貝萊德 (BLK) 2024 Q3 法說會逐字稿

Good morning. My name is Jennifer, and I will be your conference facilitator today. At this time, I'd like to welcome everyone to the BlackRock, Inc., third-quarter 2024 earnings teleconference.

早安.我叫詹妮弗，今天我將擔任你們的會議主持人。現在，我歡迎大家參加貝萊德公司 2024 年第三季財報電話會議。

Our host for today's call will be 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)

今天電話會議的主持人是董事長兼執行長 Laurence D. Fink；財務長；馬丁·斯莫爾；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）

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

謝謝。米德先生，您可以開始會議了。

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

大家早安。我是克里斯·米德，貝萊德的總法律顧問。

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

在開始之前，我想提醒您，在本次電話會議期間，我們可能會做出一些前瞻性陳述。我們提請您注意，貝萊德的實際結果當然可能與這些陳述有所不同。如您所知，貝萊德已向 SEC 提交了報告，其中列出了一些可能導致貝萊德業績與我們今天所說的產生重大差異的因素。貝萊德不承擔任何責任，也不承諾更新任何前瞻性陳述。

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

有了這個，我會把它交給馬丁。

Thanks, Chris. Good morning, everyone. It's my pleasure to present results for the third quarter of 2024. 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.

謝謝，克里斯。大家早安。我很高興公佈 2024 年第三季的業績。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。

On our previous earnings call, we spoke to improving client sentiment and steadily improving organic growth. We sounded optimism about our growth trajectory in the second half of the year, and in the third quarter, organic growth surged, and BlackRock delivered some of the best financial results in our history. We generated $221 billion of net inflows, our highest net flows quarter ever. We delivered record levels of quarterly revenue and operating income. We expanded our margin by 350 basis points year-over-year. We generated 5% annualized organic base fee growth, our highest quarter in three years.

在先前的財報電話會議上，我們談到了改善客戶情緒和穩定改善有機成長。我們對下半年的成長軌跡表示樂觀，第三季有機成長激增，貝萊德實現了我們歷史上最好的財務表現。我們產生了 2,210 億美元的淨流入，這是有史以​​來最高的季度淨流入。我們實現了創紀錄的季度收入和營業收入水準。我們的利潤率年增了 350 個基點。我們實現了 5% 的年化有機基本費用成長，這是三年來最高的季度。

Organic growth is accelerating as we execute on a strong pipeline and clients turn to BlackRock -- move in size into public and private markets. Our structural growers iShares, whole portfolio outsourcing, Aladdin. The structural growers all delivered strong third quarter growth and are poised to accelerate into year-end.

隨著我們在強大的管道上執行和客戶轉向貝萊德 - 規模進入公共和私人市場，有機成長正在加速。我們的結構種植者 iShares、整個投資組合外包、阿拉丁。結構性成長者第三季均實現強勁成長，並準備在年底加速成長。

iShares. iShares is leading the industry in global flows with approximately $250 billion through the third quarter and historically sees upwards of 40% of its total annual flows in Q4. Fixed income ETFs, built cheaply on organic growth. iShares' fixed income ETF assets now stand at over $1 trillion, nearly 40% higher than at year-end 2021. And Aladdin, Aladdin logs 15% ACV growth, consistent with our long-term low to mid-teens target with excellent momentum and key wins with growing clients.

iShares。 iShares 在全球流量方面處於行業領先地位，第三季的流量約為 2,500 億美元，歷史上第四季的流量佔其年度總流量的 40% 以上。固定收益 ETF，建立在有機成長的基礎上，成本低廉。 iShares 的固定收益 ETF 資產目前超過 1 兆美元，比 2021 年底增長近 40%。的關鍵勝利。

Finally, fixed income. Fixed income delivered across the platform with over $60 billion of net inflows. We believe the continued path of central bank normalization will support sustained inflows across bond funds, ETFs, and institutional accounts. Fixed income remains a compelling organic growth opportunity for BlackRock.

最後是固定收益。整個平台提供的固定收益淨流入超過 600 億美元。我們認為，央行正常化的持續進程將支持債券基金、ETF 和機構帳戶的持續資金流入。固定收益仍然是貝萊德引人注目的有機成長機會。

Private markets are a strategic priority for BlackRock, delivering world-class private markets capabilities to more deeply serve clients across the whole portfolio. On October 1, we closed on our acquisition of Global Infrastructure Partners. The combination triples infrastructure AUM and doubles private markets run rate management fees. We're already seeing the power of BlackRock and GIP together. Our partnership with Microsoft and MGX. It aims to realize the enormous investment potential of infrastructure to support AI innovation, and it's just the first proof point of the growth synergies we can create together.

私募市場是貝萊德的策略重點，提供世界級的私募市場能力，更深入地為整個投資組合的客戶提供服務。 10 月 1 日，我們完成了對 Global Infrastructure Partners 的收購。此次合併使基礎設施資產管理規模增加了兩倍，私募市場運行費管理費增加了一倍。我們已經看到貝萊德和 GIP 共同發揮的力量。我們與 Microsoft 和 MGX 的合作夥伴關係。它旨在實現支持人工智慧創新的基礎設施的巨大投資潛力，而這只是我們可以共同創造的成長協同效應的第一個證明點。

We're bringing private markets to wealth clients. BlackRock manages more than $300 billion of assets across model portfolios and separately managed accounts for wealth managers. These portfolios would benefit from increased exposure and more efficient access to the private markets. We believe the model portfolio solution we're building with Partners Group will revolutionize access to private markets for wealth managers and improve portfolio outcomes for millions of households on an even bigger scale than what's been done with evergreen funds. And as long observed in markets, information about capital has become almost as important as capital itself. Our planned acquisition of Preqin is accelerating this exciting private markets data and analytics journey for BlackRock and our clients.

我們正在為財富客戶帶來私人市場。貝萊德管理超過 3000 億美元的資產，涵蓋多個模型投資組合和財富管理機構單獨管理的帳戶。這些投資組合將受益於增加的風險敞口和更有效地進入私人市場。我們相信，我們與合眾集團共同建構的模型投資組合解決方案將徹底改變財富管理機構進入私人市場的機會，並以比常青基金更大的規模改善數百萬家庭的投資組合成果。根據市場的長期觀察，有關資本的資訊幾乎變得與資本本身一樣重要。我們計劃收購 Preqin，將加速貝萊德和我們的客戶這一令人興奮的私募市場數據和分析之旅。

Our focus remains on delivering BlackRock's platform to clients through access to unique opportunities, expertise, and world-class client service. We're also moving swiftly and aggressively to position our firm to continue to achieve or exceed our 5% organic base fee growth target over the long term. We're building our mix towards higher secular growth areas like private markets, technology, whole portfolio mandates, and model portfolios. We believe this will translate to higher and more durable organic growth, greater diversification, and resilience in revenue and earnings through market cycles. Successful execution of these goals should also result in multiple expansion for our shareholders.

我們的重點仍然是透過獨特的機會、專業知識和世界一流的客戶服務向客戶提供貝萊德的平台。我們也迅速、積極地採取行動，使我們的公司能夠繼續實現或超過我們 5% 的長期有機基本費用成長目標。我們正在朝著更高的長期成長領域（例如私人市場、技術、整體投資組合要求和模型投資組合）建立我們的組合。我們相信，這將轉化為更高、更持久的有機成長、更大的多元化以及市場週期中收入和盈利的彈性。這些目標的成功執行也應該為我們的股東帶來多重擴張。

We ended the quarter with AUM near $11.5 trillion, 11.5 trillion units of trust, clients building with BlackRock. Our business tends to be seasonally strongest in the fourth quarter and we maintain line of sight into a broad, global opportunity set of new asset management and technology mandates that should fuel organic growth.

本季結束時，我們的資產管理規模接近 11.5 兆美元，信託單位為 11.5 兆，客戶與貝萊德建立了聯繫。我們的業務在第四季度往往是季節性最強的，我們將目光投向一系列廣泛的全球新資產管理和技術要求的機會，這些機會應能推動有機成長。

BlackRock generated total net inflows of $221 billion in the third quarter, representing 8% annualized organic asset growth. Third quarter revenue of $5.2 billion was 15% higher year-over-year, driven by 5% organic base fee growth, the impact of market movements on average AUM over the last 12 months, and alpha generation in our liquid alternative strategies.

貝萊德第三季淨流入總額為 2,210 億美元，相當於年化有機資產成長 8%。第三季營收為52 億美元，年增15%，這主要得益於5% 的有機基本費用成長、過去12 個月市場波動對平均資產管理規模的影響，以及我們流動性另類策略中的阿爾法生成。

Operating income of $2.1 billion was up 26% year-over-year. Earnings per share of $11.46 increased 5%, reflecting a higher tax rate compared to a year ago. Nonoperating results for the quarter included $108 million of net investment gains, driven primarily by gains linked to a minority investment and unhedged seed capital investments.

營業收入為 21 億美元，年增 26%。每股收益為 11.46 美元，成長 5%，反映出較上年同期更高的稅率。該季度的非經營業績包括 1.08 億美元的淨投資收益，主要由少數股權投資和未對沖種子資本投資相關的收益推動。

Our as-adjusted tax rate for the third quarter was 26%. The prior year quarter included $215 million of discrete tax benefits, while the third quarter of 2024 was impacted by $22 million of discrete expense. We continue to estimate that 25% is a reasonable projected tax run rate for the remainder of 2024. The actual effective tax rate may differ because of nonrecurring or discrete items or potential changes in tax legislation.

我們第三季調整後的稅率為 26%。去年同期包括 2.15 億美元的離散稅收優惠，而 2024 年第三季則受到 2,200 萬美元的離散支出的影響。我們繼續估計 25% 是 2024 年剩餘時間的合理預計稅率。

Third quarter base fee and securities lending revenue of $4 billion increased 9% year-over-year, reflecting the positive impact of market beta and foreign exchange movements on average AUM and organic base fee growth, partially offset by lower securities lending revenue. Sequentially, base fee and securities lending revenue was up 4%. On an equivalent day count basis, our annualized effective fee rate was approximately 4/10 of a basis point lower compared to the second quarter. This was due to the relative outperformance of lower fee US equity markets and client preferences for lower fee US exposures and lower securities lending.

第三季基本費用和證券借貸收入為40 億美元，較去年同期成長9%，反映出市場貝塔係數和外匯波動對平均資產管理規模和有機基本費用成長的正面影響，但部分被證券借貸收入下降所抵消。隨後，基本費用和證券借貸收入增加了 4%。以同等天數計算，我們的年化有效費率比第二季低約 4/10 個基點。這是由於費用較低的美國股票市場的相對優異表現以及客戶對費用較低的美國風險敞口和較低證券借貸的偏好。

The closing of GIP added $116 billion of client AUM and $70 billion of fee-paying AUM on October 1. We expect GIP to add approximately $250 million of management fees in the fourth quarter of 2024. The GIP portfolios contribute competitive private market fee levels that are typically over 100 basis points. They add primarily long-dated, nonredeemable assets to BlackRock's overall business, which further diversify our revenue and earnings mix. We expect these private market assets to positively impact BlackRock's overall effective fee rate by 0.5 to 1 full basis point.

10 月1 日，GIP 的交割增加了1,160 億美元的客戶AUM 和700 億美元的付費AUM。的私募市場費用水平，通常超過 100 個基點。他們主要為貝萊德的整體業務添加長期、不可贖回的資產，這進一步使我們的收入和盈利組合更加多元化。我們預計這些私募市場資產將對貝萊德的整體有效費率產生 0.5 至 1 個完整基點的正面影響。

Performance fees of $388 million increased significantly from a year ago, primarily reflecting strong alpha generation over the last 12 months from a hedge fund with an annual lock in the third quarter. Quarterly technology services revenue was down 1% compared to a year ago due to the prior year quarter revenue impact of eFront on-premises license renewals for several large clients. Excluding this impact, technology services revenue would have increased approximately 9% year-over-year.

業績費用較上年同期顯著增加 3.88 億美元，主要反映了過去 12 個月來自第三季度年度鎖定的對沖基金強勁的阿爾法生成。由於幾家大客戶的 eFront 本地授權續訂對去年同期的收入產生影響，季度技術服務收入與去年同期相比下降了 1%。排除此影響，技術服務收入將年增約 9%。

Sequentially, technology services revenue was up 2%, reflecting successful client go-lives. Annual contract value, or ACV, increased 15% year-over-year driven by sustained demand for our full range of Aladdin technology offerings. In the third quarter, a large US asset manager selected Aladdin to unify its investment management technology platform across public market asset classes. Our ACV results include the impact of this client announcement and a number of other new client mandates.

隨後，技術服務收入成長了 2%，反映出客戶的成功上線。由於對我們全系列 Aladdin 技術產品的持續需求，年度合約價值 (ACV) 年比增長 15%。第三季度，一家美國大型資產管理公司選擇阿拉丁來統一其跨公開市場資產類別的投資管理技術平台。我們的 ACV 結果包括該客戶公告和許多其他新客戶指示的影響。

Our results highlight the power of Aladdin as a unifying technology. Aladdin provides a highly scalable operating backbone to clients that's tailored to meet their needs. It enables new capabilities to drive top line business growth for clients while also unlocking scale and efficiency. Clients recognize a direct positive impact to the bottom line.

我們的結果凸顯了阿拉丁作為統一技術的力量。 Aladdin 為客戶提供了高度可擴展的營運骨幹，專為滿足他們的需求而量身定制。它使新功能能夠推動客戶的頂線業務成長，同時釋放規模和效率。客戶認識到這對利潤有直接的正面影響。

Total expense was 8% higher year-over-year, primarily driven by higher incentive compensation, G&A, and sales, asset and account expense. Employee compensation and benefit expense was up 10% year-over-year, reflecting higher incentive compensation as a result of higher performance fees and operating income. G&A expense was up 8% year-over-year, primarily due to the timing of technology spend last year and higher professional services expense. Sales, asset, and account expense increased 6% compared to a year ago driven by higher direct fund expense. Direct fund expense increased 7% year-over-year and 6% sequentially, primarily as a result of higher average ETF AUM.

總費用年增 8%，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。員工薪資和福利費用較去年同期成長 10%，反映出績效費用和營業收入增加導致激勵性薪資增加。一般管理費用年增 8%，主要是因為去年技術支出的時機和專業服務費用的增加。由於直接資金費用增加，銷售、資產和帳戶費用與去年同期相比增加了 6%。直接基金費用較去年同期成長 7%，較上季成長 6%，主要是由於平均 ETF 資產管理規模較高。

Our as-adjusted operating margin of 45.8% was up 350 basis points from a year ago, reflecting the positive impact of markets on revenue, significantly higher performance fees, and organic base fee growth. As markets improve, we've executed on our financial rubric, aligning controllable expense and organic growth, adding more resilience to our operating margin through greater variabilization of expenses, and driving fixed cost scale. This approach is yielding profitable growth and operating leverage.

調整後的營業利潤率為 45.8%，比一年前增長了 350 個基點，反映出市場對收入的正面影響、績效費用的顯著提高以及有機基本費用的成長。隨著市場的改善，我們執行了我們的財務準則，調整可控費用和有機成長，透過更大的費用可變性增加我們的營業利潤的彈性，並推動固定成本規模。這種方法正在帶來獲利成長和營運槓桿。

In line with our guidance in January and excluding the impact of Global Infrastructure Partners, Preqin, and related transaction costs, at present, we would expect our headcount to be broadly flat in 2024, and we 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、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大致持平，並且我們還預計中低個位數2024 年核心管理及行政費用增加百分比。

In line with this outlook, we would also expect Q4 core G&A to reflect execution of planned technology investment spend at levels more consistent with Q3 and seasonal increases in marketing spend. We welcomed approximately 400 new colleagues to BlackRock following the close of the GIP transaction. Inclusive of the GIP acquisition impact, at present, we'd expect full year core G&A expense growth to be closer to the high end of the previously communicated range of a low to mid-single-digit percentage increase.

根據這一前景，我們也預期第四季的核心一般管理費用將反映計畫的技術投資支出的執行情況，其水準與第三季和行銷支出的季節性成長更加一致。 GIP 交易結束後，我們迎來了大約 400 名新同事加入貝萊德。考慮到 GIP 收購的影響，目前我們預計全年核心 G&A 費用成長將接近先前通報的低至中個位數百分比成長範圍的上限。

Our capital management strategy remains, first, to invest in our business, to either scale strategic growth initiatives or drive operational efficiency and then to return excess cash to shareholders through a combination of dividends and share repurchases. At times, we may make inorganic investments where we see an opportunity to accelerate growth and support our strategic initiatives.

我們的資本管理策略仍然是，首先投資於我們的業務，擴大策略性成長計畫或提高營運效率，然後透過股利和股票回購相結合的方式將多餘現金回饋給股東。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。

At the closing of the GIP transaction, we issued and delivered approximately 6.9 million shares of BlackRock common stock, subject to a two-year lockup period. Approximately 30% of the total consideration for the transaction, or 5 million shares, is deferred and is expected to be issued in approximately five years based on achievement of certain performance milestones.

在 GIP 交易結束時，我們發行並交付了約 690 萬股貝萊德普通股，有兩年禁售期。交易總代價的約 30%（即 500 萬股）被推遲，預計將在約五年內根據某些業績里程碑的實現而發行。

We repurchased $375 million worth of common shares in the third quarter. At present, based on our capital spending plans for the year and subject to market and other conditions, we still anticipate repurchasing at least $375 million of shares in the fourth quarter, consistent with our previous guidance. At present, we expect our planned acquisition of Preqin to close around year-end 2024, subject to regulatory approvals and other customary closing conditions.

我們在第三季回購了價值 3.75 億美元的普通股。目前，根據我們今年的資本支出計劃，並根據市場和其他條件，我們仍預計第四季度回購至少 3.75 億美元的股票，這與我們先前的指導一致。目前，我們預計對 Preqin 的收購計畫將於 2024 年底左右完成，具體取決於監管部門的批准和其他慣例成交條件。

BlackRock's third quarter net inflows of $221 billion were well diversified and positive across client type, product type, active and index and regions. Momentum in our ETFs continue to build with $97 million of net inflows in the third quarter. Fixed income and core equity led net inflows of $48 billion and $32 billion, respectively. Precision ETFs had $20 billion net inflows as clients efficiently adjusted tactical portfolio allocations would tilt towards US and international developed market equities. BlackRock's cryptocurrency ETPs continue to grow and added $5 billion of net inflows in the third quarter.

貝萊德第三季淨流入 2,210 億美元，在客戶類型、產品類型、主動型和指數及地區方面實現了良好的多元化和積極性。我們的 ETF 勢頭繼續增強，第三季淨流入 9,700 萬美元。固定收益和核心股權分別引領淨流入 480 億美元和 320 億美元。由於客戶有效地調整了戰術投資組合配置，將向美國和國際已開發市場股票傾斜，因此精準 ETF 的淨流入達到 200 億美元。貝萊德的加密貨幣 ETP 持續成長，第三季淨流入增加 50 億美元。

Institutional clients continue to consolidate more of their portfolios with BlackRock, and our institutional franchise raised $56 billion of net inflows in the third quarter. Our institutional active franchise saw $27 billion net inflows primarily in fixed income and multi-asset. Flows benefited from the funding of several large insurance and pension outsourcing mandates. We also saw positive flows into systematic equity, LifePath target date offerings, and private market strategies.

機構客戶繼續將更多的投資組合與貝萊德整合，我們的機構特許經營權在第三季度籌集了 560 億美元的淨流入。我們的機構主動特許經營業務淨流入 270 億美元，主要投資於固定收益和多元資產。資金流動受益於幾項大型保險和退休金外包任務的資助。我們也看到系統性股權、LifePath 目標日期產品和私募市場策略的積極流入。

Institutional index net inflows of $29 billion reflected large mandate wins and client-specific asset allocation and rebalancing decisions. Retail net inflows of $7 billion were led by continued strength in Aperio and inflows into US active fixed income mutual funds. Fixed income flows were positive across our municipal bond, high yield, unconstrained, and total return franchises.

機構指數淨流入 290 億美元，反映出大量授權的贏得以及針對客戶的資產配置和再平衡決策。 Aperio 的持續走強以及美國主動固定收益共同基金的流入帶動了 70 億美元的零售淨流入。我們的市政債券、高收益債券、無約束債券和總回報債券的固定收益流均為正值。

Demand for our illiquid alternative strategies continued in the third quarter with $1.5 billion of net inflows driven by infrastructure and private credit. Net inflows also reflected the impact of successful realizations of over $3 billion, primarily from private equity and infrastructure strategies.

第三季對我們的非流動性另類策略的需求持續存在，基礎設施和私人信貸推動了 15 億美元的淨流入。淨流入也反映了成功實現超過 30 億美元的影響，主要來自於自私募股權和基礎設施戰略。

Finally, cash management saw net inflows of $61 billion in the quarter, driven by both US government and international prime funds and included multiple large new client mandates. Clients recognize the benefits of our scaled and integrated cash offerings, and this is contributing to sizable inflows of BlackRock.

最後，在美國政府和國際優質基金的推動下，現金管理本季淨流入 610 億美元，其中包括多個大型新客戶委託。客戶認識到我們規模化和綜合性現金產品的好處，這有助於貝萊德的大量資金流入。

BlackRock delivered one of the strongest quarterly results in our history and we're in an excellent position to grow with our clients moving ahead into the end of the year and beyond. BlackRock's historically delivered outsized organic growth in periods of investor re-risking, around election cycles, and changes in central bank policy. The fourth quarter has also been historically strong for inflows. So we're staying connected with our clients, we see significant opportunity to deepen relationships, and to grow our share. As clients increasingly turn to BlackRock, we believe this will result in sustained market-leading organic growth, differentiated operating leverage, and earnings and multiple expansion over time.

貝萊德交付了我們歷史上最強勁的季度業績之一，我們處於有利地位，可以與我們的客戶共同成長，直至年底及以後。貝萊德歷來在投資者重新承擔風險的時期、選舉週期以及央行政策變化期間實現了超大規模的有機成長。第四季的資金流入也創下歷史新高。因此，我們與客戶保持聯繫，我們看到了深化關係和擴大份額的重要機會。隨著客戶越來越多地轉向貝萊德，我們相信這將帶來持續的市場領先的有機成長、差異化的營運槓桿以及隨著時間的推移帶來的收益和倍數擴張。

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

有了這個，我會把它交給拉里。

Thank you, Martin, and good morning, everyone. Hopefully, everyone has had a good summer and a really fun fall. Last week, we happened across two milestones on the same day. We celebrated the 25th anniversary of BlackRock becoming a public company, and we closed our acquisition of Global Infrastructure Partners.

謝謝馬丁，大家早安。希望每個人都度過了一個愉快的夏天和一個非常有趣的秋天。上週，我們在同一天實現了兩個里程碑。我們慶祝了貝萊德成為上市公司 25 週年，並完成了對 Global Infrastructure Partners 的收購。

We're incredibly excited to officially welcome our GIP colleagues to the BlackRock family. We've enjoyed great connectivity with Bayo and Raj and all the GIP founding partners. And we look forward to Bayo joining our Board of Directors this quarter.

我們非常高興地正式歡迎我們的 GIP 同事加入貝萊德大家庭。我們與 Bayo 和 Raj 以及所有 GIP 創始合作夥伴保持著良好的聯繫。我們期待 Bayo 在本季加入我們的董事會。

Reflecting on these milestones and those came before, I believe our relationships with clients, with corporations and with other partners are the strongest they've ever been. The long-term connectors and our relationships span many years as holders of company debt and equity.

回顧這些里程碑以及先前的里程碑，我相信我們與客戶、企業和其他合作夥伴的關係是有史以來最牢固的。作為公司債務和股權的持有者，我們的長期聯繫和關係跨越了多年。

Our position as a consistent long-term investor differentiates us from opportunistic capital. We are not transactional. We're effectively a perpetual capital, particularly through our index holdings. Those long-standing relationships underpinned by long-term ownership positions are unlocking differentiated partnerships, especially as we expand into private markets.

我們作為堅定的長期投資者的地位使我們有別於機會主義資本。我們不是交易性的。我們實際上是一種永久資本，特別是透過我們持有的指數。這些以長期所有權地位為基礎的長期關係正在釋放差異化的合作夥伴關係，特別是當我們擴展到私人市場時。

We founded BlackRock based on our belief in the long-term growth of the capital markets and the importance of being invested in them. BlackRock has grown as the capital markets have become a bigger and bigger part of the global economy.

我們基於對資本市場長期成長的信念以及投資資本市場的重要性而創立了貝萊德。隨著資本市場在全球經濟中的比重越來越大，貝萊德也不斷發展。

In my conversations with clients and policymakers around the world, I hear how more and more countries recognize the power of American capital markets and would like to build their own type of capital markets. Record government deficits and tighter bank lending means people, companies, and countries will increasingly turn to markets to finance their retirements, their business, and their economies. The growth in prosperity generating power of the capital markets will remain a dominant economic trend in the coming decades and BlackRock will be an important player in that growth. The opportunities ahead as we have never -- are never been better than we've seen now. We see this through unique deals and partnerships with BlackRock at the center and are accelerating client activity.

在我與世界各地的客戶和政策制定者的對話中，我聽到越來越多的國家認識到美國資本市場的力量，並希望建立自己類型的資本市場。創紀錄的政府赤字和收緊的銀行貸款意味著人們、公司和國家將越來越多地轉向市場來為他們的退休生活、商業和經濟提供資金。資本市場繁榮產生力的成長仍將是未來幾十年的主導經濟趨勢，而貝萊德將成為這一成長的重要參與者。我們面臨前所未有的機會。我們透過與貝萊德為中心的獨特交易和合作夥伴關係看到了這一點，並正在加速客戶活動。

2024 net inflows have already surpassed the full year net inflows of both 2022 and 2023. The asset we manage on behalf of our clients reached a new high, ending the third quarter at $11.5 trillion. AUM has grown $2.4 trillion or 26% over the last 12 months. In that time, clients have entrusted BlackRock with $456 billion of net assets, including a record $221 billion in the third quarter. Third quarter net inflows and corresponding organic base fee growth of 5% represents our highest level in the last three years. And 15% technology services ACV growth is also at a fresh high.

2024年的淨流入已經超過2022年和2023年的全年淨流入 我們代表客戶管理的資產創下新高，截至第三季達到11.5兆美元。過去 12 個月，資產管理規模增加了 2.4 兆美元，即 26%。在此期間，客戶委託貝萊德淨資產達4,560億美元，其中第三季淨資產達到創紀錄的2,210億美元。第三季淨流入和相應的 5% 的有機基本費用成長代表了我們過去三年來的最高水準。 15% 的技術服務 ACV 成長率也創下新高。

On our earnings calls earlier this year, we discussed with our shareholders our visibility to a strong pipeline. We shared how this would lead to accelerating organic growth in the second half. And we're seeing that in our results today. We continue to grow our pipeline across the breadth of Aladdin, investment management mandates, and we expect momentum to further build into year-end and 2025.

在今年稍早的財報電話會議上，我們與股東討論了我們對強大管道的可見性。我們分享了這將如何導致下半年加速自然成長。我們在今天的結果中看到了這一點。我們將繼續在阿拉丁、投資管理任務等領域拓展我們的產品線，我們預計這一勢頭將在年底和 2025 年進一步增強。

We are effectively leveraging our technology, our scale, and our global footprint to deliver profitable growth. Quarterly revenues and operating income both set new records, up 15% and 26%, respectively, year-over-year. And our 45.8% operating margin is up 350 basis points. Importantly, organic growth has been -- has great breadth and is diversified across BlackRock.

我們正在有效地利用我們的技術、規模和全球足跡來實現獲利成長。季度營收和營業收入均創下新紀錄，年比分別成長 15% 和 26%。我們 45.8% 的營業利益率上升了 350 個基點。重要的是，整個貝萊德的有機成長具有很大的廣度和多元化。

Above the third quarter and the first nine months of 2024, flows were positive in active and index, across all asset classes, across all client types and across all regions. Actives have contributed $28 billion in the third quarter, including positive results in active equities. ETFs remain a secular growth driver, adding $97 billion of net inflows in the quarter and $248 million year-to-date. We're seeing a broadening of ETF adaptation globally, leading to increased levels of utilization, which we believe will only continue.

2024 年第三季和前 9 個月，所有資產類別、所有客戶類型和所有地區的活躍資金和指數資金流量均為正值。主動型股票第三季貢獻了 280 億美元，其中主動型股票取得了積極成果。 ETF 仍然是長期成長動力，本季淨流入增加 970 億美元，年初至今增加淨流入 2.48 億美元。我們看到全球 ETF 的適應範圍不斷擴大，從而導致利用率的提高，我們相信這種情況只會持續下去。

A number of significant whole portfolio institutional mandates funded in the quarter. And we continue to be chosen for large global solutions. Last month, we were selected as a fiduciary manager for a $30 billion Dutch pension fund with more than 30,000 members. Our performance, our technology, and our in-depth knowledge of local investment nuances increasingly make us the preferred partner for institutional clients.

本季度資助了許多重要的整體投資組合機構委託。我們繼續被大型全球解決方案選中。上個月，我們被選為一家擁有 30,000 多名會員、價值 300 億美元的荷蘭退休基金的信託經理。我們的績效、技術以及對當地投資細微差別的深入了解日益使我們成為機構客戶的首選合作夥伴。

Many investors have large cash holdings, money market industry assets are hitting new records in the quarter, including BlackRock's own cash position, which had $61 billion of net inflows. But investors will have to re-risk to meet their long-term return needs, and we see great opportunities, investors across a number of structural trends continue to build this. These include rapid advancements in technology and AI and rewiring of globalization and the unprecedented need for new infrastructure. BlackRock is exceptionally well positioned in front of that $9 trillion of money market funds across the industry as it makes its way into public and private markets.

許多投資者持有大量現金，貨幣市場產業資產在本季創下新紀錄，其中貝萊德自身的現金部位淨流入達 610 億美元。但投資者將不得不重新承擔風險，以滿足他們的長期回報需求，我們看到了巨大的機會，跨越多個結構性趨勢的投資者繼續建立這一點。其中包括技術和人工智慧的快速進步、全球化的重新佈線以及對新基礎設施的前所未有的需求。隨著貝萊德進軍公共和私人市場，在整個產業 9 兆美元的貨幣市場基金面前，貝萊德處於極為有利的地位。

We are connecting our clients to opportunities and working with them in an integrated whole portfolio lens to help them deploy their capital. We know our strategy is ambitious and our strategy is working. BlackRock has become the premier long-term capital partner across public and private markets.

我們將客戶與機會聯繫起來，並在一個整合的整體投資組合鏡頭中與他們合作，幫助他們部署資本。我們知道我們的策略雄心勃勃，而且我們的策略正在發揮作用。貝萊德已成為公共和私人市場首屈一指的長期資本合作夥伴。

Private markets are becoming increasingly important in the financing of the economy. Growing public deficits are only going to expand the role of private markets and powering economic growth. These dynamics are reshaping the landscape of how our clients invest and how they allocate capital within their portfolios.

私人市場在經濟融資中變得越來越重要。不斷增長的公共赤字只會擴大私人市場的角色並推動經濟成長。這些動態正在重塑我們的客戶如何投資以及如何在投資組合中分配資本的格局。

Throughout our history, we've never shied away from making big bets to better serve our clients. As we did when we created Aladdin, unlocking new markets through ETFs and pioneered whole portfolio advisory across active and index, we make coordinated investments to bring private market opportunities to our clients in a better way.

縱觀我們的歷史，我們從不迴避做出大賭注，以更好地服務我們的客戶。正如我們創建Aladdin 時所做的那樣，透過ETF 開拓新市場，並開創了主動型和指數型整體投資組合諮詢的先河，我們進行協調投資，以更好的方式為我們的客戶帶來私募市場機會。

By an enthusiasm for the planned integration of GIP and the closing of Preqin has exceeded our own high expectations. Our clients are excited to see how GIP and Preqin capabilities amplified by being part of BlackRock. The private markets and the clients' allocation to them will continue to grow.

對 GIP 計劃整合和 Preqin 關閉的熱情超出了我們自己的高期望。我們的客戶很高興看到 GIP 和 Preqin 的功能如何透過加入 BlackRock 來增強。私募市場及其客戶配置將持續成長。

Standardized, transparent private market data and analytics will be increasingly important. As with Aladdin, we believe we can add more value to Preqin as both a user and a provider of private market data and risk analytics. Aladdin expanded into new asset classes and markets as BlackRock and our own clients evolve, and we expect the same for Preqin.

標準化、透明的私人市場數據和分析將變得越來越重要。與 Aladdin 一樣，我們相信作為私人市場數據和風險分析的用戶和提供商，我們可以為 Preqin 增加更多價值。隨著貝萊德和我們自己的客戶的發展，阿拉丁擴展到新的資產類別和市場，我們預計 Preqin 也會如此。

The growth of private markets is underpinned by the continued rise of infrastructure. It presents a generational investment opportunity. Over the next 15 years, we'll need to invest $75 trillion to repair aging infrastructure to invest in new projects like data centers and decarbonization technology. The current cash flow inflation-protected return profile of infrastructure makes it an attractive sector for our clients. Most of them will represent investor savings for retirement.

基礎設施的持續成長支撐了私人市場的成長。它提供了一代人的投資機會。未來15年，我們需要投資75兆美元來修復老化的基礎設施，投資資料中心和脫碳技術等新項目。目前基礎設施的現金流受通貨膨脹保護的回報狀況使其成為對我們客戶有吸引力的行業。其中大部分將代表投資者的退休儲蓄。

The close of GIP, we are now offering our clients access to market-leading investment and operating expertise across infrastructure private markets. Clients will benefit from our substantial scale as the second largest private market infrastructure managers in the world with $170 billion in client assets. And we have differentiated performance. GIP brings a track record of well-timed and disciplined entries into strategic exits, having returned over $45 billion of capital to investors. With higher rates, distributions to paid-in capital are a critical measure of success and where we are an industry leader.

GIP 結束後，我們現在為客戶提供跨基礎設施私人市場的市場領先的投資和營運專業知識。客戶將受益於我們作為全球第二大私募市場基礎設施​​管理公司的龐大規模，擁有 1,700 億美元的客戶資產。我們有差異化的表現。 GIP 擁有適時且嚴格的策略退出記錄，已向投資者返還超過 450 億美元的資本。由於利率較高，實收資本的分配是成功的關鍵衡量標準，也是我們處於產業領先地位的關鍵。

The combination of BlackRock infrastructure platform with GIP is already unlocking meaningful opportunity for our clients. We recently announced our partnership with Microsoft and MGX across the global AI infrastructure investment partnership. We'll make investments in new and expanded data centers to meet growing demand for compute power. We'll also invest in energy infrastructures needed to create new sources of power for these facilities.

BlackRock 基礎設施平台與 GIP 的結合已經為我們的客戶釋放了有意義的機會。我們最近宣布與微軟和 MGX 建立全球人工智慧基礎設施投資合作夥伴關係。我們將投資新建和擴建資料中心，以滿足對運算能力不斷增長的需求。我們也將投資所需的能源基礎設施，為這些設施創造新的能源。

Mobilizing private capital to build AI infrastructures like data centers and power will unlock a multitrillion-dollar long-term investment opportunity. BlackRock is uniquely positioned at the center of this opportunity through our long-standing relationships with corporates including hyperscalers and energy suppliers and governments around the world. We look forward to be working with our stakeholders in this ecosystem to navigate opportunities and challenges while we also are delivering investment returns for our clients. This partnership is a powerful demonstration on how our expanded capabilities will enable us to do even more with our clients, investing in one of the largest growth imperatives in the coming decades.

動員私人資本建設資料中心和電力等人工智慧基礎設施將釋放數兆美元的長期投資機會。透過與世界各地的超大型企業、能源供應商和政府等企業的長期合作關係，貝萊德處於這一機會的中心。我們期待與這個生態系統中的利害關係人合作，應對機會和挑戰，同時為客戶提供投資回報。這種夥伴關係有力地證明了我們擴展的能力將如何使我們能夠與客戶一起做更多的事情，投資於未來幾十年最大的成長要務之一。

In addition to infrastructure, private credit is an important component of our clients' portfolio. We've grown our own broader private market private debt business organically and inorganically in recent years. Today, we manage over $85 billion and diversified across lending, investment-grade private placements, infrastructure and real estate debt. And we've been a top 10 fundraiser over the last decade.

除了基礎設施之外，私人信貸也是我們客戶投資組合的重要組成部分。近年來，我們有機且無機地發展了更廣泛的私人市場私人債務業務。如今，我們管理超過 850 億美元的資產，並在貸款、投資等級私募、基礎設施和房地產債務領域實現多元化。在過去的十年裡，我們一直是籌款活動的前十名。

BlackRock's nearly $4 trillion in assets across public fixed income, cash and private credit, means we both provide integrated fixed income solutions for our clients and deliverable scale benefits. Our scale enhance our proprietary deal sourcing, access to the execution of deal flow, deeper liquidity, lowering trading costs, all of which benefits each and every one of our clients.

貝萊德在公共固定收益、現金和私人信貸領域擁有近 4 兆美元的資產，這意味著我們既可以為客戶提供全面固定收益解決方案，又可以帶來規模效益。我們的規模增強了我們的自營交易採購、交易流程的執行、更深的流動性、降低了交易成本，所有這些都使我們的每位客戶受益。

Private markets have mainly been accessible to institutional investors, while private wealth holdings are underweight by comparison. For many wealth investors, the addition of private markets to the portfolio may provide diversification benefits to better returns. To help bridge this gap, we recently announced a partnership with the Partners Group to develop a first-of-its-kind private markets model portfolio solution. We believe it will transform retail access by enabling financial advisers and their clients to add broad-based exposures to the private markets, including to the BlackRock funds. We continue to innovate new investment strategies to improve private market access for our clients backed by our own investment expertise, our proprietary sourcing of deals, and our technology.

私募市場主要向機構投資者開放，而相較之下，私人財富持有量則偏低。對於許多財富投資者來說，在投資組合中加入私人市場可能會帶來多元化的好處，從而獲得更好的回報。為了幫助彌補這一差距，我們最近宣布與 Partners Group 合作開發首個私募市場模式投資組合解決方案。我們相信，它將透過使財務顧問及其客戶能夠增加對私人市場（包括貝萊德基金）的廣泛投資來改變零售通路。我們不斷創新新的投資策略，以我們自己的投資專業知識、專有的交易來源和技術為後盾，改善客戶的私募市場准入。

As market complexities and opportunities grow, clients need to scale enablers like Aladdin. Clients use Aladdin to consolidate a patchwork of legacy technologies, resulting in greater and better business agility and resilience. It combines risk management, the investment book of record, its performance, its accounting, its risk, and data all in one platform. Client's research shows that Aladdin's scalable capabilities allow clients to grow faster, operate more efficiently, better risk management with our technology spend over the long term.

隨著市場複雜性和機會的增加，客戶需要擴展像阿拉丁這樣的推動者。客戶使用 Aladdin 來整合各種遺留技術，從而實現更大更好的業務敏捷性和彈性。它將風險管理、投資記錄、績效、會計、風險和數據整合在一個平台上。客戶的研究表明，阿拉丁的可擴展能力使客戶能夠透過我們的長期技術支出更快地發展、更有效率地運作、更好的風險管理。

The power of Aladdin is resonating with both asset owners and managers. The ACV growth reflected several significant client mandates including a large public asset manager and one of our largest Aladdin assignments ever. Aladdin is core to the consistent performance our portfolio managers deliver for clients. We leverage our investment insights and technology to bring the performance they demand and deserve.

阿拉丁的力量引起了資產所有者和管理者的共鳴。 ACV 的成長反映了幾項重要的客戶委託，包括一家大型公共資產管理公司和我們有史以來最大的阿拉丁任務之一。阿拉丁是我們的投資組合經理為客戶提供一致績效的核心。我們利用我們的投資見解和技術來為他們帶來所需和應得的績效。

Flows into BlackRock Active strategies accelerated in the third quarter with $28 billion of net inflows, bringing our year-to-date total of $39 billion. This includes demand for active equities led by our high-performing quant strategies, where more than 90% of the AUM is above the one-, three- and five-year period.

第三季度，貝萊德主動策略的資金流入加速，淨流入達 280 億美元，今年迄今的淨流入總額達 390 億美元。這包括由我們的高效能量化策略主導的主動股票的需求，其中超過 90% 的 AUM 高於一年、三年和五年期。

Across asset classes, investment performance remains strong over the long run. This is resonating in our active flows, in our liquid performance fees and performance positions us well for future growth. Index ETFs are increasingly being used within active management, and the ETF structure is being used to pair the alpha generation of leading investors with the liquidity, tax efficiency, and transparency offered by ETFs. These dynamics are contributing to client demand globally for iShares ETFs.

從長遠來看，各資產類別的投資表現依然強勁。這在我們的活躍流量、我們的流動績效費和績效中產生了共鳴，使我們為未來的成長做好了準備。指數 ETF 越來越多地在主動管理中使用，ETF 結構被用來將領先投資者的阿爾法世代與 ETF 提供的流動性、稅收效率和透明度結合起來。這些動態正在促進全球客戶對 iShares ETF 的需求。

BlackRock generated in the third quarter ETF net inflows of $97 billion. ETF flows were positive across all segments and major regions, including double-digit organic growth in Europe. There's more to come with the fourth quarter, which typically brings our seasonally strongest period of the year. Our iShares fixed -- ETF platform recently crossed $1 trillion in assets and stand-alone, it would be a top five bond manager by itself.

貝萊德第三季ETF淨流入達970億美元。所有細分市場和主要地區的 ETF 流量均為正值，其中歐洲實現了兩位數的有機成長。第四季還會有更多的事情發生，這通常會帶來一年中季節性最強的時期。我們的 iShares 固定 ETF 平台最近資產規模突破了 1 兆美元，如果單靠它的話，它將成為排名前五的債券管理公司。

Assets have nearly doubled over the last five years. All of that growth has been organic and mostly in a flat to down fixed income beta environment. A more normalized relatively high-rate environment has the potential to encourage investors back even more into fixed income.

過去五年，資產幾乎翻了一番。所有這些成長都是有機的，而且大部分是在固定收益貝塔值持平或下降的環境中實現的。更正常化的相對高利率環境有可能鼓勵投資者更多地回歸固定收益領域。

We continue to innovate in our exchange-traded products to provide better access to markets. This quarter, we launched our Ethereum ETF, which has garnered more than $1 billion of net inflows in the first two months of trading and follows the successful launch of our Bitcoin product, which has now grown to $23 billion in its first nine months. And we will continue to pioneer new products to be making investing easier and more affordable.

我們不斷創新我們的交易所交易產品，以提供更好的市場准入。本季度，我們推出了以太坊ETF，在成功推出比特幣產品後，該產品在前兩個月的交易中就獲得了超過10 億美元的淨流入，目前該產品在前9 個月已增長至230 億美元。我們將繼續開拓新產品，讓投資更容易、更實惠。

On October 1, 1999, BlackRock listed on the New York Stock Exchange for $14 a share. Today, we're trading somewhere around $960. When we went public, it was with a belief in the importance of growth and the depth of the global capital markets. We wanted to share our success with a broader population of people investing for the future, including our employees, that all still holds true today.

1999年10月1日，貝萊德以每股14美元的價格在紐約證券交易所上市。今天，我們的交易價格約為 960 美元。當我們上市時，我們相信成長的重要性和全球資本市場的深度。我們希望與更廣泛的為未來投資的人們（包括我們的員工）分享我們的成功，這一切在今天仍然適用。

Our relentless focus on clients, having a growth mindset, and a willingness to change and evolve has generated a compounded annual total return of over 20% for our shareholders since our IPO 25 years ago. BlackRock has exceeded the total return of the S&P 500 in 19 of those 25 years, representing a business model to serve all our stakeholders.

自 25 年前首次公開募股以來，我們對客戶的不懈關注、成長心態以及變革和發展的意願為我們的股東帶來了超過 20% 的複合年總回報。在這 25 年中，貝萊德的總回報有 19 年超過了標準普爾 500 指數，代表了為所有利害關係人服務的商業模式。

We are better positioned than ever to serve our clients and to deliver growth for our shareholders in the years to come. I've never felt more optimistic in our positioning as I do today, even after 25 years of being a public firm and 37 years of being a firm. I want to thank all the BlackRock employees for their commitment to upholding our culture and serving our clients with excellence. And again, we welcome our new colleagues from -- and clients from GIP.

我們比以往任何時候都更有能力為客戶服務，並在未來幾年為股東帶來成長。即使在成為一家上市公司 25 年和成為一家公司 37 年之後，我也從未像今天這樣對我們的定位感到如此樂觀。我要感謝所有貝萊德員工致力於維護我們的文化並為客戶提供卓越的服務。我們再次歡迎來自 GIP 的新同事和客戶。

Operator, let's open it up for questions.

接線員，讓我們打開提問吧。

(Operator Instructions) Craig Siegenthaler, Bank of America.

（操作員說明）Craig Siegenthaler，美國銀行。

Hey, Craig.

嘿，克雷格。

Hey. Good morning, Martin. Hope everyone's doing well. So my question is on the net flow trajectory. From your broad-based client conversations and your current institutional and funded wind pipeline, do you expect the acceleration re-risking activity continue into next year, post the election? And if your long-term net flow strengthen or stay strong given that they're already pretty strong in the third quarter, should we expect any outflows in your money market business, which I know might be somewhat protected given the institutional scale?

嘿。早安，馬丁。希望每個人都一切順利。所以我的問題是關於淨流量軌跡。從您廣泛的客戶對話以及您目前的機構和資助的風電管道來看，您是否預計加速再風險活動會持續到明年，選舉後？如果您的長期淨流量加強或保持強勁，因為它們在第三季度已經相當強勁，我們是否應該預期您的貨幣市場業務出現任何流出，我知道考慮到機構規模，貨幣市場業務可能會受到一定程度的保護？

Thanks, Craig, for the question. So new inflows are strong, as you said, very healthy on any and all of the measures we track. No question, Craig, we're winning share with our clients. The $221 billion of Q3 flows, they showed great breadth across the business, positive flows in US active fixed income mutual funds, systematic equity, LifePath target date. Larry talked about just our long-term active business really shows resilience since 2019. I think we've had positive active flows in 18 of 23 quarters. So we just continue to have a very strong flow performance, 25% higher than full year Q3, and we still have this seasonally strong Q4 ahead. So we feel like a very healthy trajectory on asset growth. It's an affirmation for us that we're focused on the right things with clients.

謝謝克雷格的提問。因此，正如您所說，新的資金流入非常強勁，對於我們追蹤的任何和所有指標都非常健康。毫無疑問，克雷格，我們正在贏得客戶的份額。第三季的 2,210 億美元資金流顯示出整個業務的巨大廣度、美國主動固定收益共同基金、系統性股票、LifePath 目標日期的積極資金流。 Larry 談到，自 2019 年以來，我們的長期活躍業務確實表現出了彈性。因此，我們繼續擁有非常強勁的流量表現，比全年第三季高出 25%，並且我們仍然面臨季節性強勁的第四季。因此，我們感覺資產成長的軌跡非常健康。這對我們來說是一種肯定，表明我們專注於與客戶一起做正確的事情。

And I think for where we are in the cycle, BlackRock has always been a meaningful outperformer in rerisking period. So going back to previous election cycles or central bank action. If you look at BlackRock, we had outsized upside capture if that was in 2017, '18, '21, and we saw a very strong organic asset growth as well as organic base fee growth that was over our long-term targets. So we see that the market, and we think the world is lining up for that with our clients.

我認為，就我們所處的周期而言，貝萊德在再風險時期一直是一個有意義的跑贏大盤的公司。那麼回到之前的選舉週期或央行行動。如果你看看貝萊德，如果是在2017 年、18 年、21 年，我們就獲得了巨大的上行空間，並且我們看到了非常強勁的有機資產增長以及有機基本費用增長，超出了我們的長期目標。因此，我們看到了這個市場，我們認為世界正在與我們的客戶一起排隊。

And then with respect to money markets, our business is largely institutional. It's been very durable. The $61 billion of flows that's come there, I think, have been good. The trajectory has been very strong this year. I think, Craig, when we look at it, our money market fund business is at $850 billion today. It's nearly 70% bigger than it was five years ago. Cash is a meaningful part of client portfolios, but we're seeing that sort of return to fixed income as well, which has been good for the flow trajectory.

然後就貨幣市場而言，我們的業務主要是機構性的。它非常耐用。我認為，流入那裡的 610 億美元資金是不錯的。今年的發展軌跡非常強勁。克雷格，我認為，當我們審視這一點時，我們的貨幣市場基金業務如今已達到 8,500 億美元。它比五年前大了近 70%。現金是客戶投資組合的重要組成部分，但我們也看到了固定收益的回報，這對資金流動軌跡有利。

I would just add one thing is as the global capital markets become a larger player in the economic activity here in other places in the world, the opportunity for us and our positioning for us is fantastic. And that will allow the backdrop for better flows, more -- and more exciting opportunities.

我只想補充一件事，隨著全球資本市場在世界其他地方的經濟活動中發揮更大的作用，我們的機會和我們的定位都非常好。這將為更好的流動、更多、更令人興奮的機會提供背景。

Michael Cyprys, Morgan Stanley.

麥可‧賽普里斯，摩根士丹利。

Hey. Good morning.

嘿。早安.

Hi, Michael.

嗨，邁克爾。

Hey. Congratulations on the strong quarter here. And great to see the meaningful operating leverage as well in the quarter. So just curious how you're pacing investment spend here into '25? How is that evolving? And what are some of the levers to drive margin in the 12 to 18 months? Maybe you can update us on where you are along the journey of variabilizing your expenses?

嘿。恭喜本季的強勁表現。很高興看到本季有意義的營運槓桿。所以只是好奇您如何調整 25 世紀的投資支出？這是如何演變的？在 12 至 18 個月內，有哪些槓桿可以提高利潤率？或許您可以向我們介紹您在調整開支過程中的進度嗎？

Thanks, Mike. I appreciate. It's Martin. So just that contextually, right, our approach to shareholder value creation is to generate industry-leading differentiated organic growth to drive operating leverage and industry-leading margins and to execute on a consistent capital management strategy. We've got a strong track record at BlackRock of investing in the business for growth and scale while also expanding profitability. It's not just about growth. It's about profitable growth over the long term.

謝謝，麥克。我很欣賞。是馬丁。因此，就具體情況而言，我們創造股東價值的方法是產生行業領先的差異化有機成長，以提高營運槓桿和行業領先的利潤率，並執行一致的資本管理策略。貝萊德在投資業務以實現成長和規模化同時擴大獲利能力方面擁有良好的記錄。這不僅僅是成長的問題。這是關於長期獲利成長的。

And so our growth comes from being very disciplined in making and managing continued investments in our business. We've dubbed this our financial rubric, which I mentioned. We size our operating investments in line with a prudent lens on organic growth potential. We're aiming to put more flexibility in our cost base and variabilizing more expenses where we can, and we've made a lot of progress there. And most importantly, we're looking to generate fixed cost scale, especially through investments in technology. We've got a consistent track record of delivering industry-leading margins and improving them.

因此，我們的成長來自於對我們業務的持續投資的嚴格遵守和管理。正如我所提到的，我們稱之為我們的財務準則。我們根據有機成長潛力的審慎視角來調整營運投資規模。我們的目標是讓我們的成本基礎更加靈活，並盡可能調整更多費用，我們已經在這方面取得了巨大進展。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。我們在提供業界領先的利潤率和提高利潤率方面擁有一貫的記錄。

And I'd say the scale indicators, they're really coming through the results. We generated 350 basis points of margin expansion year-over-year, while operating income rose 26%. And since the end of '22, BlackRock assets under management are up $3 trillion, while headcount is broadly flat. So we're delivering the benefits of scale and productivity, which is showing in our margin expansion. We continue to believe that technology, automation from foot printing are the major levers there for us to continue to drive that margin expansion.

我想說的是規模指標，它們確實是透過結果來體現的。我們的利潤率年增 350 個基點，營業收入成長 26%。自 22 世紀末以來，貝萊德管理的資產增加了 3 兆美元，而員工人數基本上持平。因此，我們正在提供規模和生產力的好處，這在我們的利潤率擴張中得到了體現。我們仍然相信，科技、足跡列印自動化是我們繼續推動利潤率擴張的主要槓桿。

And the last thing I'd say is just market movements. Market movements beta, that's our highest margin item, both when markets move meaningfully up or down. And we continue to see conditions for reasonably positive growth in the markets over the near to intermediate term. So we believe we can continue to invest to accelerate organic growth and deliver margin expansion using this financial rubric that we've laid out.

我要說的最後一件事就是市場走勢。市場走勢貝塔值是我們保證金最高的項目，無論是當市場大幅上漲或下跌時。我們持續看到市場在中短期內出現合理正成長的條件。因此，我們相信我們可以繼續投資，以加速有機成長，並利用我們制定的財務標準來實現利潤率擴張。

Alex Blostein, Goldman Sachs.

亞歷克斯·布洛斯坦，高盛。

Hello, Laurence and Martin. Good morning. Question for you guys on private markets. There's a couple of topics, but maybe starting with GIP, helpful to maybe just to get a mark-to-market on some of the financial elements. I know Martin, you talked about $250 million, I think, in management fee in the fourth quarter. Can you talk a little bit about how you see that evolving into 2025? What are some of the kind of fund flow dynamics on the legacy GIP side? And what are some of the things that you guys are working with them together? And also, if you could just remind us what the operating margin on that business is as well out of the gate as well. Thanks.

你好，勞倫斯和馬丁。早安.關於私人市場的問題。有幾個主題，但也許從 GIP 開始，可能有助於在某些金融要素上按市值計價。我知道馬丁，你談到了第四季管理費 2.5 億美元。能談談您對 2025 年的發展有何看法嗎？傳統 GIP 方面的資金流動動態有哪些？你們正在與他們一起合作哪些事情？另外，您能否提醒我們該業務的營業利潤率也是多少？謝謝。

Thanks, Alex. So just the closing of GIP, it's a great milestone in BlackRock's history. We're really excited to welcome over 400 new colleagues to welcome the leadership team, Bayo, Raj, Michael, John, everybody. Our clients are excited. The consultants that we've been working with are excited. The corporate partners are excited. So we're really eager to partner on this new platform. And the reception, as Larry mentioned, has been overwhelmingly positive.

謝謝，亞歷克斯。因此，GIP 的結束，是貝萊德歷史上的一個重要里程碑。我們非常高興地歡迎 400 多名新同事，歡迎領導團隊，Bayo、Raj、Michael、John 等大家。我們的客戶很興奮。與我們合作的顧問都很興奮。企業夥伴興奮不已。因此，我們非常渴望在這個新平台上進行合作。正如拉里所提到的，反應非常積極。

For us, this is a revenue growth story. This is about expanding capabilities. We're working to unlock substantial growth synergies across origination, capital formation, and platform scale. We're seeing excellent momentum in fundraising for -- across the platform at GIP, at BlackRock and have, I'd say, really strong ambitions especially around the AI innovation fund that Larry mentioned.

對我們來說，這是一個收入成長的故事。這是關於擴展能力。我們正在努力在發起、資本形成和平台規模方面釋放巨大的成長協同效應。我們在 GIP 和貝萊德的整個平台上看到了良好的籌款勢頭，而且我想說，我們有非常強大的雄心，特別是圍繞著拉里提到的人工智慧創新基金。

As I mentioned on the call, in my earlier remarks, we're consolidating $116 billion of GIP AUM -- client AUM, $70 billion of fee-paying AUM. We're doubling private markets run rate management fees at BlackRock in the transaction, think about GIP adding, as we said on the call, annualized north of $400 million of earnings at sort of 50%-ish margins. $250 million in management fees, we expect to come in the fourth quarter. So I'd model sort of $1 billion of fees with an FRE margin north of 50% when we think about 2025 in terms of GIP.

正如我在電話會議上提到的，在我之前的演講中，我們正在整合 1,160 億美元的 GIP AUM（客戶 AUM），以及 700 億美元的付費 AUM。在此次交易中，我們將貝萊德的私募市場運行費率管理費提高了一倍，想想GIP，正如我們在電話會議上所說，年化收益超過4 億美元，利潤率為50%左右。我們預計第四季將產生 2.5 億美元的管理費。因此，當我們考慮 2025 年的 GIP 時，我會建立 10 億美元的費用模型，其中 FRE 利潤率超過 50%。

Dan Fannon, Jefferies.

丹‧範農，傑弗里斯。

Hi, Dan.

嗨，丹。

Sorry, can you hear me?

抱歉，你聽得到我說話嗎？

Yes, we can now, Dan.

是的，我們現在可以了，丹。

Okay. Great. Sorry about that. I was hoping you could discuss your appetite for additional M&A? And what constraints you have financially, but more importantly, as a management team to appropriately integrate the recent deals and really maximize the opportunity you have with these transactions?

好的。偉大的。對此感到抱歉。希望您能討論一下您對額外併購的興趣嗎？您在財務上有哪些限制，但更重要的是，作為管理團隊，如何適當地整合最近的交易並真正最大限度地利用這些交易的機會？

All right. Thanks so much for the question. As I said, we're really excited for our clients about GIP and Preqin. This is a meaningful acceleration in our private markets' capabilities. And I think just as I mentioned in the last question, it's a major financial contributor for BlackRock. But it's going to take some work to integrate well and realize the planned synergies of this transaction. So right now, we're very focused on integrating GIP and closing Preqin, and we're focused on delivering a great integration experience for clients and employees.

好的。非常感謝您的提問。正如我所說，我們對 GIP 和 Preqin 的客戶感到非常興奮。這是我們私人市場能力的有意義的加速。我認為正如我在上一個問題中提到的，它是貝萊德的主要財務貢獻者。但要很好地整合並實現本次交易計劃中的協同效應，還需要一些工作。所以現在，我們非常專注於整合 GIP 和關閉 Preqin，並且我們專注於為客戶和員工提供出色的整合體驗。

We've always thought of making organic and inorganic investments in our business, and inorganic is a tool that we have in order to optimize organic growth, but we don't need M&A to meet our organic growth targets. Look at this quarter, we've hit our 5% organic base fee growth target, and we see excellent momentum. So we'll continue to be prudent with our capital and financial position. And consistent with our long-term approach, we'll evaluate inorganic opportunities that have the benefit for our clients and shareholders. We're always going to be very rigorous and selective in those criteria and entertain possibilities that have clear alignment with our culture, strategy, and long-term organic growth.

我們一直在考慮對我們的業務進行有機和無機投資，無機投資是我們優化有機成長的工具，但我們不需要併購來實現我們的有機成長目標。看看本季度，我們已經實現了 5% 的有機基本費用成長目標，並且我們看到了良好的勢頭。因此，我們將繼續對我們的資本和財務狀況保持謹慎。根據我們的長期方針，我們將評估對我們的客戶和股東有利的無機機會。我們始終對這些標準非常嚴格和有選擇性，並考慮與我們的文化、策略和長期有機成長明確一致的可能性。

We have great capabilities here, Dan. So across infrastructure now, we've got $170 billion platform. We have an $85 billion private credit platform. We have a huge opportunity to grow inorganically in private credit with our insurance clients. We're the largest core fixed income manager in the world for insurance companies with -- organic. We're the largest organic opportunity to grow organic opportunity to grow with our insurance clients. We manage $700 billion of insurance company general account assets for them. So if you think about the conversations we're having with CIOs to integrate our private credit capabilities into that GA, if we can just flip 7 -- if we can flip 10% of the $700 billion into private credit strategies, that's $70 billion of opportunity sitting with existing clients with the capabilities that we have today.

丹，我們這裡有很強的能力。因此，現在在基礎設施方面，我們擁有價值 1700 億美元的平台。我們擁有價值 850 億美元的私人信貸平台。我們有巨大的機會與保險客戶一起在私人信貸領域實現無機成長。我們是世界上最大的保險公司核心固定收益管理公司，擁有有機的。我們是最大的有機機會，可以與我們的保險客戶一起成長。我們為他們管理 7000 億美元的保險公司普通帳戶資產。因此，如果你考慮我們與資訊長進行的對話，將我們的私人信貸能力整合到GA 中，如果我們可以翻轉7，如果我們可以將7000 億美元中的10% 翻轉到私人信貸策略中，那就是700 億美元與現有客戶一起利用我們今天擁有的能力的機會。

Glenn Schorr, Evercore.

格倫·肖爾，Evercore。

Hi, Glenn.

嗨，格倫。

Hi. Thank you very much. So I think we're all pretty impressed with the broad growth that you keep putting up and huge margins, too. So I want a high-level question, you mentioned the word multiple expansion once or twice during the conversation, and just I think earnings growth needs to be part of the equation too. And you have strong growth in everything. You have big margins. I'm just curious why 5% EPS growth this quarter. Should we expect these initiatives as they layer in and you consistently hit the targets to actually bring the earnings growth along with it, too. I appreciate that. Thanks.

你好。非常感謝。因此，我認為我們都對你們持續實現的廣泛成長和巨大利潤印象深刻。所以我想問一個高層次的問題，您在談話中提到了「倍數擴張」這個詞一兩次，我認為獲利成長也需要成為方程式的一部分。而且你在各方面都有強勁的成長。你有很大的利潤。我只是好奇為什麼本季每股收益成長 5%。我們是否應該預期這些措施層層落實，並且持續實現目標，從而真正帶來收益成長？我很欣賞這一點。謝謝。

Thanks so much for the question, Glenn. So we're focused on driving differentiated organic growth, meeting our 5% organic growth targets through the cycle, driving operating leverage. And as you said, I think you see those results very much coming through. We think if we are able to drive 5% organic growth, continue to execute on this financial rubric I laid out, we should be able to drive industry leading margins and margin expansion and double-digit EPS growth.

非常感謝你的提問，格倫。因此，我們專注於推動差異化的有機成長，在整個週期中實現 5% 的有機成長目標，從而提高營運槓桿。正如您所說，我認為您已經看到了這些結果。我們認為，如果我們能夠推動 5% 的有機成長，繼續執行我制定的財務準則，我們應該能夠推動行業領先的利潤率和利潤率擴張以及兩位數的每股收益成長。

I think in the quarter, I mentioned our effective tax rate was 26% in the quarter. And that's the main driver between some of that lighter EPS here was the $22 million of discrete expense that we had in this quarter versus the $215 million of benefit that we had last year from discreets.

我想在本季度，我提到我們本季的有效稅率是 26%。這是每股收益減少的主要驅動因素，本季我們有 2,200 萬美元的離散支出，而去年我們從離散支出中獲得了 2.15 億美元的收益。

Brian Bedell, Deutsche Bank.

布萊恩·比德爾，德意志銀行。

Hi, Brian.

嗨，布萊恩。

Great. Thanks. Hi, good morning. Congrats on a great quarter. Maybe just back to the 5% organic base fee growth and maybe a different angle on this in terms of the fee rate. Obviously, the rate's going up with the GIP acquisition of that 0.5 to 1 basis point. Do you feel better now than you have maybe in a long time on the potential for the fee rate to either be stable or even move up sequentially in the next several years versus the fee pressure that you've seen?

偉大的。謝謝。嗨，早安。恭喜您度過了一個出色的季度。也許只是回到 5% 的有機基本費用成長，也許在費率方面有不同的角度。顯然，隨著 GIP 獲得 0.5 至 1 個基點，利率將會上升。與您所看到的費用壓力相比，您現在對費率在未來幾年內保持穩定甚至連續上升的潛力是否比很長一段時間內感覺更好？

And I know that's all been due to mix in the past. But now the composition of your future organic growth seems to be tilted more towards the private markets, towards higher fee products versus obviously some of the lower mandates that you've been bringing in and also the core iSeries -- iShares, of course, your iShares, sorry. So bottom line is, do you feel better about that fee rate growth potential? And maybe if you can just touch on the model portfolios partnership as well in terms of the organic growth potential there.

我知道這都是過去的混合造成的。但現在，你們未來的有機成長的組成似乎更傾向於私人市場、更高費用的產品，而不是你們一直引入的一些較低的要求以及核心 iSeries——當然，你們的 iShares。所以底線是，您對費率成長潛力感覺更好嗎？也許您也可以談談模型投資組合合作夥伴關係以及那裡的有機成長潛力。

Absolutely. Thanks so much for the question. So we generated 5% annualized organic base fee growth in the quarter. So 5% annualized organic base fee growth. We're excited about that. Continue to see great momentum just in our organic growth. We're growing revenues and operating income at double-digit rates and expanding margin. Average AUM growth was 18% higher than base fee growth and that was mainly due to relative outperformance of lower fee rate US equities or what you all in our analyst community would call divergent beta. So spot AUM of $11.5 trillion ended the quarter about 4% higher than average AUM. And so our annualized effective fee rate was approximately 4/10 of a basis points lower sequentially.

絕對地。非常感謝您的提問。因此，我們在本季實現了 5% 的年化有機基本費用成長。因此，年化有機基本費用增加 5%。我們對此感到興奮。我們的有機成長持續保持強勁勢頭。我們的營收和營業收入以兩位數的速度成長，利潤率不斷擴大。平均資產管理規模成長比基本費用成長高出 18%，這主要是由於較低費率的美國股票的相對優異表現，或是我們分析師社群中大家所說的「分歧貝塔」。因此，本季末現貨資產管理規模為 11.5 兆美元，比平均資產管理規模高出約 4%。因此，我們的年化有效費率比上一季降低了約 4/10 個基點。

More macro just on the fee rate. On our AUM, the fee rate, it's a backward-looking output basically of the mix of the stock of assets that we manage and net new flows and net new fields on the fee rate. It's primarily affected by beta and FX and also by organic growth. And so over more recent periods, US public equity markets, which are a lower fee rate segment, they've grown faster than international equities, and that's been a driver of these fee rate trends on our platform. And in those environments, strong US equities, also the new base fee growth tends to occur at relatively lower fields to international or EM equities.

更宏觀的是費率。就我們的 AUM（費率）而言，它是一種向後看的產出，基本上是我們管理的資產存量以及費率上的淨新流量和淨新領域的組合。它主要受貝塔和外匯以及有機成長的影響。因此，在最近一段時間裡，美國公共股票市場（費率較低的部分）的成長速度快於國際股票，這一直是我們平台上這些費率趨勢的驅動力。在這些環境下，強勁的美國股市以及新的基本費用成長往往發生在相對國際或新興市場股市較低的領域。

Fee rate for us, it's primarily an output. It's not the basis or driver of the strategy. We're focused on meeting client needs across the whole portfolio. We're focused on technology. We're focused on driving organic growth in the most efficient way possible. But I do think you're grabbing on the point that we see, which is, as we grow our private markets business, and we're going to go from $170 billion of client AUM with GIP to, call it, $285 billion of client AUM. As we grow our private markets business, we would expect to see positive leverage to base fee revenue. We'd expect to see positive leverage to average fee rates and organic growth over time.

對我們來說，費率主要是一種產出。它不是戰略的基礎或驅動力。我們專注於滿足整個產品組合中的客戶需求。我們專注於技術。我們致力於以最有效的方式推動有機成長。但我確實認為你抓住了我們所看到的一點，那就是，隨著我們私人市場業務的發展，我們的 GIP 客戶資產管理規模將從 1700 億美元增加到 2850 億美元資產管理規模。隨著我們私人市場業務的發展，我們預期基本費用收入將出現正面的槓桿作用。我們預計隨著時間的推移，平均費率和有機成長將發揮積極作用。

Going into Q4, ex-GIP, we'd expect the entry rate to be flat. And as I noted, consolidation of the GIP portfolios into our business is expected to lift the fee rate by about 0.5 to 1 full basis point. So in the longer term, as we see illiquids in private markets is a bigger contributor to our business mix, we would expect that to have positive leverage on the fee rate.

進入第四季度，除 GIP 外，我們預計進入率將持平。正如我所指出的，將 GIP 投資組合整合到我們的業務中預計將使費率提高約 0.5 至 1 個完整基點。因此，從長遠來看，由於我們看到私募市場的流動性不足對我們的業務組合做出了更大的貢獻，我們預計這將對費率產生積極的影響。

Bill Katz, TD Cowen.

比爾·卡茨，TD·考恩。

Okay. Thank you very much.

好的。非常感謝。

Hi, Bill.

嗨，比爾。

Good morning, everybody. Happy anniversary.

大家早安。週年快樂。

Thank you.

謝謝。

I think I was there at the beginning, had to say. Indeed, I remember that meeting like was yesterday. So a question for you. I was very intrigued by your statement about revolutionizing the wealth management opportunity. I was wondering if you could maybe unpack that a little bit. I think you mentioned that the whole portfolio opportunity could be better than everything on the evergreen side to date. And just wondering if you could expand your thinking a little bit, just so we get a sense of the magnitude and the opportunity and maybe any go-to-market strategy we should be thinking about as we look into the new year? Thank you.

我想我一開始就在那裡，不得不說。確實，我記得那次見面就像昨天一樣。所以有個問題想問你。我對您關於徹底改變財富管理機會的說法非常感興趣。我想知道你是否可以稍微解開一下。我想你提到整個投資組合機會可能比迄今為止常青樹的所有機會都要好。只是想知道您是否可以擴展一下您的想法，以便我們了解其規模和機會，以及在展望新的一年時我們應該考慮的任何進入市場策略？謝謝。

Thanks, Bill, very much. Very much appreciate the question. So we have strong relationships in wealth and retail markets across the globe. Our aims to help wealth managers build long-term portfolios that blend public and private markets exposures. I think if you go back to the last several investor days we've had, we've talked about building the -- we're talking about building the portfolio of the future for wealth managers, which is digitally enabled, it's public-private. And this market, I think, is still very early. Retail allocation to private markets still remains in low single digits.

非常感謝，比爾。非常感謝這個問題。因此，我們在全球財富和零售市場擁有牢固的關係。我們的目標是幫助財富管理機構建立整合公共和私人市場風險的長期投資組合。我想，如果你回顧我們過去的幾個投資者日，我們討論過建立財富管理機構未來的投資組合，這是數位化的，是公私合營的。我認為這個市場還處於早期階段。私人市場的零售配置仍維持在較低的個位數。

Just on capabilities for us here. We have a great established leading franchise in retail liquid alternatives. We've got over $40 billion of assets here across merger arb, systematic, multi-strategy, commodity exposures. We've had a lot of success in bringing retail alts to retirement in the UK and Europe through the LTIP and LTAP restructures. We've been building out our evergreen and credit interval funds here in the United States. We have a credit strategy -- fund credit. We have a nontraded credit BDC B debt, which are combined to be over $1 billion today. BDC's well placed for RIAs, independent broker-dealers, offshore wealth and We think this can be a strong grower for us.

只是我們這裡的能力。我們在零售液體替代品領域擁有領先的特許經營權。我們在這裡擁有超過 400 億美元的資產，涵蓋併購套利、系統性、多策略、大宗商品風險敞口。透過 LTIP 和 LTAP 重組，我們在英國和歐洲的零售替代品退休方面取得了巨大成功。我們一直在美國建立常青基金和信用區間基金。我們有一個信貸策略—基金信貸。我們有非交易信用 BDC B 債務，目前總計超過 10 億美元。 BDC 在 RIA、獨立經紀自營商、離岸財富方面處於有利地位，我們認為這對我們來說是一個強勁的成長者。

But as you said, longer term, our aspiration is to integrate semi-liquid products into our over $300 billion managed models and SMAs. That would be the most significant unlock and we feel competitive advantage we have. It's at the heart of the models venture that we've entered into with Partners Group. But I'd say it's consistently. It's part of the partnerships we have with Envestnet, with GOL, with iCapital, with Case, with Vestmark. Our goal is to make model portfolios seamless in terms of public-private in the same way we've been able to do that in the same way that we've been able to do that with ETF and mutual fund active model portfolio. So we have a lot more work to do on that, but we're excited about the opportunity.

但正如您所說，從長遠來看，我們的願望是將半流動產品整合到我們價值超過 3000 億美元的管理模型和 SMA 中。這將是最重要的解鎖，我們覺得我們擁有競爭優勢。它是我們與 Partners Group 合作的模型合資企業的核心。但我想說的是，這是一致的。這是我們與 Envestnet、GOL、iCapital、Case 和 Vestmark 合作的一部分。我們的目標是使模型投資組合在公私方面無縫銜接，就像我們在 ETF 和共同基金主動模型投資組合中所做的那樣。因此，我們還有很多工作要做，但我們對這個機會感到興奮。

Bill, let me add more to that answer. As we believed when we acquired BGI that ETFs would become the instrument of so much of the activity on -- in the capital market, and it's certainly been that way. Even in 2012, when we said ETFs are going to be expanding heavily in fixed income, to the surprise of so many people, and we crossed $1 trillion of that.

比爾，讓我在這個答案中添加更多內容。當我們收購 BGI 時，我們相信 ETF 將成為資本市場上眾多活動的工具，而事實也確實如此。即使在 2012 年，當我們表示 ETF 將在固定收益領域大幅擴張時，令許多人感到驚訝的是，我們的規模已經突破了 1 兆美元。

What we are seeing now in private markets' a blending of public and private, and that's going to continue to blend. Institutional clients are going to be looking at measurements of liquidity and they're going to be trading in between public and privates, and that will become the new domain. And so we're not going to look at private markets in the same way like -- we're not going to say they're alternatives. They're just part of the marketplace itself.

我們現在在私人市場上看到的是公共和私人市場的混合，而且這種混合還會繼續下去。機構客戶將專注於流動性的衡量標準，他們將在公共和私人之間進行交易，這將成為新的領域。因此，我們不會以同樣的方式看待私人市場——我們不會說它們是替代品。它們只是市場本身的一部分。

And one of the reasons why we were so driven to acquire Preqin, we believe that data and analytics will accelerate that movement of making public and private ubiquitous together. And what we're going to look at is liquidity as the driver of risk as we're going to be blending liquidity from the public markets, the liquidity, the private markets, and making risk assessments. And if through the data analytics that we could have combining Preqin, Aladdin, and eFront, if we could build that platform into more transparency in privates, more opportunities for privates, this idea of the blending in public and privates will become a reality, just like the reality of how ETFs became the driving forces of so many of the markets now, and we believe that will happen, too. But it's going to happen with the acceleration of data and analytics.

我們如此迫切地收購 Preqin 的原因之一是，我們相信數據和分析將加速讓公共和私人無處不在的運動。我們將把流動性視為風險的驅動因素，因為我們將混合公開市場、流動性、私人市場的流動性，並進行風險評估。如果透過數據分析，我們可以將 Preqin、Aladdin 和 eFront 結合起來，如果我們能夠將該平台建設得更加透明，為私人提供更多機會，那麼這種公共和私人融合的想法將成為現實，只是就像ETF 如何成為現在許多市場的驅動力的現實一樣，我們相信這種情況也會發生。但隨著數據和分析的加速，這將會發生。

So when we -- when you think about these retail platforms that will be driving more private type of exposures, it will accelerate only when we have better data analytics, transparency, indexing, and that is a major component of our strategy going forward.

因此，當我們想到這些零售平台將推動更多私人類型的風險敞口時，只有當我們擁有更好的數據分析、透明度和索引時，它才會加速，而這是我們未來策略的主要組成部分。

Ben Budish, Barclays.

本·布迪什，巴克萊銀行。

Hey, Ben. Good morning.

嘿，本。早安.

Good morning and thank you for having me in the call. Wanted to ask about your ambitions in digital assets to maybe changed up a little bit. It seems like one way or another, we're going to have a new President next year who's going to be more friendly to the industry, and it could take some time to see new rules and regulations. I'm just wondering, what do you see as the key opportunities for BlackRock that this change in posture from Washington could unlock sort of beyond the ETF business and some of the other custody things you do? Thank you.

早安，感謝您接受我的電話。想問一下您對數位資產的抱負是否會有所改變。無論如何，明年我們將有一位新總統，他將對行業更加友好，可能需要一些時間才能看到新的規則和規定。我只是想知道，您認為貝萊德的關鍵機會是什麼？謝謝。

Well, first, I'm not sure either President -- or other candidate would make a difference. I do believe the utilization of assets are going to become more and more of a reality worldwide. Conversations we're having with institutions worldwide, conversations about how should they think about digital assets, what type of asset allocation there should be. I mean, we believe Bitcoin is an asset class in itself, it is an alternative to other commodities like gold. And so I think the application of this form of investment will it be expanded to the role of the cerium as a blockchain can grow dramatically. So if we can create more acceptability, more transparency, more analytics related to these assets, then it will be expanded.

嗯，首先，我不確定總統或其他候選人是否會有所作為。我確實相信資產的利用將在全球範圍內越來越成為現實。我們正在與世界各地的機構進行對話，討論他們應該如何看待數位資產，應該有什麼類型的資產配置。我的意思是，我們相信比特幣本身就是一種資產類別，它是黃金等其他商品的替代品。所以我認為這種形式的投資的應用會擴大到鈰的作用，因為區塊鏈可以急劇增長。因此，如果我們能夠創造更多的可接受性、更高的透明度以及更多與這些資產相關的分析，那麼它就會擴展。

And I truly don't believe it's a function of regulation -- of more regulation, less regulation. I think it's a function of liquidity, transparency, and then through that process, no different than when you -- years ago when we started the mortgage market, years ago when the high-yield market occurred, started off very slow. But it built as we build better analytics and data and then to better analytics and data, more acceptance and a broadening of the market. And I truly believe we will see a broadening of the market of these digital assets.

我真的不相信這是監管的作用——更多的監管，更少的監管。我認為這是流動性、透明度的函數，然後透過這個過程，與幾年前我們啟動抵押貸款市場時，幾年前高收益市場出現時，起步非常緩慢沒有什麼不同。但隨著我們建立更好的分析和數據，然後是更好的分析和數據、更多的接受度和市場的拓寬，它就建立起來了。我堅信我們將會看到這些數位資產的市場不斷擴大。

And then we'll see how do -- does each and every country look at their own digital currency. But that's a very different asset than a Bitcoin in itself. But I do believe the -- what we're going to witness as we build out better analytics, and then the question is, as you mentioned, regulation. How do we see in this country, the role of digitizing the dollar? And what role does that play? That's a very different question related to like, let's say, Bitcoin and other items like that.

然後我們將看看每個國家如何看待自己的數位貨幣。但這是一種與比特幣本身非常不同的資產。但我確實相信，當我們建立更好的分析時，我們將見證什麼，然後問題是，正如你所提到的，監管。我們如何看待這個國家美元數位化的作用？它扮演什麼角色？這是一個非常不同的問題，涉及比特幣和其他類似的物品。

But all of that is going to be under discussion. And what we're await to see in other countries that we're seeing big success in India and Brazil in the digitization of their own currency for various different reasons. But we believe the technology of these blockchains are going to become very additive. And then you overlay AI and having better data analytics, the applicability, and the broadening of these markets will occur.

但所有這些都將得到討論。我們期待在其他國家看到的是，由於各種不同的原因，我們看到印度和巴西在本國貨幣數位化方面取得了巨大成功。但我們相信這些區塊鏈的技術將變得非常附加性。然後你會疊加人工智慧並擁有更好的數據分析、適用性和這些市場的拓寬。

Brennan Hawken, UBS.

布倫南霍肯，瑞銀集團。

Hey, Brennan.

嘿，布倫南。

Hey. Good morning. Thanks for taking the question. Curious whether you all have seen any changes in the RFP activity on the fixed income side? There's recently been some regulatory issues at a large institutional bond manager. So kind of curious about what you're seeing in the market there on the back of that.

嘿。早安.感謝您提出問題。好奇你們是否都看到固定收益方面的 RFP 活動有任何變化？一家大型機構債券管理公司最近出現了一些監管問題。對你在市場上看到的東西感到好奇。

So if you look at our announcement this quarter, we announced we won a $30 billion mandate from a pension fund. There are -- it is not uncommon to see big, large changes in the marketplace. I don't want to talk about one client or another client or what's happening with one manager versus another manager.

因此，如果你看一下我們本季的公告，我們宣布我們從一家退休基金獲得了 300 億美元的授權。市場發生巨大的變化並不罕見。我不想談論一個客戶或另一個客戶，或一位經理與另一位經理之間發生的事情。

There is no question money is in motion. Rob Kapito talked about this a lot. We are seeing this. There's a very large institutional mandates that are going to be up for -- that there's an RFP right now. And so I don't look at this as any different. Obviously, there are some issues around that are in the press. But money in motion occurs every quarter. There are large opportunities every quarter. And I think one thing that we see consistently as OCIO mandates occur -- they're occurring with more regularity and with more opportunity. And this is away from the topic that you brought up, but it's important to just note this is not uncommon seeing large blocks of business moving around, and I'll leave it at that.

毫無疑問，金錢正在流動。羅布·卡皮托（Rob Kapito）多次談到這一點。我們正在看到這一點。有一個非常大的機構授權需要滿足——現在有一個 RFP。所以我不認為有什麼不同。顯然，媒體報道了一些問題。但資金流動每季都會發生。每個季度都有很大的機會。我認為，隨著 OCIO 授權的發生，我們始終看到一件事——它們的發生更加頻繁，機會也更多。這遠離了您提出的主題，但重要的是要注意，大規模業務轉移的情況並不罕見，我將就此保留。

At this time, this does conclude today's Q&A session. And I'd like to turn the call back to Larry Fink for any additional or closing remarks.

至此，今天的問答環節就結束了。我想將電話轉回拉里·芬克，請他發表補充或結束語。

Thank you, operator. I want to thank all of you for joining us this morning and your continued interest in BlackRock over these last 25 years.

謝謝你，接線生。我要感謝大家今天早上加入我們，感謝你們在過去 25 年來對貝萊德的持續關注。

Our third quarter results are possible because of the global network of relationships we've created, our data and analytics that are differentiated by all imagination, and importantly, our integrated technology that we've built over many, many years. We have a long history of good integration, whether it's the integration of BGI, Malin, Aperio, eFront. And now we're working on a successful close and integration of GIP and we expect the same thing of a closing and integration of Preqin around year-end.

我們第三季的業績之所以能夠實現，是因為我們創建了全球關係網絡，我們的數據和分析具有豐富的想像力，更重要的是，我們多年來建立的整合技術。我們有著悠久的良好整合歷史，無論是 BGI、Malin、Aperio、eFront 的整合。現在我們正在努力成功完成 GIP 的關閉和整合，我們預計 Preqin 的關閉和整合也會在年底左右完成。

And I believe our position has never been better. And I believe as we look forward to delivering strong performance for our clients, we will create differentiated growth for you, our shareholders, in the coming years ahead.

我相信我們的處境從未如此好。我相信，當我們期待為客戶提供強勁業績時，我們將在未來幾年為您（我們的股東）創造差異化的成長。

Everybody, thank you, and have a nice positive quarter. Thank you. Bye-bye.

謝謝大家，祝大家有個愉快的正面的季度。謝謝。再見。

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

今天的電話會議到此結束。您現在可以斷開連線。