex Blostein)。

My question is related to private markets and GIP. Larry, you referred to it again this morning as a transformational deal for BlackRock, maybe similar to some of the other large ones you've done. Does this give you enough in terms of what you're trying to accomplish in the private markets broadly? Or do you expect to pursue more acquisitions that are related in this area?

我的問題與私人市場和 GIP 有關。拉里，你今天早上再次提到這是貝萊德的一次轉型交易，也許類似於你做過的其他一些大型交易。這對於您在私募市場上想要實現的目標而言是否足夠？或者您期望進行更多與該領域相關的收購？

And I guess somewhat related to that, growth in private markets, retail products has been quite significant and still early days. Maybe just remind us on how BlackRock is pursuing that opportunity.

我想與此有些相關的是，私人市場、零售產品的成長相當顯著，而且還處於早期階段。也許只是提醒我們貝萊德如何抓住這個機會。

It's Martin. I'll offer a few thoughts and then Larry will jump in. Let's say, look, all of our clients continue to increase their allocations to private markets. That's what drove our acquisition of eFront. It's what drove our planned acquisition of GIP. And it's also a great focus of the organic investments we've made to build in illiquid alternatives business of size.

是馬丁。我會提出一些想法，然後拉里會插話。這就是我們收購 eFront 的原因。這就是我們計劃收購 GIP 的原因。這也是我們為建立規模較小的非流動性另類業務而進行的有機投資的重點。

There are sort of illiquid alternatives business. We've reached $167 billion of assets, roughly $140 billion fee paying. We had a good quarter there. Infrastructure and private credit deployment added $1 billion of inflows offset by a return of capital that I talked about. We're getting close on our final closes for our BlackRock Infrastructure IV fund for decarbonization partners, which has been a great first time funded vintage. We've got $30 billion of committed, but uninvested capital. So there's good dry powder in the system.

有一些非流動性的替代品業務。我們的資產已達 1,670 億美元，其中支付費用約為 1,400 億美元。我們在那裡度過了愉快的一個季度。基礎設施和私人信貸部署增加了 10 億美元的流入，但被我談到的資本回報所抵消。我們為脫碳合作夥伴提供的貝萊德基礎設施 IV 基金即將完成最後的募資，這是一次偉大的首次融資。我們有 300 億美元的已承諾但未投資的資本。所以系統中有好的乾粉。

As Larry mentioned, we're originating really strong unique transactions there. So we think our capabilities are expanding in a way that's going to plan. Just yesterday, we announced an infrastructure debt deal with Santander where we're going to be financing about $600 million of infrastructure loans in a structured transaction.

正如拉里所提到的，我們在那裡發起了非常強大的獨特交易。因此，我們認為我們的能力正在按照計劃的方式擴展。就在昨天，我們宣布與桑坦德銀行達成基礎設施債務協議，我們將透過結構性交易為約 6 億美元的基礎設施貸款融資。

And we just see good fundraising momentum, which we think we can kick into next year with GIP. Since 2021, we've had $140 billion of gross capital across the platform, continue to see good momentum with clients.

我們看到了良好的籌款勢頭，我們認為明年可以透過 GIP 來推動這一勢頭。自 2021 年以來，我們整個平台的總資本已達 1,400 億美元，客戶繼續保持良好勢頭。

And to the topic you mentioned, we've been building out our semi-liquid products for retail with credit strategies. Our credit strategy is interval funds and our nontraded credit BDC BDEBT have a combined $1 billion-plus of AUM. We received a really important placement for BDEBT at a national wirehouse. So we think that will be a strong seller in for organic growth.

對於您提到的主題，我們一直在透過信貸策略建立零售半液體產品。我們的信貸策略是區間基金，我們的非交易信貸 BDC BDEBT 的資產管理規模合計超過 10 億美元。我們在國家通訊社獲得了非常重要的 BDEBT 安置。因此，我們認為這將是有機成長的強勁賣家。

And then finally, that planned acquisition with GIP is going to really extend our capabilities. We think the business can be a much stronger platform for capital formation of scale and build on this philosophy we have in illiquid alternatives.

最後，計劃中的 GIP 收購將真正擴展我們的能力。我們認為，該業務可以成為規模資本形成的更強大的平台，並建立在我們在非流動性替代品中的理念之上。

We also think there's a great opportunity to bring GIP's capabilities to private wealth globally, retail retirement platforms in the U.K. and Europe with the LTIP and LTAF structures. And obviously, we'll keep you updated on our progress.

我們也認為，這是一個很好的機會，可以透過 LTIP 和 LTAF 結構將 GIP 的能力引入全球私人財富、英國和歐洲的零售退休平台。顯然，我們會隨時向您通報我們的進展。

I would just add that the feedback we're having from clients, including a dinner I had with a major energy company last night, the opportunity we have for driving more unique proprietary origination is going to be driving accelerated growth for us in the private markets, especially in infrastructure. I do believe the combinations of our 2 organization is going to open up so many more avenues. Avenues with companies, but also avenues with countries.

我想補充一點，我們從客戶那裡得到的反饋，包括昨晚我與一家大型能源公司共進晚餐，我們推動更獨特的專有起源的機會將推動我們在私人市場的加速增長，特別是在基礎設施方面。我確實相信我們兩個組織的合併將開闢更多的途徑。與公司的大道，也是與國家的大道。

And that being said, look, we're always in the market and looking for different opportunities and we're not slowing down looking at different opportunities. We're not here to suggest we're doing anything that is forthcoming because the #1 through 5 thing to do is to close GIP. But the doors are knocking at BlackRock to see if there's other opportunities we want to pursue. And if it makes sense one day, we will continue to be open minded to pursue more private market opportunities.

話雖如此，我們總是在市場上尋找不同的機會，我們不會放慢尋找不同機會的速度。我們在這裡並不是建議我們正在做任何即將發生的事情，因為要做的第一件事到第五件事就是關閉 GIP。但貝萊德正在向我們尋求是否還有其他機會。如果有一天有意義，我們將繼續持開放態度，尋求更多私人市場機會。

We'll go next to Dan Fannon with Jefferies.

接下來我們將與傑弗里斯一起前往丹·範農 (Dan Fannon)。

Martin, for your comments on improving trends throughout the quarter for flows, can you put in a context what that means for maybe exit fee rate?

馬丁，對於您對整個季度流量趨勢改善的評論，您能否說明這對退出費率意味著什麼？

And also on this pipeline of activity that's building, can you talk about the mix of fees and products more specifically and how that might inform your base fee outlook going forward?

在這個正在建造的活動管道中，您能否更具體地談談費用和產品的組合，以及這將如何影響您未來的基本費用前景？

Yes. So thanks, Dan. As I mentioned, we see good base fee momentum. At the end of Q4, we were running at hotter than target. At the end of this quarter, we're at target. And as I mentioned, when we look at the trends over months, not days, we feel like we're half or halfway plus to our target growth. So we've got good base fee momentum.

是的。所以謝謝，丹。正如我所提到的，我們看到了良好的基本費用動力。在第四季末，我們的運行溫度高於目標。到本季末，我們就達到目標了。正如我所提到的，當我們觀察幾個月而不是幾天的趨勢時，我們感覺我們已經達到了目標成長的一半或一半。所以我們有良好的基本費用動能。

First quarter base fees, excluding securities lending, were $3.6 billion, which is up 9% year-on-year, which is largely due to the impact of market movements on AUM and organic growth. And the Q2 entry fee rate ex fee lending is pretty much flat compared to the Q1 fee rate on a day count equivalent basis.

第一季的基本費用（不包括證券借貸）為 36 億美元，較去年同期成長 9%，這主要是由於市場走勢對 AUM 和有機成長的影響。以天數計算，第二季的除費用貸款費用率與第一季的費用率幾乎持平。

But overall, I think as we see good flows into active with the $15 billion we've had, as I mentioned, retail flows of $7 billion coming in, we see good fee rate trends, which we think are about -- mostly about mix.

但總的來說，我認為，正如我所提到的，隨著我們擁有150 億美元的良好資金流入，以及70 億美元的零售資金流入，我們看到了良好的費率趨勢，我們認為這主要是關於混合。

We focus really on driving organic base fee growth in the most efficient way possible, focusing on the clients, focusing on the investments they want to make. We don't focus on a specific fee rate or product. We focus on the clients and the fee rate is more of an output. But the trends in terms of where we're raising assets on the fee rates we think are good. But as I mentioned, Q2 fee rate -- Q2 entry fee rate ex fee lending is flat compared to the Q1 fee rate on the same day count.

我們真正專注於以最有效的方式推動有機基本費用成長，專注於客戶，並專注於他們想要進行的投資。我們不關注特定的費率或產品。我們專注於客戶，費率更多的是一種產出。但我們認為以費率籌集資產的趨勢是好的。但正如我所提到的，第二季的費用率——第二季的入場費率（除貸款費用外）與同一天的第一季的費用率持平。

We'll go next to Bill Katz with TD Cowen.

接下來我們將與 TD Cowen 一起前往比爾·卡茨 (Bill Katz)。

Appreciate the update. Maybe a different vein, your performance fees continue to run pretty high. And just sort of wondering, are we reaching a new level of normalized performance fees? And how might that translate into sort of the comp ratio as we look ahead, particularly as you continue to migrate to a bigger pool of private markets post-GIP?

感謝更新。也許情況不同，你的表演費仍然很高。只是想知道，我們是否達到了標準化績效費用的新水準？當我們展望未來時，尤其是在全球投資計畫之後繼續遷移到更大的私人市場池時，這會如何轉化為補償比率？

Thanks, Bill, for the question. We appreciate it. So on the performance fees of $204 million in the quarter, obviously, they're up about 4x year-on-year. If you could put yourself in a time machine and think back to that first quarter in '23, it was a really difficult market. We had SVB. We had some vol in the rate markets, et cetera. So I think it was a tough time.

謝謝比爾提出這個問題。我們很感激。因此，就本季 2.04 億美元的績效費用而言，顯然比去年同期成長了約 4 倍。如果你能讓自己置身於時間機器中並回想 23 年第一季度，那是一個非常困難的市場。我們有SVB。我們在利率市場等方面有一些波動。所以我認為那是一段艱難的時期。

This quarter, we've really seen good performance coming through on our teams, which has been very, very strong and I think reflected in those performance fees.

本季度，我們確實看到了我們團隊的良好表現，這非常非常強勁，我認為這反映在這些績效費用中。

Rough [justice], about half of that performance fee is coming from kind of our private equity funds and private equity programs where we had some very successful realizations that Larry talked about last year, which was creating some of the distributions associated with that. And the other half is more in liquid hedge funds, in our strategic equity hedge funds and some of our systematic strategies as well.

粗略地說，大約一半的績效費來自我們的私募股權基金和私募股權項目，拉里去年談到了這些項目，我們取得了一些非常成功的成果，這創造了一些與之相關的分配。另一半更多的是流動性對沖基金、我們的策略性股票對沖基金以及我們的一些系統性策略。

Ultimately, our goal is to deliver long-term performance with clients. And where we see performance fee revenues picking up, obviously, there's healthy alignment there. And more supportive markets and stronger markets and strong performance, we'd expect a lot of that leverage to drop to a lower comp-to-revenue ratio. But ultimately, talent is one of our key investments and we'd expect it to be on a go-forward basis.

最終，我們的目標是為客戶提供長期績效。顯然，我們看到績效費收入上升，這是一種健康的協調。由於市場支持性更強，市場更強勁，業績表現強勁，我們預期大部分槓桿率將下降至較低的收入比。但歸根結底，人才是我們的關鍵投資之一，我們希望它能持續發展。

We'll go next to Brian Bedell with Deutsche Bank.

接下來我們將採訪德意志銀行的布萊恩‧比德爾 (Brian Bedell)。

Maybe just to focus on the multi-asset category and a couple of areas within that. I think, Martin, you were talking about obviously the build of the organic growth pipeline, and also in conjunction with, Larry, with your comments about the conversation pipeline. Can you talk about 2 areas, in particular, as that developed throughout the year, that would be OCIO deals and then also as we start up LifePath Paycheck, how you anticipate that contributing to organic growth, I guess, as the year unfolds. Obviously very early, but even over the next couple of years.

也許只是為了關注多資產類別及其中的幾個領域。我認為，馬丁，您顯然在談論有機增長管道的構建，並且還與拉里一起談論了您對對話管道的評論。您能否具體談談全年發展的兩個領域，即 OCIO 交易，以及我們啟動 LifePath Paycheck 時，我想，隨著這一年的展開，您預計如何為有機增長做出貢獻。顯然還很早，但即使在接下來的幾年裡也是如此。

Sure. Thanks so much for the question. Appreciate it. I guess maybe I can start with a little color on the multi-asset flows and then Larry can comment on LifePath Paycheck.

當然。非常感謝您的提問。欣賞它。我想也許我可以從多資產流的一些顏色開始，然後拉里可以對 LifePath Paycheck 發表評論。

So multi-asset strategy saw inflows in the quarter of about $5 billion after we had a really strong 2023 with $83 billion. Those strong inflows were driven by the continued demand for our LifePath Target Date offerings. And obviously, we see significant growth ahead in that core business, but also in the upcoming launch of LifePath Paycheck.

因此，在我們經歷了 830 億美元的強勁 2023 年之後，多元資產策略在本季度看到了約 50 億美元的資金流入。這些強勁的資金流入是由對我們的 LifePath 目標日期產品的持續需求所推動的。顯然，我們看到該核心業務以及即將推出的 LifePath Paycheck 都將顯著成長。

Our LifePath Target Date franchise has about $470 billion in assets, generated $9 billion of flows in the first quarter, thanks to the funding of several large mandates. We have about an organic growth rate of 8%. So we're leading the market there in terms of growth and we continue to outperform relative to the industry. Again, we're building on a strong core business there. We had $25 billion of flows in '23, which was about 7% growth.

我們的 LifePath Target Date 特許經營權擁有約 4,700 億美元的資產，在第一季產生了 90 億美元的流量，這要歸功於幾項大型委託的資助。我們的有機成長率約為 8%。因此，我們在成長方面領先於市場，並且我們的表現繼續優於行業。同樣，我們正在那裡建立強大的核心業務。 23 年我們的流量為 250 億美元，成長了約 7%。

We're the #1 DC investment-only, DCIO firm. We have 70,000 DC plans. And we're the only provider, I think, that's really global. Most of the assets at BlackRock are investing to finance retirement, and we've been at the forefront of innovation and advocacy for retirement solutions throughout our history. It's a key part of our growth. And the innovation that we're doing in LifePath Paycheck, we think, is exciting and a significant area of our future organic growth.

我們是排名第一的純 DC 投資 DCIO 公司。我們有 70,000 個 DC 計劃。我認為我們是唯一真正全球化的提供者。貝萊德的大部分資產都用於為退休金進行投資，在我們的歷史中，我們一直處於創新和倡導退休解決方案的前沿。這是我們成長的關鍵部分。我們認為，我們在 LifePath Paycheck 中所做的創新是令人興奮的，也是我們未來有機成長的重要領域。

As I said in my prepared remarks, we have 14 corporations that are preparing to transform their defined contribution plan to LifePath Paycheck. So the conversations we're having with so many other clients is enormous. Many clients wanted to see the actual implementation of these plans. As we said in the prepared remarks, the first implementation of the first plan is going to be in the next few weeks. We'll have many announcements about that, and we plan to really make that a big issue for us going forward.

正如我在準備好的演講中所說，我們有 14 家公司正準備將其固定繳款計畫轉變為 LifePath Paycheck。因此，我們與許多其他客戶進行的對話是巨大的。許多客戶希望看到這些計劃的實際實施。正如我們在準備好的演講中所說，第一個計劃的首次實施將在未來幾週內進行。我們將對此發布很多公告，並且我們計劃將其作為我們未來的一個大問題。

We believe, as I said before, this is going to change retirement. The movement away from defined benefits to defined contributions have left many, many individuals stranded in making the decisions of their own retirement by themselves. And this eliminates some of the uncertainty for retirement.

正如我之前所說，我們相信這將改變退休生活。從固定福利轉向固定繳款的轉變使許多人陷入了自行做出退休決定的困境。這消除了退休的一些不確定性。

The Target Date has eliminated a lot of the variability of retirement, but there has been no transformation in terms of bringing -- once you are retired, how do you know what you have? And through this innovation of integrating investment strategies around insurance wrappers can really narrow the outcomes that the individual can have a very narrow corridor of what the dollar amount that they're going to be earning each month.

目標日期消除了退休的許多可變性，但在帶來方面並沒有發生轉變——一旦你退休了，你怎麼知道你擁有什麼？透過這種圍繞保險包裝整合投資策略的創新，可以真正縮小個人每月收入的狹窄範圍。

And as I said in my letter, with growing longevity, retirement is going to become a bigger and bigger issue. And having this type of certainty really will alleviate some of the fear. As I said, our conversations are broad. And let me be clear, the conversations are also now beginning in Europe and other places, too. So we look at this as a major component of our future growth rates over the next 3 to 5 years.

正如我在信中所說，隨著壽命的延長，退休將成為一個越來越大的問題。擁有這種確定性確實會減輕一些恐懼。正如我所說，我們的對話很廣泛。讓我明確一點，歐洲和其他地方現在也開始了對話。因此，我們將其視為未來 3 至 5 年成長率的主要組成部分。

Obviously, it's not the highest fee-based product. It is like a Target Date product. But -- so it's -- but it can generate more connectivity with more clients, deeper relationships with all our clients. And so this is something that I'm very proud of what the firm has created, and I do believe it's going to transform BlackRock as a leader in retirement benefits.

顯然，它並不是收費最高的產品。它就像一個目標日期產品。但是 - 事實確實如此 - 但它可以與更多客戶建立更多聯繫，並與我們所有客戶建立更深入的關係。因此，我對公司所創造的東西感到非常自豪，我確實相信它將把貝萊德轉變為退休福利領域的領導者。

We'll go back to Patrick Davitt with Autonomous Research.

我們將回到帕特里克·戴維特（Patrick Davitt）的自主研究部門。

My question is on Europe ETFs. Obviously, the active to passive equity flow mix continues to track more like the U.S. in Europe so far this year.

我的問題是關於歐洲 ETF。顯然，今年迄今為止，主動與被動的股權流動組合繼續更像美國在歐洲的趨勢。

So firstly, could you update us on the defensibility of your positioning around that theme? And to what extent you're seeing more aggressive price competition?

首先，您能否向我們介紹一下您圍繞該主題的定位的合理性？您在多大程度上看到了更激烈的價格競爭？

And finally, higher level, to what extent you're seeing a real change in how ETFs are bought and sold in Europe that could portend this so-called catch-up trend continuing more indefinitely?

最後，在更高的層面上，您在歐洲買賣 ETF 的方式發生了多大程度的真正變化，這可能預示著這種所謂的追趕趨勢將無限期地持續下去？

Thanks, Patrick. Really appreciate the question. As we mentioned, we had about $67 billion of iShares inflows in the first quarter, led by core fixed income IBIT. The business is running in a very strong way, high single-digit asset growth, mid-single digit base4 fee growth. All the trends globally are very strong.

謝謝，派崔克。真的很感激這個問題。正如我們所提到的，第一季 iShares 資金流入約 670 億美元，其中核心固定收益 IBIT 為首。該業務運作非常強勁，資產實現高個位數成長，base4 費用實現中個位數成長。全球所有趨勢都非常強勁。

But we have been stressing and I'm glad for the question, just the real strength and competitive position of the iShares business in Europe. European iShares continues to lead the market with about 30% market share of inflows. That's 2x the inflows of the #2 player. And our inflows exceed the 2 and 3 players combined. Our iShares franchise in Europe is $850 billion AUM, that's bigger than next 5 players combined.

但我們一直在強調，我很高興提出這個問題，即 iShares 業務在歐洲的真正實力和競爭地位。歐洲 iShares 繼續以約 30% 的資金流入市場佔有率引領市場。這是排名第二的玩家流入量的兩倍。我們的流入量超過了 2 名和 3 名玩家的總和。我們的 iShares 在歐洲的特許經營權資產管理規模為 8,500 億美元，比緊隨其後的 5 家公司的總和還要多。

So we think we have a real outsized opportunity to grow ETFs in the U.K. and Europe. And obviously, the competitive dynamics there, I think, are very, very different than they are here in the United States in terms of the buying units, how buying units are sold. This is largely a private banking market that uses exchange-traded funds through discretionary private management programs, and iShares is really a very strong and preferred provider.

因此，我們認為我們確實有巨大的機會在英國和歐洲發展 ETF。顯然，我認為，在購買單位以及購買單位的銷售方式方面，那裡的競爭動態與美國非常非常不同。這主要是一個私人銀行市場，透過全權私人管理計畫使用交易所交易基金，而 iShares 確實是一家非常強大且首選的提供者。

I want you to think about it this way. The United States built trillions and trillions of dollars ETF business with a national best bid, best offer system, a unified securities regulator, national exchange. Europe has more fragmented markets and has been growing, growing and growing. So we really see, obviously, regulation is trending favorable in Europe, the buying dynamics as very favorable and iShares is in a great market leadership position there, we think, to post outsized growth.

我希望你這樣想。美國建立了數兆美元的ETF業務，擁有全國最佳買入、最佳賣出製度、統一的證券監管機構、國家交易所。歐洲的市場更加分散，並且一直在成長、成長、成長。因此，我們確實看到，顯然，歐洲的監管趨勢是有利的，購買動力非常有利，而且我們認為 iShares 在那裡處於良好的市場領導地位，可以實現大幅增長。

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

謝謝。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？

Yes, operator, one last comment. I want to thank everybody for joining us this morning and for your continued interest in BlackRock.

是的，操作員，最後一則評論。我要感謝大家今天早上加入我們，並感謝你們對貝萊德的持續關注。

Our performance is a direct result of our steadfast commitment to serving our clients, in each and every client, and evolving for the long-term trends ahead of their needs.

我們的業績是我們堅定致力於為每位客戶提供服務，並在他們的需求之前針對長期趨勢不斷發展的直接結果。

We started 2024 with great momentum, and I strongly believe that there are more opportunities ahead for BlackRock more than any other time before. Thank you, everyone, and have a great quarter.

我們以強勁的勢頭開啟了 2024 年，我堅信貝萊德未來比以往任何時候都擁有更多的機會。謝謝大家，祝大家有個愉快的季度。

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。