貝萊德 (BLK) 2024 Q2 法說會逐字稿

Please stand-by. We're about to begin. 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 Incorporated second quarter 2024 earnings teleconference. Our host for today's call will be Chairman and Chief Executive Officer, Laurence D. Fink; Chief Financial Officer, Martin S Small; President Rob Goldstein (technical difficulty)

請稍候。我們要開始了。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 2024 年第二季財報電話會議。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；總統羅布·戈德斯坦（技術難度）

(Operator Instructions) Mr. Meade, you may begin your conference.

（操作員指示）米德先生，您可以開始會議了。

Thank you, operator. Good morning, everyone. I'm Chris Meade, the General Counsel of BlackRock. 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 (technical difficulty) 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 see today. BlackRock assumes no duty and does not undertake to update any forward-looking statements.

謝謝你，接線生。大家，早安。我是克里斯·米德，貝萊德的總法律顧問。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會有所不同（技術難度），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的結果與我們今天看到的結果存在重大差異的因素。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. I'd like to begin by addressing what accrued over the weekend. The assassination attempt on the former President Trump is important. I was very relieved he wasn't seriously injured. And I'm thinking about the victims of the shooting, especially the innocent person who was killed.

謝謝你，克里斯。我想先談談週末發生的事情。對前總統川普的暗殺企圖很重要。我很慶幸他沒有受重傷。我想到了槍擊事件的受害者，尤其是被殺的無辜者。

As I wrote to my Board colleagues and the hours immediately following the terrific event Saturday evening, we must condemn political violence of any time, period. And as Americans, we must stand united to do our part to provoke civility and unity for our country and provide hope for all Americans. I'll turn it over to Martin now.

正如我在周六晚上寫給董事會同事的信中所說的那樣，我們必須譴責任何時間、任何時期的政治暴力。身為美國人，我們必須團結起來，盡自己的一份力量，為我們的國家激發文明和團結，並為所有美國人帶來希望。我現在就把它交給馬丁。

Thanks, Larry. And good morning, everyone. Before I turn it back to Larry, I'll review our financial performance and business results for the second quarter of 2024. 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。大家早安。在我把問題轉回 Larry 之前，我將回顧我們 2024 年第二季的財務業績和業務成果。我將主要關注我們調整後的結果。

The first half and second quarter of 2024 saw some of the BlackRock's strongest performance and highest growth rates of the post-pandemic period. We're growing faster than last year. We delivered double-digit operating income growth and expanded our margin by 160 basis points year over year.

2024 年上半年和第二季度，貝萊德創下了疫情後時期最強勁的業績和最高的成長率。我們的成長速度比去年更快。我們實現了兩位數的營業收入成長，利潤率年增了 160 個基點。

Clients entrusted us with over $80 billion of net new assets. It was $150 billion of flows excluding episodic client activity. We generated 3% annualized organic base fee growth, our highest second quarter in three years. We ended the second quarter with record AUM of over $10.6 trillion. Our business tends to be seasonally stronger in the back half of the year, and we have line of sight into a broad global opportunity set of new asset management and technology mandates that should fuel premium organic growth.

客戶委託我們提供超過 800 億美元的淨新資產。不包括間歇性客戶活動的流量為 1500 億美元。第二季我們實現了 3% 的年化有機基本費用成長，這是三年來的最高水準。第二季結束時，我們的資產管理規模超過 10.6 兆美元，創歷史新高。我們的業務往往在下半年表現強勁，我們著眼於一系列廣泛的全球機遇，包括新的資產管理和技術要求，這些機會將推動優質的有機成長。

We're executing on the strongest opportunities we've ever seen in our core business and building for the future. We're moving swiftly and aggressively to position our firm to achieve or exceed our 5% organic base fee growth target over the long term. At the same time, we're putting the future building blocks of accelerated all-weather organic growth that's private markets and technology. We're putting them into place with our planned acquisitions of Global Infrastructure Partners and Preqin.

我們正在抓住我們在核心業務中所見過的最強大的機會，並為未來而建立。我們正在迅速而積極地採取行動，使我們的公司能夠實現或超過我們 5% 的長期有機基本費用成長目標。同時，我們正在為未來加速全天候有機成長奠定基礎，即私人市場和技術。我們正在透過計劃收購 Global Infrastructure Partners 和 Preqin 將這些目標落實到位。

We're building our mix towards higher secular growth areas like private markets, technology, whole portfolio mandates, and model portfolios powered by both ETFs and actives. We believe this will deliver greater diversification and resilience in revenue and earnings through market cycles. Through strong organic growth and scaling of our private markets and technology platforms, we believe we can drive compelling earnings growth and multiple expansion for our shareholders.

我們正在朝著更高的長期成長領域建立我們的組合，例如私募市場、技術、整體投資組合授權以及由 ETF 和主動型產品驅動的模型投資組合。我們相信，這將在整個市場週期中實現收入和盈利的更大多元化和彈性。透過強勁的有機成長以及私募市場和技術平台的擴展，我們相信我們可以為股東帶來令人矚目的獲利成長和多重擴張。

We continue to build with our clients and more than $10.6 trillion in assets under management, 10.6 trillion units of trust, BlackRock's platform is becoming the premier long-term capital partner across public and private markets. We're connecting investors, corporates in the public sector to the power of the capital markets. Through iShares and Index In platforms, we've developed long-standing relationships, highly aligned shareholder relationships with global corporates through our advisory and technology capabilities. We're a trusted partner to governments and the public sector.

我們繼續與客戶共同打造超過 10.6 兆美元的管理資產和 10.6 兆信託單位，而貝萊德的平台正成為公共和私人市場首屈一指的長期資本合作夥伴。我們正在將投資者、公共部門的企業與資本市場的力量連結起來。透過 iShares 和 Index In 平台，我們憑藉諮詢和技術能力與全球企業建立了長期、高度一致的股東關係。我們是政府和公共部門值得信賴的合作夥伴。

These relationships are creating a wealth of opportunities for unique transactions, especially in infrastructure and private markets and they benefit our clients' portfolios, they fuel organic growth.

這些關係為獨特的交易創造了大量機會，特別是在基礎設施和私人市場，它們有利於我們客戶的投資組合，它們推動了有機成長。

In the second quarter, we saw equity markets power to another record high and more clients starting to re-risk. Investors waiting in cash have missed out on significant equity market returns over the last year, and more investors are stepping back into risk assets. BlackRock's a sure winner when those assets in motion periods when investors are eager to deploy capital are historically when BlackRock's platform sees its most outsized growth. Clients are coming to BlackRock as a thought leader, as a partner, as they rethink their portfolios and investment technology.

在第二季度，我們看到股市再創歷史新高，更多客戶開始重新承擔風險。去年，等待現金的投資者錯過了股市的可觀回報，越來越多的投資者正在重返風險資產。從歷史上看，當投資者渴望部署資本時，貝萊德的平台出現了最大規模的成長，而這些資產處於流動狀態，那麼貝萊德肯定是贏家。當客戶重新思考他們的投資組合和投資技術時，他們以思想領袖和合作夥伴的身份來到貝萊德。

We continue to execute on a strong set of large opportunities that are contracted into your funding or in late-stage contracting. And over the past a few months, the slate of client mandates we've been chosen for is the most broad and diversified it's been in years. Across active equity fixed-income, customized liquidity accounts, private markets and multiproduct Aladdin assignments.

我們將繼續執行一系列強有力的大型機會，這些機會已納入您的資金或後期合約中。在過去的幾個月裡，我們被選中的客戶委託範圍是多年來最廣泛、最多樣化的。涵蓋主動股票固定收益、客製化流動性帳戶、私募市場和多產品阿拉丁分配。

BlackRock generated total net inflows of $82 billion in the second quarter, representing 3% annualized organic asset and 3% annualized organic base fee growth. Flows were impacted by an approximately $20 billion active fixed income redemption from a large insurance client linked to M&A activity. Excluding this single client specific item and low fee institutional index equity flows, we saw nearly $150 billion of total net inflows in the quarter.

貝萊德第二季淨流入總額為 820 億美元，年化有機資產成長 3%，年化有機基本費用成長 3%。流量受到與併購活動相關的大型保險客戶約 200 億美元的主動固定收益贖回的影響。排除單一客戶特定項目和低費用機構指數股權流動，我們看到本季淨流入總額接近 1,500 億美元。

Second quarter revenue of $4.8 billion was 8% higher year over year, driven by positive organic base fee growth and the impact of market movements on average AUM over the last 12 months. Higher performance fees and technology services revenue also contributed to revenue growth. Operating income of $1.9 billion and earnings per share of $10.36 were each up 12% year over year.

第二季營收為 48 億美元，年增 8%，這得益於積極的有機基本費用成長以及過去 12 個月市場變動對平均資產管理規模的影響。更高的績效費和技術服務收入也促進了收入成長。營業收入為 19 億美元，每股收益為 10.36 美元，年比分別成長 12%。

Non-operating results for the quarter included $113 million of net investment gains, driven primarily by non-cash mark-to-market gains on our unhedged seed capital investments and minority investments. Our as-adjusted tax rate for the second quarter was approximately 24%. We continue to estimate that 25% is a reasonable projected tax run rate for the remainder of 2024.

本季的非經營業績包括 1.13 億美元的淨投資收益，這主要是由我們未對沖的種子資本投資和少數股權投資的非現金按市值計價收益推動的。我們第二季調整後的稅率約為 24%。我們繼續估計 25% 是 2024 年剩餘時間內合理的預期稅率。

The actual effective tax rate may differ because of nonrecurring or discrete items or potential changes in tax legislation. Second quarter base fee and securities lending revenue of $3.9 billion was up 7% year over year and reflected positive organic base fee growth and the impact of market appreciation on our average AUM, partially offset by lower securities lending revenue.

由於非經常性或離散項目或稅法的潛在變化，實際有效稅率可能會有所不同。第二季基本費用和證券借貸收入為 39 億美元，年增 7%，反映出基本費用的積極有機成長以及市場升值對我們平均資產管理規模的影響，但部分被證券借貸收入下降所抵銷。

Sequentially, base fees and securities lending revenue was up 3%, reflecting higher average AUM and 3% annualized organic base fee growth in the current quarter. Our annualized effective fee rate was flat compared to the first quarter.

隨後，基本費用和證券借貸收入成長了 3%，反映出本季平均 AUM 較高和年化有機基本費用成長 3%。與第一季相比，我們的年化有效費用率持平。

Ending spot AUM was 2% higher than quarterly average AUM as market sharply recovered after April declines. Performance fees of $164 million increased 39% from a year ago, driven by both liquid alternatives and long-only products. Quarterly technology services revenue was up 10% compared to a year ago and up 5% sequentially, reflecting successful client go-lives. Annual contract value or ACV increased 10% year over year, reflecting sustained demand for our full range of Aladdin technology offerings.

由於市場在 4 月下跌後急劇復甦，期末現貨資產管理規模比季度平均資產管理規模高出 2%。在流動性替代品和多頭產品的推動下，績效費用為 1.64 億美元，較上年同期成長 39%。季度技術服務營收較去年同期成長 10%，季增 5%，反映出客戶上線的成功。年度合約價值或 ACV 年成長 10%，反映了對我們全系列 Aladdin 技術產品的持續需求。

80% of new logos sales this year have come from opportunities, including multiple products. We have a strong multiproduct pipeline and remain committed to low to mid-teens ACV growth over the long term. Preqin is expected to accelerate plan technology services ACV growth within our target range. Total expense increased 5% year over year, primarily driven by higher incentive compensation, G&A, and sales asset and account expense.

今年 80% 的新商標銷售來自機會，包括多種產品。我們擁有強大的多產品管道，並繼續致力於長期維持青少年 ACV 的成長。 Preqin 預計將在我們的目標範圍內加速計劃技術服務 ACV 的成長。總費用年增 5%，主要是因為激勵薪酬、一般管理費用以及銷售資產和帳戶費用增加。

Employee compensation and benefit expense was up 4% year over year, reflecting higher incentive compensation as a result of higher operating income and performance fees. G&A expense was up 7% year over year, primarily due to the timing of technology spend in the prior year and higher professional services expense. Sales, asset, and account expense increased 4% compared to a year ago, primarily driven by higher direct fund expense.

員工薪資和福利費用較去年同期成長 4%，反映出營業收入和績效費增加導致激勵性薪資增加。一般管理費用年增 7%，主要是由於前一年的技術支出時間和較高的專業服務費用。銷售、資產和帳戶費用與去年同期相比增長了 4%，主要是由於直接資金費用增加。

Direct fund expense increased 4% year over year, and 6% sequentially, primarily as a result of higher average ETF AUM. Our as-adjusted operating margin of 44.1% was up 160 basis points from a year ago, reflecting the positive impact of milestone revenue and organic growth this quarter. As markets improve, we expect execution on our financial rubric to drive profitable growth and operating leverage.

直接基金費用較去年同期成長 4%，較上季成長 6%，主要是由於平均 ETF 資產管理規模較高。調整後營業利潤率為 44.1%，比去年同期成長 160 個基點，反映了本季里程碑營收和有機成長的正面影響。隨著市場的改善，我們預期財務標準的執行將推動獲利成長和營運槓桿。

In line with our guidance, and excluding the impact of Global Infrastructure Partners, Preqin, and related transactions costs, at present, we would expect our headcount 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. Our capital management strategy remains first to invest in our business, tighter scale strategic growth initiatives or drive operational efficiency, and venture and excess cash to shareholders through a combination of dividends and share repurchases.

根據我們的指引，並排除全球基礎設施合作夥伴、Preqin 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，並且我們還預計中低個位數百分比2024 年核心一般及行政費用增加。我們的資本管理策略仍然首先是投資於我們的業務、更嚴格的策略成長計畫或提高營運效率，以及透過股利和股票回購相結合的方式向股東提供創投和多餘現金。

At times, we may make inorganic investments where we see an opportunity to accelerate growth and support our strategic initiatives. We repurchased $500 million worth of common shares in the second quarter, which exceeded our planned run rate as we saw attractive relative valuation opportunities in our stock.

有時，我們可能會在看到加速成長和支持我們的策略舉措的機會時進行無機投資。我們在第二季度回購了價值 5 億美元的普通股，這超出了我們的計劃運行速度，因為我們看到了我們股票中有吸引力的相對估值機會。

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 previous guidance in January.

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 億股股票，這與我們 1 月份的指引一致。

At present, we'd expect our planned acquisition of GIP to close in the third quarter of 2024, subject to regulatory approvals and other customary closing conditions. And just a few weeks ago, we announced our planned acquisition of Preqin, marking both an extension of our private markets capabilities and a launching point into the adjacent fast-growing private markets data segment. We expect it will accelerate the growth and revenue contribution of technology services.

目前，我們預計對 GIP 的收購計畫將於 2024 年第三季完成，具體取決於監管部門的批准和其他慣例成交條件。就在幾週前，我們宣布計劃收購 Preqin，這不僅標誌著我們私人市場能力的擴展，也標誌著我們進入鄰近快速成長的私人市場數據領域的起點。我們預計它將加速技術服務的成長和收入貢獻。

The bigger longer-term opportunity is leveraging our engines in Aladdin and indexing with our capital markets expertise to build a machine for the indexing of private markets. With the creation of public benchmarks did to drive stock markets, especially visible for iShares, we believe the combination of BlackRock with Preqin can do for private markets.

更大的長期機會是利用我們的阿拉丁引擎和我們的資本市場專業知識建立指數化私人市場指數化機器。隨著公共基準的創建確實推動了股票市場的發展，尤其是 iShares，我們相信貝萊德與 Preqin 的結合可以為私募市場帶來幫助。

The momentum we spoke to last quarter is visible in our flows with $82 billion of total net inflows in the second quarter, which included the previously mentioned large outflow from one plant. Excluding that single client outflow, flows were positive across product types in active and indexed.

我們在上個季度談到的勢頭在我們的流量中顯而易見，第二季度的淨流入總額為 820 億美元，其中包括前面提到的一家工廠的大量流出。排除單一客戶流出，活躍和指數產品類型的流量均為正值。

BlackRock led the ETF industry inflows for the first half of 2024 and the second quarter, and our flows are more diversified by product type, channel, and region than any other issuer. Second quarter BlackRock ETF net inflows of $83 billion were led by fixed income and core equity ETFs, which saw $34 billion and $32 billion of net inflows respectively.

貝萊德在 2024 年上半年和第二季引領 ETF 產業資金流入，而且我們的資金流入在產品類型、通路和地區方面比任何其他發行人都更加多元化。第二季貝萊德 ETF 淨流入達 830 億美元，其中固定收益和核心股票 ETF 的淨流入分別為 340 億美元和 320 億美元。

Precision ETFs added net inflows of $14 billion in the quarter as clients reassess their tactical portfolio allocations, adding exposures to growth equity. Blackrock's Bitcoin ETF continues to lead, gathering another $4 billion in the second quarter for $18 billion of net inflows in its first six months. Retail net inflows of $6 billion reflected continued strength in Aperio and broad-based net inflows into active fixed income. Aperio recently crossed the $100 billion-AUM milestone, logging over 20% organic growth since we acquired the business a little over three years ago.

由於客戶重新評估其戰術投資組合配置，精準 ETF 本季淨流入增加 140 億美元，增加了成長型股票的曝險。貝萊德 (Blackrock) 的比特幣 ETF 繼續領先，第二季又籌集了 40 億美元，前六個月淨流入 180 億美元。 60 億美元的零售淨流入反映了 Aperio 的持續強勁以及主動固定收益的廣泛淨流入。 Aperio 最近突破了 1000 億美元的資產管理規模里程碑，自我們三年多前收購該業務以來，有機成長超過 20%。

As fee-based fiduciary wealth advisors grow across the world, managed model portfolios are the main way in which wealth managers are looking to scale their practices and better serve their clients. BlackRock has the leading models business, and we grow through distribution of our own models as well as through distribution of third-party models that typically include strong allocations of iShares.

隨著收費信託財富顧問在全球範圍內的成長，管理模型投資組合是財富管理機構尋求擴大業務規模並更好地服務客戶的主要方式。貝萊德擁有領先的模型業務，我們透過分銷我們自己的模型以及分銷第三方模型（通常包括 iShares 的強大配置）來實現成長。

Our partnership with Envestnet continues to help investment advisers grow and to drive assets into BlackRock products through models. In the second quarter, we saw our best net sales month on the platform in nearly three years, and have generated 20% annualized organic growth in 2024.

我們與 Envestnet 的合作關係將繼續幫助投資顧問成長，並透過模型將資產注入貝萊德產品。第二季度，我們看到了該平台近三年來最好的淨銷售額，並在 2024 年實現了 20% 的年化有機成長。

Last month, Envestnet and BlackRock announced new programs to expand personalized investment strategies on the Envestnet platform across direct indexing, models, and portfolio consulting. Also in June, we announced a partnership with Jio Wealth to expand our custom models offerings, which represents the fastest growing models segment. The custom models have offered through Jio Wealth's platform will provide advisors with a streamlined and scalable approach that combines public and private markets in one portfolio solution.

上個月，Envestnet 和 BlackRock 宣布了新計劃，以在 Envestnet 平台上擴展個人化投資策略，涵蓋直接索引、模型和投資組合諮詢。同樣在 6 月，我們宣布與 Jio Wealth 建立合作夥伴關係，以擴展我們的客製化模型產品，這是成長最快的模型細分市場。透過 Jio Wealth 平台提供的客製化模型將為顧問提供一種簡化且可擴展的方法，將公共和私人市場結合在一個投資組合解決方案中。

Institutional active net outflows of $2 billion were impacted by the previously mentioned single-client redemption. We saw the funding of several whole portfolio assignments and strengthened private markets as clients seek out leverage or comprehensive multi alternatives platform.

受前述單一顧客贖回影響，機構主動淨流出達20億美元。隨著客戶尋求槓桿或全面的多種替代平台，我們看到了多個整體投資組合任務的融資和私募市場的加強。

Institutional index net outflows of $35 billion were concentrated in low-fee index equities. Several large clients, mostly outside the United States rebalanced their portfolios amid record levels for equity markets. Private Markets generated net inflows of $2 billion. Continued demand for our infrastructure and private equity solutions were partially off offset by successful realizations of about $4 billion, primarily from private equity strategies.

機構指數淨流出 350 億美元集中在低費用指數股票。一些大客戶（主要是美國以外的客戶）在股市創下歷史新高的情況下重新平衡了他們的投資組合。私募市場產生 20 億美元的淨流入。對我們的基礎設施和私募股權解決方案的持續需求被成功實現的約 40 億美元（主要來自自私募股權策略）所部分抵消。

Finally, cash management net inflows of $30 billion were driven by government and international prime funds. Flows benefitted in part from clients reinvesting in cash strategies in early April after redeeming balances during the last week of March. Net inflows included multiple new client mandates, as connectivity between our cash and capital markets teams allows us to deliver clients holistic advice and market insights.

最後，政府和國際優質基金推動了 300 億美元的現金管理淨流入。資金流量部分受益於客戶在 3 月最後一周贖回餘額後於 4 月初對現金策略進行再投資。淨流入包括多項新客戶委託，因為我們的現金和資本市場團隊之間的聯繫使我們能夠為客戶提供全面的建議和市場洞察。

Our scale and active approach to clients around the liquidity management are driving sustained growth in our cash platform. BlackRock strategy and platform evolution there rooted in our convictions about future client needs about required investment capabilities, about technology, about scale generation. Teams across BlackRock are connected to delivering on significant client opportunities, driving product innovation, and operating more nimbly and efficiently.

我們圍繞流動性管理的規模和對客戶的積極態度正在推動我們現金平台的持續成長。貝萊德的策略和平台演變植根於我們對未來客戶對所需投資能力、技術和規模生成的需求的信念。貝萊德的各個團隊緊密相連，致力於提供重要的客戶機會、推動產品創新以及更靈活、更有效率地營運。

Momentum continues to build across our platform. We're better positioned than ever to grow our share with clients and deliver profitable growth for our shareholders.

我們的平台上的勢頭繼續增強。我們比以往任何時候都更有能力增加我們與客戶的份額，並為我們的股東帶來獲利成長。

I'll turn it over to Larry.

我會把它交給拉里。

Thank you, Martin. Blackrock's forward business growth is the strongest we've seen in nearly three years. We had the significant upward shift ever since our last earnings call in April. Second quarter core net inflows were approximately $150 billion, excluding lower fee episodic M&A and institutional index activities.

謝謝你，馬丁。貝萊德的預期業務成長是近三年來最強勁的。自四月上次電話會議以來，我們的業績出現了顯著的上升。第二季核心淨流入約 1,500 億美元，不包括費用較低的偶發併購和機構指數活動。

Our structural growers; areas like ETS, models, Aladdin, and private markets are powering steadily higher organic base fee growth. Organic base fee growth represented the best second quarter since 2021. 2024 has been our ETF's strongest start in a year on record with $150 billion of net inflows. In iShares, June flows were the strongest month in our history and for any other issuer.

我們的結構種植者； ETS、模型、阿拉丁和私人市場等領域正在推動有機基本費用的穩定成長。有機基本費用成長是自 2021 年以來最好的第二季。在 iShares 中，6 月份的資金流量是我們歷史上以及任何其他發行人歷史上最強勁的月份。

We are executing on landmark mandates across our platform and on closing, our planned acquisitions of GIP and Preqin. Buying in stakeholder feedback on both GIP and Preqin has been increasingly enthusiastic. We are in a differentiated path to transform our capabilities and infrastructure and to meet the growing need for private market technology, data, and benchmarking. We believe this will deepen our relationships with our clients and deliver value to you, our shareholders.

我們正在整個平台上執行具有里程碑意義的任務，並計劃完成對 GIP 和 Preqin 的收購。利害關係人對 GIP 和 Preqin 的回饋越來越熱情。我們正在走一條差異化的道路來轉變我們的能力和基礎設施，並滿足私募市場技術、數據和基準測試日益增長的需求。我們相信這將加深我們與客戶的關係，並為您（我們的股東）帶來價值。

Our growth in private markets provides a whole new engine in for premium, diversified organic growth, and less beta sensitive revenues, both of which should drive future earnings and multiple expansion. We have strong conviction we are on pace to reach our 5% organic base fee growth target, and the expected third quarter closing at GIP will have to add on to our organic both base fee growth potential, doubling our Private Markets base fee adding in at approximately $100 billion of AUM, focused on infrastructure.

我們在私募市場的成長為優質、多元化的有機成長和貝塔敏感度較低的收入提供了全新的引擎，這兩者都應推動未來的獲利和倍數擴張。我們堅信，我們正在努力實現 5% 的有機基本費用成長目標，預計第三季收於 GIP 的交易將增加我們的有機基本費用成長潛力，使我們的私募市場基本費用增加一倍約1000 億美元的資產管理規模，重點在於基礎設施。

At BlackRock, we've always intensely push ourselves to anticipate where markets are going, what clients will need, and how we can deliver better outcomes in better ways to each and every client. We set the standard for buy-side risk management technology by launching Aladdin on the desktops of investors over 20 years ago.

在貝萊德，我們始終致力於預測市場走向、客戶需求以及我們如何以更好的方式為每位客戶提供更好的結果。 20 多年前，我們在投資者的桌面上推出了 Aladdin，為買方風險管理技術制定了標準。

We acquired BGINI shares to redefine the whole portfolio investing by blending both active and indexing to build better outcome-oriented portfolios. High shares AUM was about $300 billion when we announced our acquisition in 2009. Today, iShares is approaching $4 trillion of client money. We recently celebrated the five-year anniversary of the eFront acquisition were ACV has now more than doubled since becoming part of BlackRock.

我們收購了 BGINI 股票，透過融合主動投資和指數投資來重新定義整個投資組合，以建立更好的以結果為導向的投資組合。當我們在 2009 年宣布收購時，高股 AUM 約為 3,000 億美元。我們最近慶祝了收購 eFront 的五週年，自成為 BlackRock 的一部分以來，ACV 的股價現已增加了一倍多。

We have never been shy about taking big, bold, strategic moves that transform ourselves and most importantly, that transform our industry. Our successful business transformations are delivering our strong performance today and opening up meaningful new growth markets for our clients, and for our shareholders. We continue on our mission to transform private markets. BlackRock is unique in delivering an integrated approach to help our clients across all aspects of private market investing, enabling a seamless view into investment management, into technology and data onto one single platform.

我們從不羞於採取重大、大膽的策略性舉措來改變我們自己，最重要的是，改變我們的產業。我們成功的業務轉型帶來了今天的強勁業績，並為我們的客戶和股東開闢了有意義的新成長市場。我們繼續履行變革私人市場的使命。貝萊德的獨特之處在於提供一種綜合方法來幫助我們的客戶處理私募市場投資的各個方面，從而在一個平台上無縫地了解投資管理、技術和數據。

With a strong common culture of serving clients with excellence together with GIP, we will deliver for our clients a holistic global infrastructure manager across equities, debt, and solutions. We'll provide the full range of infrastructure sector exposures and will offer our unique origination across developed and emerging world markets. Our recently announced agreement to acquire Preqin is another step in the transformation of our private markets and technology platform.

憑藉與 GIP 一起為客戶提供卓越服務的強大共同文化，我們將為客戶提供涵蓋股票、債務和解決方案的全面全球基礎設施管理器。我們將提供全方位的基礎設施產業投資，並將在已開發和新興世界市場提供我們獨特的起源。我們最近宣布的收購 Preqin 的協議是我們私人市場和技術平台轉型的另一步。

As private markets grow, data and analytics will become increasingly more important. We believe our planned acquisition of Preqin will help to compete the whole portfolio by delivering high-quality data integrated with workflows. Ultimately, they should drive increased accessibility and efficiencies in private markets. The combination of Preqin with Aladdin and eFront presents an opportunity to find a common language for private markets, powering the next generation of full portfolios.

隨著私人市場的成長，數據和分析將變得越來越重要。我們相信，我們計劃收購 Preqin 將有助於透過提供與工作流程整合的高品質數據來競爭整個產品組合。最終，他們應該提高私人市場的可近性和效率。 Preqin 與 Aladdin 和 eFront 的結合提供了一個為私募市場找到共同語言的機會，為下一代完整的投資組合提供動力。

We envision we could bring the principles of indexing to the private markets through standardization of data, through benchmarking, and through better performance tools. BlackRock has developed a broad network of global corporate relationships through our many years of long-term investments in both their debt and equity.

我們設想可以透過數據標準化、基準測試和更好的效能工具將索引原則引入私人市場。透過多年對債務和股權的長期投資，貝萊德已經建立了廣泛的全球企業關係網絡。

For companies where our investors, they appreciate that we are long term consistent, always their capital. We're not transactional. We invest early and we stay invested through cycles, whether it's debt or equity, pre-IPOs, post-IPOs, companies recognize the uniqueness of our global relationship, our brand, and our expertise across markets and industries. This makes us a valuable partner in turn unlocks the opportunity and performance we can provide for clients. Unique deal flow and track record of successful exits, create a flywheel effect, enabling future fund raising and more scaled funds.

對於我們的投資者所在的公司來說，他們欣賞我們的長期穩定，始終是他們的資本。我們不是交易型的。我們儘早投資，並在各個週期中保持投資，無論是債務還是股權、首次公開募股前、首次公開募股後，公司都認識到我們全球關係的獨特性、我們的品牌以及我們在市場和行業中的專業知識。這使我們成為有價值的合作夥伴，進而釋放我們可以為客戶提供的機會和績效。獨特的交易流程和成功退出的記錄，產生飛輪效應，使未來的資金籌集和更大規模的資金成為可能。

Corporates and clients increasingly want to work with BlackRock, and we are executing on the best opportunity sets we've seen in years across high iShares, private markets, whole portfolio solutions, and Aladdin.

企業和客戶越來越希望與貝萊德合作，我們正在利用多年來在高 iShares、私募市場、整體投資組合解決方案和阿拉丁方面看到的最佳機會集。

Importantly, our business has great breadth with organic growth diversified across our platform. In the first half of 2024, flows were positive in active and index and across all asset classes. Our active platform, including alternatives, contributed $11 billion. ETF remains a secular growth driver, crossing $150 billion of net inflows and already representing more than 70% of our total flows of last year.

重要的是，我們的業務範圍很廣，整個平台的有機成長多元化。 2024 年上半年，活躍資產和指數資產以及所有資產類別的資金流動均為正值。我們的活躍平台（包括替代平台）貢獻了 110 億美元。 ETF 仍然是長期成長動力，淨流入量超過 1,500 億美元，已佔去年總流量的 70% 以上。

And our technology services revenue grew double digits in the first half of the year. Importantly, we have notified funding for a number of skilled institutional wealth management that we expect to fund over the coming quarters. For example, in the second quarter, we were selected to manage a $10 billion US corporate plan, a multi-billion fixed income portfolio for a large defined benefit scheme and scientific active equity strategies for several global financial clients.

上半年我們的技術服務收入實現了兩位數成長。重要的是，我們已通知為一些熟練的機構財富管理機構提供資金，我們預計將在未來幾季為這些機構提供資金。例如，在第二季度，我們被選中管理一項100億美元的美國企業計劃、一項大型固定收益計劃的數十億美元固定收益投資組合以及為多家全球金融客戶管理科學的主動股權策略。

These add to the global mandates which we've seen that we've been chosen over the last six months, including a large US RIA, a UK pension fund, a European captive asset management are just a few examples, as we look to onboard these mandates and more in future quarters and delivering the outcomes of our clients and their constituents and what they need.

這些都增加了我們在過去六個月中選擇的全球授權，其中包括一家大型美國 RIA、一家英國退休基金、一家歐洲自保資產管理公司，這只是我們希望加入的幾個例子。幾個季度的更多任務，並交付我們的客戶及其選民的成果以及他們的需求。

The right business momentum across our scaled asset management and technology platform is driving strong financial results. BlackRock's operating income was up 12% year over year for 160 basis points of margin expansion. Earnings per share was up 12%, and we remain committed to delivering differentiated organic growth at a premium margin to our investors.

我們規模化的資產管理和技術平台的良好業務勢頭正在推動強勁的財務表現。貝萊德的營業收入年增 12%，利潤率擴大 160 個基點。每股盈餘成長了 12%，我們仍然致力於為投資者提供高利潤率的差異化有機成長。

We continue to generate leading organic growth, and our operating margin of 44.1% is over 10 points above the traditional peer average. Principle, say, 5% yields in cash have kept many investors overweight in cash and nearly $9 trillion still sits in money market funds. Those waiting in cash would have missed out on a broad stock market returns of over 26% over the last year, including 17% so far in 2024. Long-term outcomes and future liability matching needs more than a 5% return.

我們持續實現領先的有機成長，44.1% 的營業利潤率比傳統同業平均高出 10 個百分點以上。原則上，5% 的現金收益率讓許多投資者增持現金，貨幣市場基金中仍有近 9 兆美元。那些等待現金的人可能會錯過去年超過 26% 的股市回報率，包括 2024 年迄今為止的 17%。

Investors will have to re-risk, which should improve flows into equities and credit markets. BlackRock is always a share winner when assets are in motion, and a meaningful outperformer in periods of investors re-risking. BlackRock operates from a position of strength. We have a clear path to our 5% organic base fee growth target, and we're transforming ourselves to build a firm that can exceed that target.

投資者將不得不重新承擔風險，這將改善股市和信貸市場的資金流入。當資產運轉時，貝萊德始終是股票贏家，而在投資者重新冒險時期，貝萊德始終是一個有意義的跑贏大盤。貝萊德的營運實力雄厚。我們有明確的路徑來實現 5% 的有機基本費用成長目標，我們正在轉型以建立一家能夠超越該目標的公司。

If I think increasingly see the value in the BlackRock model, a single unified platform designed for clients, unmatched and breadth powered by BlackRock and totally built on trust. And it goes beyond clients simply wanted to do more of BlackRock. They're looking for a partner that innovates and helps them grow. The world's largest asset owners want deep strategic partnerships, increased customization and innovation, approaching that might include a creative co-investment opportunities and co-development of strategies.

如果我認為越來越多地看到貝萊德模式的價值，這是一個為客戶設計的單一統一平台，由貝萊德提供支持，具有無與倫比的廣度，並且完全建立在信任之上。這超出了客戶只是想在貝萊德做更多事情的範圍。他們正在尋找能夠創新並幫助他們成長的合作夥伴。全球最大的資產所有者希望建立深入的策略合作夥伴關係，加強客製化和創新，這可能包括創造性的聯合投資機會和共同製定策略。

BlackRock's decarbonization partners' joint venture with Temasek is one example of this type of relationship. In the second quarter, we announced that its inaugural fund had a final close above its fundraising target, raising $1.4 billion. The first-time fund attracted over 30 institutional clients representing 18 countries. The diversity and depth of the investor base is a testament to our long-standing client relationships and the strength of our team.

貝萊德的脫碳合作夥伴與淡馬錫的合資企業就是這種關係的一個例子。第二季度，我們宣布其首支基金的最終收盤價高於其籌款目標，籌集了 14 億美元。首次基金吸引了來自18個國家的30多家機構客戶。投資者基礎的多樣性和深度證明了我們長期的客戶關係和團隊的實力。

Insurers represent some of our most long-standing relationships and clients, and we're leveraging our insurance expertise and diversified global platform to deliver fixed income technology and increasingly private market solutions. BlackRock manages nearly $700 billion in long-term AUM for insurance plans, and we are the industry leader in managing quarter fixed income for insurance companies' general accounts. Insurance CIOs are expanding their mandate with BlackRock to include private markets and structured assets.

保險公司代表了我們一些最長期的合作關係和客戶，我們正在利用我們的保險專業知識和多元化的全球平台來提供固定收益技術和日益私人的市場解決方案。貝萊德管理著近 7,000 億美元的保險計畫長期資產管理規模，我們是管理保險公司普通帳戶季度固定收益的行業領導者。保險業資訊長正在擴大貝萊德的職責範圍，將私募市場和結構性資產納入其中。

Just a few weeks ago, we were awarded our first large-scale general account allocation for a private structured credit mandate. We also had success with insurers and dedicated SMAs for infrastructure debt where we have differentiated capabilities. We have deep long-standing relationships across our insurance client channel with a dedicated insurance portfolio management team. We see significant opportunities to work more closely with our insurance clients as to leverage our GA business as a potential durable source of long-term capital for our private debt franchises.

就在幾週前，我們獲得了針對私人結構性信貸授權的首筆大規模一般帳戶分配。我們也與保險公司和基礎設施債務專用 SMA 取得了成功，我們在這方面擁有差異化的能力。我們在整個保險客戶管道中與專門的保險投資組合管理團隊建立了深厚的長期關係。我們看到了與保險客戶更密切合作的重大機會，以利用我們的 GA 業務作為我們私人債務特許經營權的潛在持久長期資本來源。

The industrial logic that informed our planned acquisition of GIP has only begun even clear in the last six months. There's a generational demand for capital in infrastructure, including the finance data centers for AI and for energy transition. Private capital will be critical in meeting these infrastructure needs, both standalone and through public private partnerships. Buyer's reception to GIP has been overwhelmingly positive with strong reverse inquiry from clients excited to partner with our newly scaled infrastructure platform.

我們計劃收購 GIP 的工業邏輯直到最近六個月才變得更加清晰。基礎設施領域對資本有一代又一代的需求，包括人工智慧和能源轉型的金融資料中心。私人資本對於滿足這些基礎設施需求至關重要，無論是獨立資本還是透過公私夥伴關係。買家對 GIP 的反應非常積極，客戶對與我們新擴展的基礎設施平台合作感到興奮，並提出了強烈的反向詢問。

We see particularly strong demand for opportunities in the AI data centers and energy transition spaces. Through BlackRock's relationships with corporates and sovereigns, BlackRock is at the center of the investment opportunity being shaped by the demand for generative AI. AI cannot truly happen without investments in infrastructure. These technologies require a new generation of upgrade data centers, which will need enormous amounts of energy to power them.

我們看到人工智慧資料中心和能源轉型領域對機會的需求特別強勁。透過貝萊德與企業和主權國家的關係，貝萊德處於生成式人工智慧需求所塑造的投資機會的中心。如果沒有基礎設施投資，人工智慧就不可能真正實現。這些技術需要新一代的升級資料中心，而這將需要大量的能源來為其供電。

With the AI fuel need to build data centers, we see great potential to monetize the 4.3 gigawatts of power production capacity of generational assets currently owned by BlackRock's infrastructure funds. When we talk to leaders in industry and governments, they expressed their desire to build out data centers, AI technology at the same time to decarbonize.

由於建造資料中心需要人工智慧燃料，我們看到貝萊德基礎設施基金目前擁有的 4.3 吉瓦發電資產具有巨大的貨幣化潛力。當我們與產業和政府領導人交談時，他們表示希望同時建造資料中心、人工智慧技術來脫碳。

Our diversified infrastructure fund recently invested in Mainova WebHouse, a first of its kind partnership to invest in a hyperscale data center platform in Frankfurt, run entirely on renewable energy. And our planned acquisition of GIP will add a number of global data centers assets in our portfolio. We plan to be a leader in this space, leveraging our expertise to drive capital formation and unique deal flow to generate return for our clients.

我們的多元化基礎設施基金最近投資了 Mainova WebHouse，這是首個投資法蘭克福超大規模資料中心平台的同類合作夥伴，該平台完全依靠再生能源運作。我們計劃收購 GIP 將為我們的投資組合增加一些全球資料中心資產。我們計劃成為該領域的領導者，利用我們的專業知識推動資本形成和獨特的交易流，為我們的客戶創造回報。

For decades now, BlackRock has helped investors benefit from the growth of the capital markets, supporting their path to financial security and long-term objectives like retirement.

幾十年來，貝萊德幫助投資者從資本市場的成長中受益，支持他們實現財務安全和實現退休等長期目標。

Early in the second quarter, we successfully launched LifePath Paycheck with a subset of committed clients. We expect additional commitment plan sponsors to fund over future quarters, and we have a very strong late-stage pipeline for that half of the assets we manage are related to retirement. Our growth investments to enhance our capabilities and strategy like active target date and infrastructure underpin our commitment to improving retirement outcomes. BlackRock continues to create more access and connections between long-term investors and capital markets, both in the United States and throughout the world.

在第二季初，我們與部分忠實客戶成功推出了 LifePath Paycheck。我們預計更多的承諾計劃發起人將在未來幾季提供資金，並且我們擁有非常強大的後期管道，我們管理的資產中有一半與退休相關。我們的成長投資旨在增強我們的能力和策略，例如主動目標日期和基礎設施，鞏固了我們對改善退休成果的承諾。貝萊德繼續在美國和世界各地的長期投資者和資本市場之間建立更多的進入和聯繫。

Early this quarter, we announced an agreement with the public investment fund, The PIF, to launch an investment management platform in Riyadh, which aims to accelerate the development of our local capital markets and enable foreign investments into the region.

本季初，我們宣布與公共投資基金 The PIF 達成協議，在利雅德推出投資管理平台，旨在加速當地資本市場的發展，並促進外國投資進入該地區。

We expanded our Jio-BlackRock joint venture in India beyond asset management to brokerage and wealth management. And just last month, we joined a new coalition to mobilize infrastructure investments in the Asia-Pacific region alongside GIP and other global investors.

我們將 Jio-BlackRock 在印度的合資企業從資產管理擴展到經紀和財富管理。就在上個月，我們加入了一個新聯盟，與 GIP 和其他全球投資者一起動員亞太地區的基礎設施投資。

In the US, we announced the new opportunity for BlackRock to help expand domestic capital markets by investing in the creation of the Texas Stock Exchange. The exchange aims to facilitate greater access and increase liquidity in US equity capital markets for investors.

在美國，我們宣布了貝萊德透過投資創建德克薩斯證券交易所來幫助擴大國內資本市場的新機會。該交易所旨在為投資者提供更多進入美國股權資本市場的機會並增加其流動性。

Our investment built on a history of investing in similar market structure opportunities for the benefit of BlackRock clients. ETFs will continue to grow as a technology that provides simple, efficient access to capital markets, making investments easier for clients of all sizes. Our investments over time are driving accelerated momentum across our ETF platform.

我們的投資建立在為貝萊德客戶的利益投資類似市場結構機會的歷史基礎上。 ETF 作為一種提供簡單、高效進入資本市場的技術，將繼續發展，使各種規模的客戶更容易進行投資。隨著時間的推移，我們的投資正在推動我們的 ETF 平台加速發展。

Second quarter ETF flows of $83 billion were positive across our core equity, strategic, and precision categories. ETF flows of $150 billion in the first half of 2024 represents our best start to the year in iShares' history and are more than double what they were in the first half of last year. BlackRock leads the ETF industry inflows, and we are also facilitating market expansion. Our Bitcoin ETF reached nearly $20 billion in its first six months and is third highest grossing exchange traded product in the industry this year.

第二季 ETF 流量為 830 億美元，在我們的核心股票、策略和精準類別中表現良好。 2024 年上半年 ETF 流量達到 1,500 億美元，是 iShares 史上最好的開局，是去年上半年的兩倍多。貝萊德引領 ETF 產業資金流入，我們也正在促進市場擴張。我們的比特幣 ETF 在前六個月就達到了近 200 億美元，是今年業界第三高收入的交易所交易產品。

Three of the five top asset gathering bond ETFs of iShares and our active ETFs are growing contributors with $12 billion of net inflows in 2024. We remain focused on innovating our product offerings, particularly with active ETFs, growing bond ETFs, with extending distribution partnerships to make a iShares as a provider of choice across all wealth platforms.

iShares 的五個頂級資產聚集債券ETF 中的三個以及我們的主動ETF 的貢獻者不斷增長，到2024 年淨流入將達到120 億美元。成長的債券ETF，並將分銷合作夥伴關係擴展到讓 iShares 成為所有財富平台的首選提供者。

In June, we expanded access to our Alpha seeking expertise through the launch of active US equities and high-yield ETFs managed by some of our leading investors. And we're partnering with a number of international banks and brokerage platforms to expand distribution and access to our products. Examples include our relationship with ETF saving plan providers and our recent selection as a premier partner to invest them.

6 月，我們透過推出由一些領先投資者管理的活躍美國股票和高收益 ETF，擴大了 Alpha 尋求專業知識的範圍。我們正在與許多國際銀行和經紀平台合作，以擴大我們產品的分銷和使用範圍。例如我們與 ETF 儲蓄計劃提供者的關係以及我們最近選擇作為投資他們的首要合作夥伴。

We're winning our first plan to serving millions of investors today. Aladdin has been the technological foundation for how we deliver clients across our platform. Aladdin isn't just the key technology that powers BlackRock. It also powers many of our clients. We see clients increasingly using the technology investments across the fintech and data ecosystems. We're partnering with clients who are increasingly looking for comprehensive technology solutions across their entire portfolio from a risk analytics, investment management, and to accounting capabilities.

今天，我們正在贏得第一個為數百萬投資者提供服務的計劃。阿拉丁一直是我們如何透過平台為客戶提供服務的技術基礎。阿拉丁不僅僅是為貝萊德提供動力的關鍵技術。它還為我們的許多客戶提供支援。我們看到客戶越來越多地使用金融科技和數據生態系統的技術投資。我們正在與越來越多的客戶合作，他們越來越多地在整個投資組合中尋求全面的技術解決方案，從風險分析、投資管理到會計能力。

The need for integrated investment and risks technology as well as whole portfolio views across public and private markets is driving durable ACV growth. Years ago, we anticipated the clients would benefit when alternative investments were evaluated inside a portfolio-level risk management framework and the allocation to private markets increase, we knew the ability to seamlessly manage portfolios and risk across public and private asset classes on a single platform would be critical.

對綜合投資和風險技術以及公共和私人市場整體投資組合觀點的需求正在推動 ACV 的持久成長。多年前，我們預計當在投資組合層級風險管理框架內評估另類投資並且增加私募市場的配置時，客戶將會受益，我們知道能夠在單一平台上無縫管理公共和私人資產類別的投資組合和風險將是至關重要的。

BlackRock invested ahead of these plant's needs, acquire eFront in 2019 and going on to integrate it with Aladdin to deliver a whole portfolio view. In our planned acquisition of Preqin will expand our capabilities beyond private markets, investment management, and technology to data. We see a significant runway ahead as private market allocations from our clients will continue to grow alongside their need for an integrated enterprise-level investment technology data and analytics.

BlackRock 在這些工廠的需求之前進行了投資，於 2019 年收購了 eFront，並繼續將其與 Aladdin 整合以提供整體投資組合視圖。我們計劃收購 Preqin，將擴大我們的能力，超越私人市場、投資管理和數據技術。我們看到了一個重要的前景，因為我們客戶的私人市場配置將隨著他們對整合企業級投資技術數據和分析的需求而持續成長。

Much of BlackRock's success and our momentum today has come from the anticipating and making calls on what our clients will need as they pursue long-term outcomes like retirement and financial security. We constantly innovate, we constantly evolve, we transform ourselves and we make sure we deliver for each and every one of our clients.

貝萊德的成功和我們今天的動力很大程度上來自於對客戶在追求退休和財務安全等長期成果時的需求進行預測和呼籲。我們不斷創新，不斷發展，自我改造，確保為每位客戶提供服務。

We have spent decades building our global network of relationships, of data and analytics, integrating technology. And these are the key differentiations to deepening our relationship with clients and accessing unique investment opportunities and partnerships.

我們花了幾十年的時間建立了我們的全球關係網絡、數據和分析網絡、整合技術。這些是加深我們與客戶關係並獲得獨特投資機會和合作夥伴關係的關鍵差異化。

With our planned acquisition of GIP and Preqin and core business strength, Blackrock's capability have never been stronger. We have the most comprehensive platform in the asset management industry integrating across public markets, private markets, and our Aladdin technology. And we are creating a differentiating private market approach. We're building what our clients need for success, a scaled private market platform, encompassing investment workflow through a front and data and risk analytics through Preqin.

隨著我們計劃收購GIP和Preqin以及核心業務實力，貝萊德的能力變得前所未有的強大。我們擁有資產管理產業最全面的平台，整合了公開市場、私募市場和我們的阿拉丁技術。我們正在創建一種差異化的私人市場方法。我們正在建立客戶成功所需的東西，一個規模化的私人市場平台，包括透過前端的投資工作流程以及透過 Preqin 的數據和風險分析。

By bringing together investments, techs, data across public and private markets, we have the opportunity to drive better portfolio outcomes for investors and open up a diversified, higher multiple earnings stream for our shareholders' view.

透過匯集公共和私人市場的投資、技術和數據，我們有機會為投資者帶來更好的投資組合結果，並為股東開闢多元化、更高倍數的收益流。

We look forward to delivering strong performance for our clients along differentiated growth, which will be an opportunity for you, our shareholders. Operator, let's open it up for questions.

我們期待在差異化成長的同時為我們的客戶帶來強勁的業績，這對您，我們的股東來說，將是一個機會。接線員，讓我們打開提問吧。

Thank you. (Operator Instructions)

謝謝。 （操作員說明）

Alex Blostein, Goldman Sachs.

亞歷克斯·布洛斯坦，高盛。

Hey, good morning, Larry. Hello, everybody. So lots of optimism on the firm's trajectory for organic growth, and I heard you guys obviously echoing maybe some of the comments from last quarter around strong pipeline and Martin's comments around premium organic growth. So maybe help contextualize this a little bit more. What does the pipelines look like today? What kind of the timing of some of these conversions that you anticipate, what asset classes and ultimately, what that means for the firm's organic base fee growth for the back half of '24? Thanks.

嘿，早上好，拉里。大家好。人們對公司的有機成長軌跡非常樂觀，我聽到你們顯然讚同上個季度關於強勁管道的一些評論以及馬丁關於優質有機成長的評論。因此，也許可以幫助您更了解這一點。今天的管道是什麼樣子的？您預計其中一些轉換的時間表是什麼，資產類別是什麼，最終這對該公司 24 年下半年的有機基本費用增長意味著什麼？謝謝。

Thanks, Alex. I'll start and I think, Larry will add some color. But Q2 organic base fee growth, as I mentioned, was 3%. We had that typically seasonally slow start of the year in Q1. So 3%, it's just about at our target for where we thought we'd be in May and June. We really see excellent momentum. And I think you got that in Larry's comments, but I'd say the measures we look at for fee growth velocity last 3 months, last 6 months, last 12 months to organic base fee growth, Alex, keeps grinding up by a percentage point, it's 1% to 2% and now 3%.

謝謝，亞歷克斯。我會開始，我想拉里會添加一些色彩。但正如我所提到的，第二季有機基本費用成長率為 3%。我們在第一季經歷了通常季節性緩慢的開局。所以 3%，這正好達到我們預期 5 月和 6 月的目標。我們確實看到了良好的勢頭。我想你在拉里的評論中已經明白了這一點，但我想說的是，我們在過去3 個月、過去6 個月、過去12 個月的費用增長速度以及有機基本費用增長方面所採取的措施，亞歷克斯，一直在上升一個百分點，以前是 1% 到 2%，現在是 3%。

And we really feel that markets are on this precipice of a reset. Rate cuts should normalize, bond market, they should normalize, fixed income allocations, that should fuel equities, they should really drive flows. We've been a really meaningful outperformer in these re-risking periods.

我們確實感到市場正處於重置的邊緣。降息應該正常化，債券市場應該正常化，固定收益分配應該正常化，這應該會刺激股市，它們應該真正推動資金流動。在這些重新冒險的時期，我們確實表現出色。

If I look at previous election cycles, rate reductions, BlackRock had huge upside capture in '17, '18, '21, we were well above our through-the-cycle targets for organic growth in those periods. I think when we look at growth, it's going to come from these strong structural growers and those things grow even faster in supportive markets, ETFs, models, Aladdin, our expanding private markets business, we're closing in and grown our AUM by over $100 billion in private markets with our planned GIP acquisition. And we see that as a huge growth opportunity.

如果我看看之前的選舉週期和降息，貝萊德在 17 年、18 年和 21 年獲得了巨大的上行空間，我們遠高於這些時期有機成長的整個週期目標。我認為，當我們看待成長時，它將來自這些強大的結構性成長者，這些東西在支持性市場、ETF、模型、阿拉丁、我們不斷擴大的私募市場業務中成長得更快，我們正在接近並成長我們的資產管理規模超過我們計劃收購 GIP，私募市場價值 1000 億美元。我們認為這是一個巨大的成長機會。

So we'd expect those engines to really capture additional growth that hits our targets. And even on the most modest growth assumptions, I think for beta and markets to really drive significant differentiated durable earnings and multiple expansion. We look at this all the time as a team, we have achieved our premium organic base fee growth target of 5% on average over the last five years. And BlackRock has a lot of positive leverage to re-risking periods in a market that gives us a great deal of conviction about the path to 5% in the back half of '24. And also our longer-term ambition, I think, to be at 5% or better as we grow private markets and technology.

因此，我們希望這些引擎能夠真正實現額外的成長，從而達到我們的目標。即使在最溫和的成長假設下，我認為貝塔值和市場也能真正推動顯著差異化的持久收益和倍數擴張。作為一個團隊，我們一直在關注這一點，過去五年我們已經實現了平均 5% 的優質有機基本費用成長目標。貝萊德在市場重新風險時期擁有大量積極的槓桿作用，這讓我們對 24 年下半年達到 5% 的路徑充滿信心。我認為，隨著我們發展私人市場和技術，我們的長期目標是達到 5% 或更高。

Alex, let me just add a little more of holistic texture. We have never had more dynamic conversations that we've had now across the world, across products. I truly believe our positioning in iShares today has never been more robust. Our delivery now of active ETFs, our innovation in crypto, having more precision type products when there's -- I would say, more fragmentation going on in the world allows us to have -- conversations with differentiated products for our clients.

亞歷克斯，讓我再加入一點整體質感。我們從未像現在這樣在世界各地、跨產品方面進行過如此活躍的對話。我堅信我們今天在 iShares 中的定位從未如此穩固。我們現在提供活躍的 ETF，我們在加密領域的創新，當世界上出現更多的碎片化時，我們可以擁有更精確的產品，這使我們能夠為我們的客戶提供差異化的產品。

But the feedback now close -- over six months of feedback of our planned acquisition of GIP and the conversations we're having with some of the most sophisticated investors worldwide has never been more robust about how we could partner, how we could be trying to develop more things.

但反饋現已結束——我們計劃收購 GIP 的反饋超過六個月，我們與全球一些最成熟的投資者進行的對話對於我們如何合作、我們如何努力進行的對話從未如此有力。東西。

And in my prepared remarks, I talked about the confluence of power and AI and data centers. And I believe this is going to be one of the world's biggest growth engines as we start trying to develop AI for everyone -- AI not just for the big powerful organizations, but AI utilization for everybody, for every country in the world, and it's going to require just -- we're talking trillions of dollars of investments.

在我準備好的演講中，我談到了電力、人工智慧和資料中心的融合。我相信，當我們開始嘗試為每個人開發人工智慧時，這將成為世界上最大的成長引擎之一——人工智慧不僅適用於強大的大型組織，也適用於每個人、世界上的每個國家。

And our conversations with the hyperscalers, our conversations with governments, our conversations with the chiller suppliers, the cogeneration suppliers, the opportunities we have in infrastructure is way beyond I've ever imagined even just seven months ago when we were contemplating the transaction and formalizing it.

我們與超大規模企業的對話，我們與政府的對話，我們與冷水機組供應商、熱電聯產供應商的對話，我們在基礎設施方面擁有的機會遠遠超出了我的想像，甚至就在七個月前，當我們考慮交易並正式確定交易時它。

Our conversations with investors from the most sophisticated sovereign wealth funds to our conversations with the RIA channels, the need for data and analytics across the private sector is only going to be growing, and no firm right now has the position that we have with Aladdin, eFront, and now with Preqin that we could assist more and more investors. So we are taking a differentiated approach that -- obviously we have done that in the past.

我們與投資者的對話，從最成熟的主權財富基金到我們與 RIA 管道的對話，整個私營部門對數據和分析的需求只會不斷增長，目前沒有一家公司擁有我們與阿拉丁的地位， eFront，現在有了Preqin，我們可以幫助越來越多的投資者。因此，我們正在採取一種差異化的方法——顯然我們過去已經這樣做了。

And I would just like to just say that, and I said in my prepared remarks, we do these things pretty boldly. When we bought eFront, everybody thought there was a big price and yet we've doubled ACV. Martin talked about Aperio where we crossed over $100 billion in AUM. I do believe -- we've talked about AI at BlackRock AI for Investments.

我只想說，我在準備好的發言中說過，我們做這些事情非常大膽。當我們購買 eFront 時，每個人都認為價格很高，但我們卻將 ACV 翻了一番。 Martin 談到了 Aperio，我們的 AUM 突破了 1000 億美元。我確實相信——我們已經在 BlackRock AI for Investments 討論過人工智慧。

One of the big opportunities I see is going to be systematic equities, where we've had now a 10-year track record of approximately 90% outperformance. And I do believe that we saw now close to about $5 billion of flows. I believe this is only going to be accelerating now.

我認為系統性股票是最大的機會之一，我們在這方面的 10 年業績記錄中大約有 90% 的表現優異。我確實相信我們現在看到的資金流量接近約 50 億美元。我相信這種情況現在只會加速。

As more and more investors are looking at how can you use AI for investments, and we have one of the finest platforms utilizing AI, utilizing big data. So I'm very excited about the high-growth potential we have in more and more high-fee products, but I'm just as excited about how we can provide better product across the board utilizing our ETF platform.

隨著越來越多的投資者正在考慮如何使用人工智慧進行投資，我們擁有利用人工智慧和大數據的最佳平台之一。因此，我對越來越多的高費用產品的高成長潛力感到非常興奮，但我同樣對我們如何利用我們的 ETF 平台全面提供更好的產品感到興奮。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Hey, good morning, Larry. So our question is on the outlook for technology services revenue growth. With tech ACV growth at 10%, which is the low end of your long-term target range, we want to see if you have visibility into the future trajectory, given the timing of larger contract wins within your existing pipeline in conversations with clients? And now that you have Preqin, then how will that also impact the 10% to 15% target 2025 after the deal closes?

嘿，早上好，拉里。所以我們的問題是技術服務收入成長的前景。技術 ACV 成長率為 10%，這是您長期目標範圍的低端，考慮到在與客戶對話中現有管道中贏得更大合約的時間，我們想看看您是否能夠了解未來的發展軌跡？現在有了 Preqin，那麼交易結束後這會對 2025 年 10% 至 15% 的目標產生什麼影響？

Thanks, Craig. I'll start and I know Larry will add. Technology, it's just the main engine for investment performance, right? It's the main engine to drive operating leverage. It's what great firms, I think, are using to have great client experiences that fuel growth. And we see a very consistent growth rate in how clients are investing in more technology. I can tell you as a CFO, if I could invest in tech spend, I would. Generally in the marketplace, there's just an acceleration in tech spend across the board.

謝謝，克雷格。我先開始，我知道拉里會補充。技術，只是投資績效的主要引擎吧？是拉動經營槓桿的主要引擎。我認為，偉大的公司正是利用這種方式來獲得良好的客戶體驗，從而推動成長。我們看到客戶投資更多技術的成長率非常穩定。作為財務官，我可以告訴你，如果我可以投資技術支出，我會的。一般來說，在市場上，技術支出全面加速。

But I think importantly, clients are trying to retire this spaghetti patchwork of legacy systems they have. They want to leverage fewer providers. They want to do deep integrations across the fintech and data ecosystems. They want to have a whole portfolio view across public and private markets. That's always been the thesis of the Aladdin platform. It's how we use it at BlackRock and with our external clients. It was what drove the integration of eFront and Aladdin. And now with Aladdin, eFront and Preqin, we think we have even more opportunities to benefit new clients and the pipeline is very strong.

但我認為重要的是，客戶正試圖淘汰他們擁有的這種義大利麵拼湊而成的遺留系統。他們希望利用更少的提供者。他們希望在金融科技和數據生態系統中進行深度整合。他們希望對公共和私人市場有一個完整的投資組合視圖。這一直是阿拉丁平台的主題。這就是我們在貝萊德以及與外部客戶一起使用它的方式。這推動了 eFront 和 Aladdin 的整合。現在有了 Aladdin、eFront 和 Preqin，我們認為我們有更多機會讓新客戶受益，而且管道非常強大。

Tech services revenue was up 10% year-on-year, 5% sequentially. As we continue to get the big assignments and new sales from the prior years going live, we expect those revenue numbers to stay strong. Our ACV target, Craig, it's over the long-term. We've achieved it on average since we first started disclosing ACV in 2020. And we think we have a real opportunity to apply and drive indexing principles using Preqin, Aladdin, eFront together across tech data and investments.

技術服務收入年增 10%，季增 5%。隨著我們繼續獲得前幾年的重大任務和新銷售，我們預計這些收入數字將保持強勁。克雷格，我們的 ACV 目標是長期目標。自 2020 年首次開始揭露 ACV 以來，我們平均已經實現了這一目標。

Preqin is expected to accelerate our planned technology services ACV within our target range. It's going to increase current ACV dollars by about 15%. So we'll continue to target low- to mid-teens growth in tech services ACV, and we'd expect bringing together Aladdin, eFront, and Preqin to be the way that we can get there over the next few years.

Preqin 預計將在我們的目標範圍內加速我們計劃的技術服務 ACV。目前的 ACV 金額將增加約 15%。因此，我們將繼續以科技服務 ACV 的中低成長為目標，我們預計將 Aladdin、eFront 和 Preqin 結合起來將是我們在未來幾年實現這一目標的方式。

Craig, but our line of sight, we are in conversations right now with probably the broadest and largest potential Aladdin assignments ever had. So the conversations we're having are with broad deep conversations than we've ever had and much of it has to do -- the serious big giant conversation we're having right now are based on the ability that Aladdin can provide both public and private data analytics.

克雷格，但是我們的視線，我們現在正在與可能是有史以來最廣泛和最大的阿拉丁任務進行對話。因此，我們正在進行的對話比以往任何時候都更加廣泛、深入，而且其中很大一部分是必須要做的——我們現在正在進行的嚴肅的大型對話是基於阿拉丁可以為公眾和公眾提供的能力。

And two, we deliver. There are many examples where people made big, broad promises, and there were years -- I want to underline years, delayed in the implementation. We have a deep history of delivering on time. That doesn't mean it doesn't take long time to do it, but we are -- we have a huge reputation because of our expertise in delivering the technology platform on time.

第二，我們交付。在許多例子中，人們做出了重大而廣泛的承諾，而且有許多年——我想強調的是，這些承諾的實施被推遲了很多年。我們在按時交貨方面有著悠久的歷史。這並不意味著不需要很長時間就能做到這一點，但我們——由於我們在按時交付技術平台方面的專業知識，我們享有巨大的聲譽。

These are very big and complex, and we do it very well. And now with the combination of Preqin alongside eFront and Aladdin, we have probably the biggest opportunity we've had in 10 years or more in delivery even a more differentiated technology and analytical platform.

這些都是非常龐大和複雜的，我們做得很好。現在，隨著 Preqin 與 eFront 和 Aladdin 的結合，我們可能擁有 10 年來甚至更久以來最大的機會來交付更具差異化的技術和分析平台。

And by doing so, it could really then expand our entire platform in towards the benchmarking and indexing. As you know, that's been a province of other organizations. Historically, asset managers were precluded the SEC to be into this business. This is why we were never in this business. Asset management firms can now be in it, as you know, and we create some type of customized index, but we look at this as a unique opportunity now for BlackRock.

透過這樣做，它確實可以將我們的整個平台擴展到基準測試和索引。如您所知，這是其他組織的管轄範圍。從歷史上看，美國證券交易委員會禁止資產管理公司涉足這項業務。這就是為什麼我們從未涉足這一行業。如您所知，資產管理公司現在可以參與其中，我們創建了某種類型的客製化指數，但我們認為這對貝萊德來說是一個獨特的機會。

With our position, with our role, we are going to do this with the same, I would say, industrial fortitude, as we did in the early years when we were just an asset manager needing risk analytics, so we did it ourselves and then we are so proud of what we did ourselves, we offered it in the '90s to our clients.

憑藉我們的地位和角色，我們將以同樣的工業毅力來做到這一點，就像我們早年所做的那樣，當時我們只是需要風險分析的資產管理者，所以我們自己做了，然後我們對自己所做的事情感到非常自豪，我們在90 年代將其提供給了我們的客戶。

We are going to do this in the private markets. And we're going to -- this is going to take time, but I think we have a real ability to provide a very differentiated platform in this and this is something of sheer excitement. And if we succeed, this will add a whole new revenue line on BlackRock's revenue side. Thanks.

我們將在私人市場上這樣做。我們將——這需要時間，但我認為我們有真正的能力在這方面提供一個非常差異化的平台，這是令人興奮的事情。如果我們成功，這將為貝萊德的收入增加一條全新的收入線。謝謝。

Michael Cyprys, Morgan Stanley.

麥可‧賽普里斯，摩根士丹利。

Hey, good morning, Larry. Hey, just a question on the alts business and GIP. With the deal expected to close in the third quarter, can you just talk about your expectations for flows there in the infrastructure space? What strategies are you in the market raising or could be in the market raising over the next 12 months? And maybe talk about some of the steps that you may be able to take to bring some new products to the marketplace, including extending into the private wealth channel?

嘿，早上好，拉里。嘿，只是一個關於另類業務和 GIP 的問題。由於交易預計將在第三季完成，您能否談談您對基礎設施領域資金流動的預期？您正在市場上籌集資金或可能在未來 12 個月內採取哪些策略？也許可以談談您可以採取哪些步驟將一些新產品推向市場，包括擴展到私人財富管道？

Great question. Thank you. Well, obviously, we are doing whatever we legally can in terms of making sure that we are making sure that there are two operating entities until we get legal approvals and we close. But that being said, BlackRock is having incredible conversations. GIP is having incredible conversations. We have business integration meetings, which were allowed to do. And the enthusiasm between our team and their teams are way beyond our imagination. This feels so fantastic right now between our organizations and the opportunity we have.

很好的問題。謝謝。顯然，我們正在盡我們所能合法地確保我們有兩個營運實體，直到我們獲得法律批准並關閉為止。但話雖如此，貝萊德正在進行令人難以置信的對話。 GIP 正在進行令人難以置信的對話。我們召開了業務整合會議，這是被允許的。而我們團隊和他們團隊之間的熱情遠遠超出了我們的想像。現在我們的組織和我們擁有的機會之間的感覺真是太棒了。

As we said, we expect this to be announced in the third quarter. Hopefully, later in the third quarter, we have other announcements of things that we could be talking about, but I'm not really permitted to talk about what are the deals, what are the things we're doing. What I need to be just showing you is our incredible enthusiasm that what we have and the opportunities we have and I do believe we will have post-closing some amazing opportunities, and then therefore some amazing announcements.

正如我們所說，我們預計這將在第三季宣布。希望在第三季晚些時候，我們能發布其他我們可以討論的事情的公告，但我實際上沒有被允許談論哪些交易，哪些是我們正在做的事情。我需要向你們展示的是我們對我們所擁有的和我們所擁有的機會的難以置信的熱情，我相信我們將在交易結束後擁有一些令人驚嘆的機會，因此也會有一些令人驚嘆的公告。

Bill Katz, TD Cowen.

比爾·卡茨，TD·考恩。

Good morning, everybody. Thank you for opening comments. Just coming back to the opportunity for Preqin and you think through the evolution of the private markets, how do you see the product evolution? And is there a pathway here for ETFs given the underlying illiquid nature of the investments? Thank you.

大家早安。感謝您開啟評論。回到 Preqin 的機會，您思考私募市場的演變，您如何看待產品的演變？考慮到投資的潛在非流動性，ETF 是否有一條出路？謝謝。

Thanks, Bill. So, we're extremely excited about this Preqin transaction. We think it really unlocks a whole new segment of growth for our clients, and we think it unlocks a whole new data services segment for BlackRock. And we see really the opportunity to grow Preqin by connecting it with our complementary Aladdin and eFront capabilities, as well as obviously we have a lot of client relationships and significant distribution reach. We'll continue to offer Preqin Pro in the data products as standalones.

謝謝，比爾。因此，我們對 Preqin 的這筆交易感到非常興奮。我們認為它確實為我們的客戶開啟了一個全新的成長領域，我們認為它為貝萊德開啟了一個全新的數據服務領域。我們確實看到了透過將 Preqin 與我們互補的 Aladdin 和 eFront 功能相結合來發展 Preqin 的機會，而且顯然我們擁有大量的客戶關係和重要的分銷範圍。我們將繼續在數據產品中作為獨立產品提供 Preqin Pro。

I think there's really three things that we're focused on here in driving a successful Preqin transaction. The first is simply driving more sales, building out comprehensive fund deal level databases and really integrating data and workflow into a unified platform that better serves clients.

我認為，為了推動 Preqin 交易的成功，我們實際上專注於三件事。第一個是簡單地推動更多銷售，建立全面的基金交易級資料庫，並將數據和工作流程真正整合到一個統一的平台中，以更好地為客戶服務。

The second is, by innovating and launching new data products. I think it's fairly remarkable when you think about the public markets, you think about this symbiotic relationship that risk models and indexes and data have done to create public market indexing, benchmarking, asset allocation, all of those opportunities are ahead of us in the private markets by bringing together risk models, benchmarks and investable indices. We think this opportunity to index the private markets is really one of the most attractive that we've had in the history of BlackRock.

二是創新推出新的數據產品。我認為，當你想到公開市場時，你會想到風險模型、指數和數據為創建公開市場指數、基準測試、資產配置而建立的這種共生關係，所有這些機會都在我們的私人市場面前。將風險模型、基準和可投資指數結合在一起來調整市場。我們認為，對私募市場進行指數化的機會確實是貝萊德歷史上最具吸引力的機會之一。

And last, we have the ability to drive a lot of scale. We have data factories. Preqin has data factories, not the primary rationale for the transaction, but we really think that we can drive profitable growth, increased scale and efficiency by making this a seamless operating organization.

最後，我們有能力擴大規模。我們有數據工廠。 Preqin 擁有數據工廠，這並不是交易的主要理由，但我們確實認為，透過使其成為一個無縫的營運組織，我們可以推動獲利成長、擴大規模和提高效率。

We've had a really good reaction to the transaction from GPs, from LPs, from service providers, all of which who are strong enthusiastic Preqin clients. They're excited about the opportunity to bring together the eFront and Preqin data sets. And so, we think there's a lot of great opportunities here to continue to grow and we're looking forward to closing the Preqin transaction before the end of the year.

我們對這筆交易的反應非常好，來自 GP、LP、服務供應商，他們都是 Preqin 的熱情客戶。他們對有機會整合 eFront 和 Preqin 資料集感到興奮。因此，我們認為這裡有很多繼續成長的絕佳機會，我們期待在年底前完成 Preqin 交易。

I would just add one more point to that. The inquiries that we've had from big vendors, from exchanges, from different organizations about how can we take what Aladdin, Preqin, and eFront has, how can we make that -- how are we going to be able to distribute that and utilize that -- is a great sign that the ecosystem sees the opportunity that we have. And I don't -- I think it was very clear that because of -- we have eFront and Aladdin, we were just in a very unique position to take this and add it to it. And I think this is one of the real strengths of BlackRock.

我想再補充一點。我們從大供應商、交易所、不同組織那裡收到了關於我們如何利用 Aladdin、Preqin 和 eFront 擁有的東西、我們如何才能做到這一點的詢問——我們將如何能夠分發和利用它這是一個很好的跡象，表示生態系統看到了我們所擁有的機會。我不認為——我認為很明顯，因為——我們有 eFront 和阿拉丁，我們處於一個非常獨特的位置，可以將其添加到其中。我認為這是貝萊德的真正優勢之一。

And now we got to -- obviously, we got to close it and we got to execute upon it, but I'm -- as I said earlier, this is something that we can really be transformational and really change the whole foundation of public and private markets. And if we do what we did for public markets with Aladdin and data, what we did for public markets with ETFs and iShares, if we do that and transform more and more private products into more retail products using our data and analytics, we'll transform the capital markets.

現在我們必須——顯然，我們必須關閉它，我們必須執行它，但我——正如我之前所說，這是我們真正可以實現變革並真正改變整個公共基礎的事情。如果我們利用阿拉丁和數據為公開市場所做的事情，利用ETF 和iShares 為公開市場所做的事情，如果我們這樣做，並使用我們的數據和分析將越來越多的私人產品轉變為更多的零售產品，我們將轉變資本市場。

And that's something that BlackRock has been proud of how we've moved the capital markets and this is just another step for us how we could be additive to the global capital markets.

這就是貝萊德為我們推動資本市場發展而感到自豪的事情，這只是我們為全球資本市場做出貢獻的另一步。

Dan Fannon, Jefferies.

丹‧範農，傑弗里斯。

Thanks. Good morning. Wanted to follow-up, you talked about a lot of momentum across the business. Fixed income has been a topic for some time, flows have been a bit more mixed here year-to-date. I guess in the conversations you're having, do you still see that as one of the big areas of incremental growth as the interest rate environment evolves?

謝謝。早安.想跟進一下，您談到了整個業務的許多動力。固定收益成為一個話題已經有一段時間了，今年迄今為止，資金流向更加複雜。我想在你們正在進行的對話中，你們是否仍然認為隨著利率環境的演變，這是增量成長的重要領域之一？

Well, I think, as I said in my prepared remarks, sitting in 5% yield makes a lot of sense unless you put in the -- if your liabilities are long dated, you lost money actually because with equity markets up 24% and 17% this year alone. But that being said, we are beginning to see other clients starting to re-risk and they're re-risking other.

嗯，我認為，正如我在準備好的發言中所說，5% 的收益率很有意義，除非你把——如果你的負債是長期的，你實際上會賠錢，因為股市上漲24% 和17%光今年就佔了%。但話雖這麼說，我們開始看到其他客戶開始重新承擔風險，而他們也正在重新承擔其他風險。

And let's be clear, if you look at iShares fixed-income flows, the market was basically flat. If you look at the -- so all the AUM growth in iShares fixed income was really re-risking. And what -- I think this is a good statement saying -- one, we're going to see more and more ownership in fixed income through ETFs. That's evolution that's going on. Obviously, you're seeing growth in private markets and private credit that continues on. We are widely bullish as more and more clients are going to be using infrastructure debt.

讓我們明確一點，如果你看看 iShares 的固定收益流量，就會發現市場基本上持平。如果你看一下——那麼 iShares 固定收益的所有資產管理規模成長實際上都是在重新承擔風險。我認為這是一個很好的聲明，其一，我們將看到越來越多的人透過 ETF 持有固定收益。這就是正在發生的進化。顯然，您會看到私人市場和私人信貸的持續成長。隨著越來越多的客戶將使用基礎設施債務，我們普遍看好。

And so, I think you're going to start seeing as all this plays out, like we've seen in equities, we used to talk about equities more of a barbelling effect, I think we're starting to see that here in the bond market where more and more people are in their core fixed-income portfolios, they may continue to just use ETFs as a foundation. And our growth in bond ETFs this year in a flat market is a great example that more and more people are getting fixed-income exposure as a core element they are using ETS more and more.

因此，我認為，隨著這一切的展開，就像我們在股票中看到的那樣，我們過去常常談論股票更多的是槓鈴效應，我認為我們開始在股市中看到這一點。 ，越來越多的人將其納入核心固定收益投資組合，他們可能會繼續僅使用ETF 作為基礎。今年在市場平穩的情況下，我們債券 ETF 的成長就是一個很好的例子，表明越來越多的人將固定收益敞口作為核心要素，他們越來越多地使用 ETS。

And if they are starting to try to get more beta -- excuse me, more alpha in their fixed income side, they're going to do it and they're going to do that in more the illiquid space of private credit, they're going to do that in mortgage-backed securities, and they're going to do that in infrastructure debt.

如果他們開始嘗試在固定收益方面獲得更多的貝塔——對不起，更多的阿爾法，他們就會這麼做，而且他們會在私人信貸的非流動性領域這樣做，他們」我們將在抵押貸款中支持證券中這樣做，他們將在基礎設施債務中這樣做。

So I believe we're very well positioned for that moment when people are recalibrating out of cash. And it's going to be heavily into fixed income, bond funds, it's going to be also more of the alternative ETFs -- alternative income-oriented products.

因此，我相信，當人們用現金重新調整時，我們已經做好了充分的準備。它將大量投資於固定收益、債券基金，也將更多地投資於另類 ETF——另類收入導向產品。

Ken Worthington, JPMorgan.

肯‧沃辛頓，摩根大通。

Hi, good morning. Thanks for taking the question. Cash management had a strong quarter. To what extent are you seeing or still seeing different and additional institutional clients migrating out of banks to money market funds to get higher yield? And where would you say the global markets are in terms of this transition to higher-yielding forms of cash management?

早安.感謝您提出問題。現金管理季度表現強勁。您在多大程度上看到或仍然看到不同的和額外的機構客戶從銀行遷移到貨幣市場基金以獲得更高的收益？您認為全球市場在向高收益現金管理形式的轉變方面處於什麼位置？

And then to the last question, you called out re-risking a couple of times. Are you seeing re-risking coming out of cash, or is re-risking really a migration within other asset classes either extending duration or going out the risk curve in equities? What are you seeing in terms of that re-risking?

然後到最後一個問題，你多次呼籲重新冒險。您是否看到現金重新承擔風險，或者重新承擔風險實際上是其他資產類別的遷移，要么延長久期，要么超出股票的風險曲線？您對重新冒險有何看法？

Thanks, Ken. It's Martin. So cash flows, $30 billion, as I mentioned, largely driven by government and international prime funds. We had that dynamic at the end of March and the Good Friday dynamic where clients have come out and then we saw a significant return and an increase in balances in early April. We had multiple large new client mandates. I flagged that the cash platform today is about $780 billion. It's grown more than 50% over the last five years. And investors, they are earning a real return in cash. We expect that investors will re-risk.

謝謝，肯。是馬丁。正如我所提到的，現金流量為 300 億美元，主要由政府和國際優質基金推動。我們在三月底和耶穌受難日的動態中看到了客戶的出現，然後我們在四月初看到了顯著的回報和餘額的增加。我們有多個大型新客戶委託。我指出，今天的現金平台規模約為 7,800 億美元。過去五年成長了 50% 以上。對於投資者來說，他們正在賺取真正的現金回報。我們預計投資者將重新承擔風險。

But I'd say a couple of dynamics we've definitely seen in the platform. Post Silicon Valley Bank, we saw through sort of Cachematrix, we saw in our institutional business, I think clients just being more mindful, tactical, and operationally flexible in how they manage cash. We think that largely for an institutional manager like BlackRock that's been a good trend of being able to put together technology and customized liquidity accounts in a way that we can grow.

但我想說的是，我們在該平台上確實看到了一些動態。在矽谷銀行之後，我們透過 Cachematrix 看到了這一點，我們在機構業務中看到了這一點，我認為客戶在管理現金的方式上更加謹慎、更有策略、操作更靈活。我們認為，對於像貝萊德這樣的機構管理公司來說，能夠以一種可以成長的方式將技術和客製化流動性帳戶結合在一起是一個很好的趨勢。

And then, ultimately, we have seen this business grow, but I'd also flag that bond ETFs have been a real surrogate, I think for how clients are managing cash. And as Larry mentioned, over the last year we've seen $100 billion basically of organic growth in bond ETFs, which I think have been used as cash or cash proxies along the way as clients manage their liquidity dynamically across money funds, separate accounts, and traded instruments like ETFs.

最終，我們看到了這項業務的成長，但我也想指出，債券 ETF 一直是真正的替代品，我認為對於客戶如何管理現金。正如拉里所提到的，去年我們看到債券 ETF 的有機成長達到了 1000 億美元，我認為隨著客戶透過貨幣基金、獨立帳戶動態管理其流動性，債券 ETF 一直被用作現金或現金代理。以及ETF 等交易工具。

But let me add a little more towards the asset allocation into more re-risking. I think it's a mixed bag, Ken, as we said in our prepared remarks. We're seeing a lot of pension funds who are saying, I'm at my liability. My assets reached my liability level. I don't need to own as much equities. That's going to be persistent if we continue to have rising equity markets. And on top of that, if -- with rates staying higher longer, that gave those pension funds the liability rate that's set, but obviously if interest rates go back down, the liabilities will go out a little bit.

但讓我在資產配置方面再補充一點更多的再風險。正如我們在準備好的演講中所說，肯，我認為這是一個複雜的問題。我們看到很多退休基金都在說，我有責任。我的資產達到了我的負債水準。我不需要擁有那麼多的股票。如果股市繼續上漲，這種情況將會持續下去。最重要的是，如果利率維持在較高水準的時間較長，這些退休基金的負債比率就會達到設定的水平，但顯然，如果利率回落，負債就會減少一點。

And so, we're seeing some clients actually derisking because they can, but where are they derisking? A lot of clients are not just derisking going from out of equities into cash, they're going into equities into other fixed-income instruments. This is where I believe you're going to see more and more investments into infrastructure where you have less volatility in the investments, higher probable returns, high fixed coupon.

因此，我們看到一些客戶實際上可以降低風險，因為他們可以，但他們在哪裡降低風險？許多客戶不僅要規避從股票轉向現金的風險，而且還將股票轉向其他固定收益工具。我相信你會看到越來越多的基礎建設投資，投資的波動性更小，可能的回報更高，固定票息也更高。

So we're seeing clients around the world recalibrate their risk. There are some clients who were sitting in way excess -- too much cash, and they're obviously paying for that, and we'll see how they re-risk. But overall, I think probably if I had to say the headlines for the first six months, the clients that are overweighted in illiquid strategies like private equity where they had liquidity issues, you saw them keeping more cash balances. If and when the private equity markets unlock itself and there's a little more distribution, maybe you could see some of that cash going out and re-risking. So you're seeing a whole mixed bag.

因此，我們看到世界各地的客戶重新調整他們的風險。有些客戶持有過多的現金，他們顯然為此付出了代價，我們將看看他們如何重新承擔風險。但總的來說，我想，如果我不得不說前六個月的頭條新聞，那些在私募股權等非流動性策略中超重的客戶，他們存在流動性問題，你會看到他們保留了更多的現金餘額。如果私募股權市場自行釋放，並且分配更多一點，也許你會看到一些現金流出並重新承擔風險。所以你看到的是一個完整的混合包。

But I do believe the macro trends towards more bond allocation because of the extensive equity rally over the last 10 years, deeper allocation towards private, especially private credit and infrastructure is going to continue. And I do believe the tools of using ETFs as a core component of portfolios is going to become a larger and larger component of how investors invest.

但我確實相信，由於過去十年股市大幅上漲，更多債券配置的宏觀趨勢將繼續，對私人部門、特別是私人信貸和基礎設施的更深層配置將繼續下去。我確實相信，使用 ETF 作為投資組合核心組成部分的工具將成為投資者投資方式中越來越重要的組成部分。

They're going to use more core fixed-income ETFs, more equity ETFs and then barbell against using more -- I would say, more diversified, maybe more illiquid strategies across the board. And I do believe BlackRock is as well positioned for that as any firm in the world.

他們將使用更多的核心固定收益 ETF、更多的股票 ETF，然後反對使用更多的策略——我想說的是，更多元化、可能更缺乏流動性的策略。我確實相信貝萊德在這方面與世界上任何公司一樣處於有利地位。

Ladies and gentlemen, and 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？

I do, operator. Thank you. And thank you for all joining us this morning and for your continued interest in BlackRock. Our second quarter results are possible because of our deep partnerships with our clients around the world and our One BlackRock approach in everything we do. We are well-positioned to execute on our landmark mandates across our platform and we're closing in on our planned acquisitions of GIP and Preqin. We see unbelievable growth opportunities for our clients and our shareholders for the rest of 2024 and beyond.

我願意，接線生。謝謝。感謝大家今天早上加入我們並感謝您對貝萊德的持續關注。我們之所以能夠取得第二季的業績，是因為我們與世界各地的客戶建立了深厚的合作關係，並且我們在所有工作中都採取了「One BlackRock」的方針。我們處於有利位置，可以在我們的平台上執行具有里程碑意義的任務，我們即將完成對 GIP 和 Preqin 的收購計劃。我們看到，在 2024 年剩餘時間及以後，我們的客戶和股東將面臨難以置信的成長機會。

Everyone, please stay safe, stay cool, have a lovely summer as best you can. Enjoy our political conversations over the next few weeks. Be active, and have a great quarter.

請大家注意安全，保持涼爽，祝大家有個愉快的夏天。享受我們在接下來幾週的政治對話。保持活躍，度過一個愉快的季度。

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。