貝萊德 (BLK) 2024 Q4 法說會逐字稿

Please stand by.

請稍候。

We're about to begin.

我們要開始了。

Good morning.

早安.

My name is Jennifer and I will be your conference facilitator today.

我叫詹妮弗，今天我將擔任你們的會議主持人。

At this time, I'd like to welcome everyone to the BlackRock Incorporated fourth-quarter 2024 earnings teleconference.

現在，我歡迎大家參加貝萊德公司 2024 年第四季財報電話會議。

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.

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

(Operator instructions)

（操作員說明）

Thank you, Mr Meade.

謝謝你，米德先生。

You may begin your conference.

您可以開始您的會議了。

Good morning, everyone.

大家早安。

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

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.

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。

We call your attention to the fact that BlackRock's actual results may, of course, differ from these statements.

我們要請您注意，貝萊德的實際結果當然可能與這些陳述不同。

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.

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。

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

貝萊德不承擔任何責任，也不承諾更新任何前瞻性陳述。

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

因此，我會將其交給馬丁。

Thanks Chris.

謝謝克里斯。

Good morning and Happy New year to everyone.

早上好，祝大家新年快樂。

It's my pleasure to present results for the fourth quarter and full year 2024.

我很高興公佈 2024 年第四季和全年的業績。

Before I turn it over to Larry, I'll review our financial performance and business results.

在將其交給拉里之前，我將回顧我們的財務表現和業務成果。

Our earnings release discloses both GAAP and as adjusted financial results.

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。

I'll be focusing primarily on our as adjusted results.

我將主要關注調整後的結果。

With over $600 billion in net new assets entrusted to BlackRock. 2024 was a milestone year of programmatic, organic and inorganic actions rooted in client needs, investment capability, expansion, technology and scale.

委託給貝萊德的淨新資產超過 6000 億美元。 2024 年是具有里程碑意義的一年，是基於客戶需求、投資能力、擴張、技術和規模的規劃性、有機和無機行動。

We executed breakthrough investment offerings and industry leading partnerships. 2024 marked a quantum leap forward for BlackRock against our long term value creation objectives and an invigoration of the future of asset management and technology services for our clients.

我們執行了突破性的投資產品和領先業界的合作夥伴關係。 2024 年標誌著貝萊德在實現長期價值創造目標方面取得了巨大飛躍，並為客戶的資產管理和技術服務的未來注入了活力。

We've spoken all year about how organic growth momentum and overall client sentiment has been improving.

我們一整年都在談論有機成長動能和整體客戶情緒的改善。

BlackRock saw record net inflows in 2024, powered by two back to back record flows quarters in the second half.

貝萊德在下半年兩個連續創紀錄的流量季度的推動下，在 2024 年實現了創紀錄的淨流入。

Our annual revenue operating income and earnings per share each grew double digits.

我們的年收入、營業收入和每股盈餘均達到兩位數成長。

We made disciplined investments for profitable growth, delivering 280 basis points of margin expansion as our AUM grew to a new high of nearly $11.6 trillion.

我們為獲利成長進行了嚴格的投資，隨著我們的資產管理規模成長至近 11.6 兆美元的新高，利潤率擴大了 280 個基點。

We enter 2025 from a position of strength, having generated 7% annualized organic base fee growth in the fourth quarter, our highest in three years.

進入 2025 年，我們處於強勢地位，第四季度的年化有機基本費用增加了 7%，這是三年來的最高水準。

Our record client activity and the accelerating organic revenue growth we saw in 2024, they're independent of the lift that we believe will come from GIP, HPS and Preqin

我們在 2024 年看到創紀錄的客戶活動和加速的有機收入成長，它們獨立於我們認為將來自 GIP、HPS 和 Preqin 的提升

.

。

Our structural growth businesses, ETF, Aladdin, outsourcing fixed income, they're the strong foundations to serve clients and deliver on our through the cycle 5% organic growth objectives.

我們的結構性成長業務、ETF、阿拉丁、外包固定收益，它們是服務客戶和實現我們整個週期 5% 有機成長目標的堅實基礎。

We didn't need M&A to achieve and rise above our organic base fee growth target.

我們不需要併購來實現並超越我們的有機基本費用成長目標。

Our expansions are about more deeply serving clients in high growth segments that can exceed our 5% goals.

我們的擴張是為了更深入地為高成長細分市場的客戶提供服務，這些細分市場可能會超過我們 5% 的目標。

We enter 2025 on a new trajectory with record AUM and operating income and having increased our effective fee rate by [7/10] of a basis point.

進入 2025 年，我們將踏上新的軌道，管理資產規模和營業收入創歷史新高，並將我們的有效費率提高了 [7/10] 個基點。

Over the course of 2025, we'll be integrating and adding the high growth and earnings power of GIP, HPS and Preqin

2025 年，我們將整合並增強 GIP、HPS 和 Preqin 的高成長和獲利能力

.

。

Clients have embraced our strategy, our track record of successful acquisitions and integrations is bringing clients into deeper relationships with BlackRock.

客戶已經接受了我們的策略，我們成功收購和整合的記錄正在使客戶與貝萊德建立更深的關係。

We finished 2024 with sequential quarters of at or above target organic growth.

2024 年，我們連續幾季實現了有機成長或高於目標有機成長。

More importantly that organic growth is broad based across institutional, wealth and technology and across regions.

更重要的是，有機成長是跨機構、財富和技術以及跨地區的廣泛基礎。

Clients want to consolidate more of their portfolios with a partner that's with them for the long term.

客戶希望與長期合作的合作夥伴整合更多的投資組合。

They want portfolios that are seamlessly integrated across public and private markets that are dynamic and that are underpinned by data, risk management and technology.

他們希望投資組合能夠無縫整合公共和私人市場，這些市場是動態的，並以數據、風險管理和技術為基礎。

BlackRock's now truly in a category of one.

貝萊德現在真正屬於其中一類。

We've built a unique asset management and fintech platform that's integrated across public and private markets.

我們建立了一個獨特的資產管理和金融科技平台，整合了公共和私人市場。

With the close of the GIP transaction this past October and our planned acquisition of HPS, BlackRock's private markets and alternatives platform is expected to be $600 billion in client assets, a top five provider and over $3 billion in revenues or about 15% of 2024 revenues.

隨著去年10 月GIP 交易的完成以及我們計劃收購HPS，貝萊德的私募市場和另類平台預計將擁有6000 億美元的客戶資產、排名前五的提供商以及超過30 億美元的收入，約佔2024 年收入的15% 。

BlackRock houses whole portfolio solutions for clients, the world's number one ETF franchise by assets, flows and breadth of exposures.

貝萊德為客戶提供完整的投資組合解決方案，在資產、流量和風險敞口廣度方面擁有世界第一的 ETF 特許經營權。

A $3 trillion fixed income platform across active and index, $700 billion managed for insurance companies, over $350 billion in models, direct indexing and SMA for wealth managers, over $900 billion in cash management AUM, a leading advisory services and our proven Aladdin technology with $1.6 billion in revenues.

跨主動型和指數型的3 兆美元固定收益平台，為保險公司管理7,000 億美元，為財富管理機構提供超過3,500 億美元的模型、直接指數和SMA，超過9,000 億美元的現金管理資產管理規模、領先的諮詢服務以及我們經過驗證的Aladdin 技術收入 16 億美元。

Aladdin's powering a whole portfolio ecosystem across public and private markets with E front and our planned acquisition of Preqin

Aladdin 透過 E front 以及我們計劃收購 Preqin 為跨公共和私人市場的整個投資組合生態系統提供動力

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。

On a pro forma basis for HPS and Preqin , private markets and technology are expected to make up over 20% of BlackRock's overall revenue.

根據 HPS 和 Preqin 的預計，私人市場和技術預計將佔貝萊德總收入的 20% 以上。

That's an ecosystem we feel wins with client needs and results in over 20% of our revenue base and long dated, less market sensitive products and services.

我們認為這是一個能夠滿足客戶需求的生態系統，並為我們帶來超過 20% 的收入基礎以及長期的、市場敏感度較低的產品和服務。

Our mix continues to evolve towards higher secular growth areas with clients.

我們的組合繼續與客戶一起朝著更高的長期成長領域發展。

We believe this will translate to higher and more durable organic growth, greater resilience through market cycles and multiple expansion.

我們相信，這將轉化為更高、更持久的有機成長，在市場週期和多重擴張中具有更強的彈性。

In 2024, BlackRock generated a record $641 billion of total net inflows and delivered 4% organic base fee growth.

2024 年，貝萊德的淨流入總額達到創紀錄的 6,410 億美元，基本費用有機成長 4%。

We finished the year strong in the fourth quarter with $281 billion of total net inflows and 7% annualized organic base fee growth.

我們在第四季以 2,810 億美元的淨流入總額和 7% 的年化有機基本費用成長強勁地結束了這一年。

Full year revenue of $20.4 billion was up 14% year-over-year, operating income of $8.1 billion was up 23% and earnings per share of $43.61 increased.

全年營收為 204 億美元，年增 14%，營業收入為 81 億美元，成長 23%，每股收益成長 43.61 美元。

15%.

15%。

Fourth quarter revenue of $5.7 billion was 23% higher year-over-year driven by the impact of higher markets on average AUM and higher performance fees.

由於市場平均資產管理規模提高和績效費用提高，第四季營收達到 57 億美元，年增 23%。

Quarterly operating income of $2.3 billion was up 36%, while earnings per share of $11.93 was 23% higher versus a year ago.

季度營業收入為 23 億美元，年增 36%，每股收益為 11.93 美元，年增 23%。

EPS also reflected a lower tax rate, partially offset by lower non operating income and a higher share count in the current quarter.

每股盈餘也反映了較低的稅率，部分被本季非營業收入減少和股票數量增加所抵銷。

The higher share count included $6.9 million shares issued and delivered at the closing of the transaction.

較高的股票數量包括交易結束時發行和交付的價值 690 萬美元的股票。

Non-operating results for the quarter included $7 million of net investment losses, primarily due to changes in co investment valuations.

該季度的非經營業績包括 700 萬美元的淨投資損失，主要是由於共同投資估值的變化。

Lower interest income in the current quarter reflected the delivery of cash at the closing of the GIP transaction which was raised through our debt offering in March 2024.

本季利息收入下降反映了 GIP 交易結束時交付的現金，該交易是透過我們 2024 年 3 月的債務發行籌集的。

Our as adjusted tax rate for the fourth quarter was approximately 21% and benefited from discrete items.

我們第四季調整後的稅率約為 21%，受惠於離散項目。

We currently estimate that 25% is a reasonable projected tax run rate for 2025.

我們目前估計 25% 是 2025 年合理的預計稅率。

The actual effective tax rate may differ because of non-recurring or discrete items or potential changes in tax legislation.

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。

Fourth quarter, base fees and securities lending revenue of $4.4 billion was up 23% year-over-year and up 10% sequentially.

第四季度，基本費用和證券借貸收入為 44 億美元，較去年同期成長 23%，較上季成長 10%。

Driven by the positive impact of market beta on average AUM organic base fee growth and approximately $230 million of base fees from GIP.

受到市場 Beta 版對平均 AUM 有機基本費用成長和 GIP 約 2.3 億美元基本費用的正面影響的推動。

Our annualized effective fee rate was approximately [7/10] of a basis point higher compared to the third quarter.

與第三季相比，我們的年化有效費用率大約高出 [7/10] 個基點。

Over time and with continued growth in infrastructure strategies and the successful closing of the HPS acquisition, we would expect to see positive leverage to base fee revenue, average fee rates and organic growth as we grow private markets with clients.

隨著時間的推移，隨著基礎設施策略的持續成長以及 HPS 收購的成功完成，我們預計隨著我們與客戶一起發展私人市場，基本費用收入、平均費用率和有機成長將得到積極的影響。

This is evidenced by this quarter's fee rate increase primarily reflecting the onboarding of higher fee rate, private markets assets following the GIP closing.

本季的費率上漲就證明了這一點，主要反映了 GIP 交割後費率較高的私募市場資產的引入。

Fourth quarter and full year performance fees of $451 million and $1.2 billion respectively increased from a year ago, led by higher revenue from alternatives.

第四季和全年績效費用分別較去年同期增加 4.51 億美元和 12 億美元，主要得益於另類投資收入的增加。

We saw strong broad based performance across hedge funds.

我們看到對沖基金的廣泛表現強勁。

Quarterly technology services revenue increased 13% year-over-year and full year revenue of $1.6 billion increased 8%, reflecting the successful onboarding of a number of new clients and expanding relationships with existing clients.

季度技術服務營收年增 13%，全年營收 16 億美元，成長 8%，反映出許多新客戶的成功入駐以及與現有客戶關係的擴大。

Full year technology services revenue growth also reflects the prior year revenue impact of several clients renewals of E front on premises licenses.

全年技術服務收入成長也反映了一些客戶續約 E front 本地授權對上一年收入的影響。

Annual contract value or ACV increased 12% year-over-year.

年度合約價值（ACV）較去年同期成長 12%。

On a constant currency basis, we estimate ACV would have increased 13% from a year ago.

以固定匯率計算，我們估計 ACV 比一年前成長 13%。

The need for integrated risk analytics and whole portfolio views across public and private markets is driving strong demand for Aladdin.

公共和私人市場對綜合風險分析和整體投資組合視圖的需求正在推動對阿拉丁的強勁需求。

We signed some of our largest clients ever in 2024.

我們在 2024 年簽署了一些有史以來最大的客戶。

We remain committed to low to mid 10s ACV growth over the long term.

從長遠來看，我們仍然致力於 ACV 的 10 年代中低成長。

Total expense increased 9% in 2024, primarily due to higher incentive compensation, G&A and sales asset and account expense.

2024 年總費用增加 9%，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。

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

全年員工薪資和福利費用增加了 11%，反映出績效費用和營業收入增加導致激勵性薪資增加。

Recall that year-over-year and sequential comparisons of fourth quarter compensation expense are less relevant because we finalize full year compensation in the fourth quarter.

回想一下，第四季度薪資支出的年比和連續比較不太相關，因為我們在第四季度最終確定了全年薪資。

Full year G&A expense was up 5%, primarily from planned technology investment spend, higher professional fees and GIP, SG&A expense.

全年一般管理費用增加了 5%，主要來自計劃的技術投資支出、較高的專業費用以及 GIP、SG&A 費用。

During the year, we made disciplined investments in business to drive operating leverage and profitable growth.

這一年裡，我們對業務進行了嚴格的投資，以推動營運槓桿和獲利成長。

Our fourth quarter as adjusted operating margin of 45.5% increased 390 basis points year-over-year and our full year as adjusted operating margin of 44.5% was up 280 basis points.

第四季調整後營業利益率為 45.5%，年增 390 個基點，全年調整後營業利益率為 44.5%，較去年同期成長 280 個基點。

Looking ahead, we aim to maintain our systematic approach to investing for profitable growth on the budgeting principles we've consistently articulated for the last 12 to 18 months.

展望未來，我們的目標是根據過去 12 至 18 個月一貫闡明的預算原則，維持我們的系統性投資方法，以實現獲利成長。

We'll continue to be disciplined in prioritizing our hiring and overall investments with the ambition of delivering market leading organic growth and operating margin.

我們將繼續嚴格優先考慮招聘和整體投資，以實現市場領先的有機成長和營業利潤率。

At present, subject to regulatory approvals and other customary closing conditions, we expect our planned acquisitions of Preqin and HPS to close in the first quarter of 2025 and in mid 2025 respectively.

目前，根據監管部門的批准和其他慣例成交條件，我們預計對 Preqin 和 HPS 的收購計劃將分別於 2025 年第一季和 2025 年中期完成。

Based on these closing timelines, we'd expect BlackRock's headcount to be higher in 2025.

根據這些交割時間表，我們預計 2025 年貝萊德的員工人數將會增加。

Our planned acquisitions of Preqin and HPS are expected to bring approximately 2,300 new colleagues to BlackRock.

我們計劃收購 Preqin 和 HPS 預計將為貝萊德帶來約 2,300 名新同事。

Additionally, excluding HPS, we would expect a mid to high single digit percentage increase in 2025 core G&A expense.

此外，不包括 HPS，我們預計 2025 年核心 G&A 費用將出現中高個位數百分比成長。

Most of the core G&A expense growth should come from consolidating the G&A expense of GIP and Preqin and continued investment in technology as we look to operate more efficiently and better serve our clients.

大部分核心管理費用成長應來自合併 GIP 和 Preqin 的管理費用以及對技術的持續投資，因為我們希望更有效率地運作並更好地為客戶服務。

Our capital management strategy remains consistent.

我們的資本管理策略保持一致。

We invest first both organically and inorganically, either to scale strategic growth initiatives or drive operational efficiency.

我們首先進行有機和無機投資，以擴大策略性成長計劃或提高營運效率。

We then return cash to our shareholders through a combination of dividends and share repurchases.

然後，我們透過股利和股票回購相結合的方式將現金回饋給股東。

After investing for growth, we returned over $4.7 billion to our shareholders through a combination of dividends and share repurchases in 2024.

在進行成長投資後，我們在 2024 年透過股利和股票回購的方式向股東返還了超過 47 億美元。

This includes open market repurchases of approximately $375 million and $1.6 billion for fourth quarter and full year respectively.

其中包括第四季和全年分別約 3.75 億美元和 16 億美元的公開市場回購。

Share repurchases have been a consistent element of our capital management strategy.

股票回購一直是我們資本管理策略的一貫組成部分。

In the last 10 years, we've repurchased 28 million shares at an average price of $510 per share.

在過去 10 年裡，我們以每股 510 美元的平均價格回購了 2,800 萬股股票。

Today, we're trading at almost double that.

今天，我們的交易價格幾乎是這個數字的兩倍。

This represents a more than 15% annualized return for our shareholders.

這意味著我們股東的年化報酬率超過 15%。

For both the GIP and HPS transactions, BlackRock equity improved a valuable currency in consummating these transactions and structuring them for alignment with our shareholders.

對於 GIP 和 HPS 交易，貝萊德股權在完成這些交易和建立交易以與我們的股東保持一致方面都提高了價值。

At present, based on capital spending plans for the year, and subject to market and other conditions, we're targeting the purchase of 1.5 billion shares during 2025.

目前，根據今年的資本支出計劃，並根據市場和其他條件，我們的目標是在2025年購買15億股。

In addition and also subject to market and other conditions, we expect to seek Board approval later this month for an increase to our first quarter 2025 dividend, consistent with our track record of continued dividend growth.

此外，根據市場和其他條件，我們預計將在本月稍後尋求董事會批准增加 2025 年第一季股息，這與我們持續股息成長的記錄一致。

Record full year total net inflows of $641 billion were diversified across active, index in cash as well as by region, led by $385 billion of net inflows from clients in the United States.

全年淨流入總額達到創紀錄的 6,410 億美元，以現金指數和地區進行多元化投資，其中來自美國客戶的淨流入達 3,850 億美元。

BlackRock generated industry-leading ETF net inflows of $390 billion in 2024, representing 11% organic asset and 7% organic base fee growth.

貝萊德在 2024 年創造了業界領先的 ETF 淨流入 3,900 億美元，有機資產成長 11%，有機基本費用成長 7%。

Record annual net inflows into our ETFs included $41 billion into our digital assets ETPs that were just launched in 2024.

我們的 ETF 創紀錄的年度淨流入包括 2024 年剛推出的數位資產 ETP 的 410 億美元。

Fourth quarter ETF net inflows of $143 billion reflected significant momentum into year-end helped by seasonal portfolio reallocations.

第四季 ETF 淨流入 1,430 億美元，反映出季節性投資組合重新分配推動的年底強勁勢頭。

As US equity indices and spot bitcoin prices reached new highs in the quarter, clients use iShares products to re-risk and add these investment exposures to their portfolios.

隨著美國股指和現貨比特幣價格在本季創下新高，客戶使用 iShares 產品重新風險並將這些投資風險添加到他們的投資組合中。

BlackRock's institutional platform generated net inflows of $74 billion in 2024, led by active net inflows of $64 billion, including the funding of several large outsourcing mandates from a variety of client types.

貝萊德的機構平台在 2024 年產生了 740 億美元的淨流入，其中活躍淨流入達 640 億美元，其中包括來自各種客戶類型的多項大型外包委託的資金。

Index net inflows of $9 billion were driven by $43 billion into fixed income.

指數淨流入 90 億美元，其中 430 億美元流入固定收益。

This was partially offset by $31 billion of net redemptions from low-fee index equity strategies.

這被低費用指數股票策略的 310 億美元淨贖回部分抵消。

Several large clients, mostly outside the United States, rebalance their portfolios amid record equity market levels.

一些大客戶（主要是美國境外的客戶）在創紀錄的股市水準下重新平衡其投資組合。

Full year retail net inflows of $24 billion were led by continued strength in Aperio and inflows into active fixed income mutual funds.

全年零售淨流入達 240 億美元，主要得益於 Aperio 的持續走強以及主動固定收益共同基金的流入。

Aperio had another record year in 2024 with net inflows of $14 billion and active fixed income added $12 billion in net inflows.

Aperio 在 2024 年再創紀錄，淨流入達 140 億美元，主動固定收益淨流入增加 120 億美元。

Demand for private markets remains strong, with $9 billion of net inflows during the year driven by infrastructure and private credit.

私人市場的需求依然強勁，在基礎建設和私人信貸的推動下，年內淨流入達 90 億美元。

BlackRock's full year net inflows also included the impact of successful realizations of $13 billion, primarily from private equity, private credit and infrastructure strategies.

貝萊德全年淨流入還包括成功實現 130 億美元的影響，主要來自自私募股權、私人信貸和基礎設施策略。

Distributions are a key metric for measuring performance in the private markets.

分配是衡量私募市場表現的關鍵指標。

GIP has a strong track record of operating portfolio companies and ultimately returning capital to investors through exits with strong uplift.

GIP 在營運投資組合公司方面擁有良好的記錄，並最終透過強勁的退出將資本返還給投資者。

At present, we expect to recognize approximately $5 billion of realizations in the first quarter from older GIP fund vintages executing on successful exits.

目前，我們預計第一季將透過成功退出的舊 GIP 基金實現約 50 億美元的變現。

Starting this quarter, we've updated our earnings supplement to provide additional transparency into organic growth drivers and realizations activity for our private market assets.

從本季開始，我們更新了收益補充資料，以提高私募市場資產的自然成長動力和變現活動的透明度。

We expect to make disclosure enhancements, particularly around private markets, beginning in the first quarter of 2025.

我們預計從 2025 年第一季開始加強資訊揭露，特別是在私募市場方面。

Finally, BlackRock cash management saw $81 billion of net inflows in the fourth quarter and $153 billion in 2024.

最後，貝萊德現金管理第四季淨流入 810 億美元，2024 年淨流入 1,530 億美元。

Flows were driven by both US government and international prime funds and included multiple large new client mandates.

資金流由美國政府和國際優質基金推動，其中包括多個大型新客戶委託。

We continue to see strong growth in our cash and liquidity platform built on our scale and integrated offerings with AUM up 20% year-over-year.

我們繼續看到基於規模和綜合產品的現金和流動性平台強勁成長，資產管理規模年增 20%。

BlackRock's platform delivered record results in 2024 and the consistency of our results stands out even more over the long term, with over $2 trillion of client net inflows over the last five years.

貝萊德的平台在 2024 年取得了創紀錄的業績，從長遠來看，我們業績的一致性更加突出，過去五年的客戶淨流入超過 2 兆美元。

While 2024 was a watershed year for BlackRock, it's just the start of our next growth story.

雖然 2024 年對貝萊德來說是分水嶺，但這只是我們下一個成長故事的開始。

We're better positioned than ever to build with clients and create value for our shareholders.

我們比以往任何時候都更有能力與客戶共建並為股東創造價值。

BlackRock is a meaningful outperformer when assets are in motion and investors are re-risking.

當資產運作且投資人重新承擔風險時，貝萊德是一個有意義的跑贏大盤的公司。

We're optimistic about market opportunities for our clients into 2025.

我們對 2025 年客戶的市場機會持樂觀態度。

I'm going to pass to Larry in a minute.

我馬上就把電話轉給拉里。

But for those of you keeping score at home, this is Larry's 100th earnings call.

但對於那些在家記分的人來說，這是拉里的第 100 次財報電話會議。

We did a little research and counted only 15 current CEOs in the S&P 500 that have celebrated 100 earnings calls as the CEO.

我們做了一些研究，統計了標準普爾 500 指數中只有 15 名現任執行長作為執行長舉行了 100 次財報電話會議。

Larry, congratulations on a century of earnings calls.

拉里，祝賀一個世紀的財報電話會議。

How is the feel?

感覺如何？

I can't say any older.

我不能說更老。

(Laughter) I can't complain at all.

（笑聲）我根本無法抱怨。

It's been a fun journey, and I think the journey going forward is going to be better.

這是一次有趣的旅程，我認為接下來的旅程會更好。

There's a lot of change in the world in the last 25 years, and the lot that stays the same.

過去 25 年裡，世界發生了許多變化，但也有很多保持不變。

My meal and night before earnings remains the same and a bolus cereal last night with blueberry.

我的餐點和收入前一晚保持不變，昨晚吃的是藍莓麥片。

So I guess everything is the same.

所以我想一切都是一樣的。

But thank you, Martin.

但謝謝你，馬丁。

And also Happy New Year to everybody.

也祝大家新年快樂。

And thank you for joining the call.

感謝您加入此通話。

And yes, it is our 100th.

是的，這是我們的第 100 個。

We haven't done it alone.

我們並不是獨自完成的。

We have a number of shareholders that have been with us since the IPO 25 years ago.

自 25 年前 IPO 以來，我們擁有許多股東。

I remember that original roadshow when we tried to convince many of our shareholders remain today about the opportunities to invest in BlackRock.

我記得最初的路演，當時我們試圖說服我們的許多股東今天仍然有投資貝萊德的機會。

And we're also grateful for the analyst community in helping the markets understand our business.

我們也感謝分析師社群幫助市場了解我們的業務。

I think two of our equity analysts on the line are with us for the IPO.

我認為我們的兩位股票分析師正在與我們一起參與首次公開募股。

So I want to thanks to Bill Katz and Brian Bedell for your coverage over all these years.

所以我要感謝比爾·卡茨和布萊恩·比德爾這些年來的報道。

And the best is still in front of us.

而最好的還在我們面前。

When we IPO-ed, we were a company of 650 employees, and we managed $165 billion in assets.

當我們首次公開募股時，我們是一家擁有 650 名員工的公司，管理著 1,650 億美元的資產。

That same year, we began selling our Aladdin technology to our clients for the first time.

同年，我們開始首次向客戶出售阿拉丁技術。

Today, clients trust us with nearly $11.6 trillion of AUM.

如今，客戶信任我們的資產管理規模接近 11.6 兆美元。

And Aladdin has more than 130,000 users.

阿拉丁擁有超過13萬用戶。

Since our IPO, we've delivered an annualized total return for our shareholders of about 21% compared to about 8% for the S&P 500.

自 IPO 以來，我們為股東帶來了約 21% 的年化總回報率，而標準普爾 500 指數的年化總回報率約為 8%。

And as I said, this is just the beginning.

正如我所說，這只是一個開始。

As Martin said, 2024 was a milestone year for BlackRock.

正如馬丁所說，2024年對貝萊德來說是具有里程碑意義的一年。

Clients entrusted us with a record $641 billion of net inflows, including $281 billion in the fourth quarter.

客戶委託我們淨流入創紀錄的6,410億美元，其中第四季淨流入2,810億美元。

We now had two consecutive record flow quarters.

我們現在連續兩季的流量創紀錄。

We entered 2025 at our strongest inflection point.

進入 2025 年，我們正處於最強勁的轉折點。

We added $1.5 trillion of AUM, delivered record revenues and record operating income and increased our effective fee rate by 5%.

我們的資產管理規模增加了 1.5 兆美元，收入和營業收入創歷史新高，並將有效費率提高了 5%。

Historic client activity took place as we executed on the most significant acquisitions we've done since BGI over 15 years ago.

歷史性的客戶活動發生在我們執行自 BGI 15 年前以來最重要的收購中。

It's not uncommon for companies to see clients pausing.

公司看到客戶暫停的情況並不少見。

As I weight out the M&A results, as they determine whether BlackRock is focusing on their needs.

當我權衡併購結果時，他們會確定貝萊德是否專注於他們的需求。

At BlackRock, clients are instead embracing and rewarding our strategy.

在貝萊德，客戶反而接受並獎勵我們的策略。

Clients activity accelerated into the fourth quarter, resulting in a 7% organic base fee growth and 12% Technology Services ACV growth.

進入第四季度，客戶活動加速，基本費用有機成長 7%，技術服務 ACV 成長 12%。

Our operating model delivered exceptional performance in a year of meaningful change.

我們的營運模式在發生重大變革的一年中取得了卓越的表現。

We crossed the $20 billion of annual revenues, up 14% from our 2023.

我們的年收入突破了 200 億美元，比 2023 年成長 14%。

Adjusted operating income grew by 23%.

調整後營業收入成長 23%。

And our industry margins of 44.5% was up 280 basis points.

我們的產業利潤率為 44.5%，上升了 280 個基點。

That was raised a bar for ourselves and know our clients and shareholders do the same.

這為我們自己提高了一個標準，我們知道我們的客戶和股東也這樣做。

Our results consistently beat even our high expectations, and we surpassed Street estimates for flows, fee rate, base rate, in addition to total revenues, margins and EPS.

我們的業績始終超出了我們的高預期，除了總收入、利潤率和每股盈餘之外，我們的流量、費率、基本費率也超出了華爾街的預期。

Our record organic growth and financial results do not yet reflect the full integration or pending acquisitions of GIP, HPS and Preqin.

我們創紀錄的有機成長和財務表現尚未反映出 GIP、HPS 和 Preqin 的全面整合或待收購。

All three of these businesses have a track record of delivering strong revenue growth, profitability and margin expansion.

所有這三項業務都擁有強勁的收入成長、獲利能力和利潤率擴張的記錄。

And we're steadily making organic investments ahead of our, the structural trends that we believe will drive outsized growth in the years ahead.

我們正在穩步進行有機投資，我們相信結構性趨勢將在未來幾年推動超額成長。

We've had strong momentum across our entire franchise, including our newly enhanced private market platform.

我們的整個特許經營業務都擁有強勁的勢頭，包括我們新增強的私人市場平台。

We positioned ahead of market opportunities that we believe will drive outsized growth for BlackRock in the years to come.

我們抓住了市場機遇，相信這些機會將在未來幾年推動貝萊德的大幅成長。

We invested in our talent which is fundamentally the most important thing that we invest in each and every year.

我們投資於人才，這從根本上來說是我們每年投資的最重要的事情。

Our key driver of BlackRock's success has been our focus on developing leaders with a broad range of experiences and connectivity across all of BlackRock.

貝萊德成功的關鍵驅動力是我們專注於培養在整個貝萊德擁有廣泛經驗和聯繫的領導者。

What I've called horizontal leadership.

我說的橫向領導。

We look to identify people ready for the next challenge and then move them into roles at both advance their professional journeys and drive our business forward.

我們希望找到為下一個挑戰做好準備的人才，然後將他們安排到適當的職位，以推進他們的職業生涯並推動我們的業務向前發展。

Today, we are excited to announce that many leaders across the firm are taking on new and expanded roles and responsibilities that will help drive our next phase of growth.

今天，我們很高興地宣布，公司的許多領導者正在承擔新的和擴大的角色和職責，這將有助於推動我們下一階段的成長。

Part of the leadership changes reflect on Mark Wiedman's desire to pursue his next chapter, after nearly 20 years with BlackRock.

領導層變動部分反映了馬克維德曼 (Mark Wiedman) 在貝萊德工作近 20 年後，渴望開啟自己的新篇章。

We've discussed this transition over a number of months, and he will be with us through spring, and I want to take a moment to recognize and thank Mark.

我們已經討論了這個轉變好幾個月了，他將和我們一起度過整個春天，我想花點時間向馬克表示認可和感謝。

Mark is a great friend of mine, a great friend of the firm and has helped drive strong growth for BlackRock, for our clients and for our shareholders.

馬克是我的好朋友，也是公司的好朋友，幫助推動貝萊德、我們的客戶和股東的強勁成長。

He's also built a powerful team of leaders prepared to take on new responsibilities and drive our business forward.

他還建立了一支強大的領導團隊，準備承擔新的責任並推動我們的業務向前發展。

This includes a number of the senior leaders taking on expanded roles.

其中包括一些高級領導人承擔了更大的職責。

Mark will work with our leadership team over the next few months to ensure a smooth transition.

馬克將在接下來的幾個月內與我們的領導團隊合作，以確保順利過渡。

We thank him for his many contributions, his partnership and his vision in shaping the successful evolution of BlackRock.

我們感謝他在塑造貝萊德成功發展過程中所做的許多貢獻、他的合作關係以及他的願景。

Rob and I are proud of the deep leadership team at BlackRock.

羅布和我為貝萊德擁有深厚的領導團隊感到自豪。

It reflects a breadth of experience and sustained excellence.

它體現了豐富的經驗和持續的卓越。

Strategic acquisitions have also historically strengthened our firm, strengthened our culture and bringing top talent, new skills and experience into our organization.

從歷史上看，策略收購也增強了我們的公司實力，強化了我們的文化，並為我們的組織帶來了頂尖人才、新技能和經驗。

Our culture has consistently evolved as we welcome new teams and colleagues to BlackRock.

隨著我們歡迎新團隊和同事加入貝萊德，我們的文化不斷發展。

And today, it represents a blending of the best parts of the cultures that have come together across the years, across all the firms that became part of BlackRock.

如今，它代表了多年來貝萊德旗下所有公司所匯集的文化精華部分的融合。

Few months ago, we welcomed the influx of talent with the close of GIP.

幾個月前，隨著 GIP 的結束，我們迎來了人才的湧入。

We've already enjoyed great connectivity and our teams are energized.

我們已經享受了良好的連結性，我們的團隊也充滿了活力。

BlackRock's world-class leadership alongside the top talent from GIP, from HPS and Preqin position us to serve our clients with excellent and seizing the opportunities ahead for us.

貝萊德的世界級領導力以及來自 GIP、HPS 和 Preqin 的頂尖人才使我們能夠為客戶提供卓越服務並抓住未來的機會。

My conversation with clients around the world, they are eager to put capital work and they want to do it through BlackRock.

我與世界各地的客戶交談時發現，他們渴望投入資本，並且希望透過貝萊德來實現。

Public markets entered the year from the position of strength, clients holding cash on the sidelines missed out on a 25 total return in equities last year.

公開市場進入今年以來表現強勁，持現金觀望的客戶錯失了去年 25 倍的股票總回報率。

We expect 2025 to be a dynamic investing environment.

我們預計 2025 年將是一個充滿活力的投資環境。

As policies and economic questions play out, the most important factor will be the growth backdrop.

隨著政策和經濟問題的顯現，最重要的因素將是成長背景。

Mega forces like AI, an ongoing evolution in the debt financing and the low carbon transition are transforming economies with a long-term growth trajectories.

像人工智慧、債務融資的持續演變和低碳轉型這樣的巨大力量正在改變具有長期成長軌跡的經濟體。

Capital markets will play a key role in this transformation.

資本市場將在這項轉型中發揮關鍵作用。

Private market assets are an increasingly vital part of capital markets and blending both public and private markets will be critical to fully capturing growth opportunities.

私募市場資產是資本市場日益重要的組成部分，公共和私募市場的整合對於充分抓住成長機會至關重要。

Long-held investing principles need to evolve, including the traditional 60, 40 portfolio mix of stock and bonds.

長期持有的投資原則需要發展，包括傳統的 60、40 股票和債券投資組合。

The diversifying nature of the stock and bond relationship is under increasingly strong pressure, making resilient portfolio construction more critical than ever.

股票和債券關係的多元化性質面臨著越來越大的壓力，使得彈性投資組合建設比以往任何時候都更加重要。

Clients are coming to BlackRock for advice and how to build portfolios, how to broaden out where they invest.

客戶向貝萊德尋求建議，尋求如何建立投資組合、如何擴大投資範圍。

For many, they will increasingly include private markets, especially private credit and infrastructure.

對許多人來說，它們將越來越多地包括私人市場，特別是私人信貸和基礎設施。

We also think active strategies can provide an advantage in an environment that requires a more dynamic approach.

我們也認為，積極的策略可以在需要更動態方法的環境中提供優勢。

BlackRock is well positioned to capitalize on structural growth opportunities against a backdrop of economic and capital market evolution.

貝萊德處於有利位置，可以在經濟和資本市場演變的背景下利用結構性成長機會。

We made coordinated investments to build the premier long-term capital partner and technology provider across public and private markets.

我們進行協調投資，以打造公共和私人市場上首屈一指的長期資本合作夥伴和技術提供者。

2025 is a new launch point for significant growth for BlackRock, our clients and our shareholders.

2025 年是貝萊德、我們的客戶和股東顯著成長的新起點。

Our recent acquisition of GIP, the planned acquisitions of Preqin and HPS, each position our platform ahead of evolving our client needs and structural industry trends.

我們最近收購了 GIP，計劃收購 Preqin 和 HPS，這些都使我們的平台領先於不斷發展的客戶需求和結構性產業趨勢。

15 years ago, we acquired BGI and we're the first scale provider to integrate both active and index investments.

15 年前，我們收購了 BGI，我們是第一家整合主動投資和指數投資的規模提供者。

In 2024, we made bold boots to connect public and private markets through portfolio management and technology.

2024 年，我們大膽地透過投資組合管理和技術連接公共和私人市場。

The reaction to our recent announcement to acquire HPS has been extremely positive, and we see great opportunities to partner more closely with clients and borrowers.

我們最近宣布收購 HPS，反應非常積極，我們看到了與客戶和借款人更緊密合作的絕佳機會。

The capabilities we're adding through these transactions allow us to serve clients even more comprehensively and position us to raise significant private capital.

我們透過這些交易增加的能力使我們能夠更全面地為客戶提供服務，並使我們能夠籌集大量私人資本。

For our shareholders, we believe the increased contribution from private markets and technology will drive higher and more resilient organic growth, differentiating financial performance and multiple re-rating.

對於我們的股東來說，我們相信私募市場和技術的貢獻增加將推動更高、更有彈性的有機成長，實現差異化的財務表現和多重重新評級。

In addition to private markets, we are executing on the strongest opportunity set we've seen across multiple growth engines.

除了私募市場之外，我們還在多個成長引擎中執行我們所見過的最強大的機會集。

These include technology, ETFs, multi-asset solutions like outsourcing and models.

其中包括技術、ETF、外包和模型等多元資產解決方案。

We invested for years to develop leading franchises and capabilities that our clients need most, and that are our long-term growth channels.

我們多年來投資開發客戶最需要的領先特許經營權和能力，這也是我們的長期成長管道。

Importantly, they're scaled and integrated onto one platform with a culture that is client-led, not product-led.

重要的是，它們可以擴展並整合到一個平台上，該平台具有以客戶為主導的文化，而不是以產品為主導的文化。

We're able to serve our clients in a way that no other asset manager can.

我們能夠以其他資產管理公司無法做到的方式為客戶提供服務。

Aladdin has always been the operating system uniting all of BlackRock.

阿拉丁一直是團結整個貝萊德的作業系統。

It's grown and evolved as BlackRock has if the industry's most comprehensive operating system, supporting scale and commercial priorities for clients.

它像貝萊德一樣不斷成長和發展，成為業界最全面的作業系統，支援客戶的規模和商業優先事項。

We're growing our capability set in Aladdin, all with the aim of serving our clients through sophisticated risk management, scaled portfolio analytics across both public and private markets and soon private market data through Preqin.

我們正在增強 Aladdin 的能力，所有這些都是為了透過複雜的風險管理、跨公共和私人市場的規模化投資組合分析以及很快透過 Preqin 提供私人市場數據來為我們的客戶提供服務。

Fourth quarter ACV growth of 12% reflects several significant mandates with large financial and corporate partners.

第四季 ACV 成長 12%，反映了大型金融和企業合作夥伴的多項重要任務。

The Aladdin technology stack is resonating with over half the Aladdin sales involving multiple products, this includes clients using Aladdin whole portfolio view, which grew out of our acquisition of eFront to seamlessly manage portfolios across public and private asset classes on one platform.

Aladdin 技術堆疊與超過一半的涉及多種產品的Aladdin 銷售產生共鳴，其中包括使用Aladdin 整體投資組合視圖的客戶，該視圖源於我們收購eFront，可在一個平台上無縫管理跨公共和私人資產類別的投資組合。

It includes clients leveraging enterprise Aladdin alongside Aladdin accounting or the, and by delivering new asset classes like bonds or crypto and investment in strategies like active.

它包括利用企業阿拉丁和阿拉丁會計或阿拉丁，並透過提供債券或加密貨幣等新資產類別以及主動投資等策略的客戶。

Approximately one-fourth of $390 billion of ETF net inflows were into products launched in the last five years.

3,900 億美元的 ETF 淨流入中，約有四分之一流入了過去五年推出的產品。

Our active ETFs delivered $22 billion in net inflows in 2024, while our bitcoin ETP was the largest ETF launched in history growing to over $50 billion of AUM in less than a year and was the third highest asset gathering ETF in the entire ETF industry behind and only the S&P 500 index funds.

我們的活躍ETF 在2024 年實現了220 億美元的淨流入，而我們的比特幣ETP 是歷史上推出的最大ETF，在不到一年的時間裡資產管理規模就增長到超過500 億美元，並且是整個ETF 產業中第三大資產收集ETF，僅次於和僅 S&P 500 指數基金。

We're innovating it at the product and portfolio level and accelerating our distribution capabilities to deliver a differentiated investment solution.

我們正在產品和投資組合層面進行創新，並加速我們的分銷能力，以提供差異化的投資解決方案。

In Europe, we scaled our ETF offering significantly and the market is still much more nascent than it is in the US.

在歐洲，我們大幅擴大了 ETF 發行規模，而且該市場仍比美國新興得多。

We have seen double digit organic growth in each of the last two years, including over $90 billion in growth that inflows in 2024.

過去兩年，我們每年都實現兩位數的有機成長，其中 2024 年流入的成長將超過 900 億美元。

Our European ETF platform is nearing $1 trillion of assets which is larger than the next five issuers combined.

我們的歐洲 ETF 平台資產接近 1 兆美元，比緊隨其後的五個發行人的總和還要多。

Much as this growth is powered by individual investors as online banking platforms, digital first offerings and ETF savings plans are enabling more first time investors to invest in savings to start and beginning their retirement savings and to build a better and more future for themselves.

儘管這種增長主要是由個人投資者作為線上銀行平台推動的，但數位首次產品和ETF 儲蓄計劃使更多首次投資者能夠投資於儲蓄，以開始他們的退休儲蓄，並為自己建立更美好、更美好的未來。

From first-time individual investors to the most sophisticated institutions, ETF are connecting investors to the growth of the capital markets around the world.

從首次個人投資者到最成熟的機構，ETF 正在將投資者與全球資本市場的成長聯繫起來。

Clients needs are driving industry consolidation and and investors increasingly prefer to work with BlackRock as a scaled multi asset provider.

客戶需求正在推動產業整合，投資者越來越願意與貝萊德作為規模化的多元資產提供者合作。

We see this in the wealth channels where managed model portfolios are the main way in which wealth managers are looking to scale their practices and better serve their clients.

我們在財富管道中看到了這一點，其中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。

BlackRock has leading models business backed by our multi asset, multi product capabilities across both ETFs and active strategies.

貝萊德擁有領先的模型業務，並以我們跨 ETF 和主動策略的多元資產、多產品能力為後盾。

We see this in a relationship, the largest asset owners are pension funds and corporates and these clients seek to deepen our their ties with BlackRock.

我們在關係中看到了這一點，最大的資產所有者是退休基金和企業，這些客戶尋求加深我們與貝萊德的聯繫。

Many of these corporate partners see positive network effects to their core business and to their own shareholders by extending their relationship with BlackRock.

許多企業合作夥伴都看到了透過擴展與貝萊德的關係對其核心業務及其股東產生的正面網路效應。

This year, our clients entrusted us with more than $120 billion as scaled outsourcing mandates.

今年，我們的客戶委託我們承擔了超過 1,200 億美元的規模外包任務。

Many of these outsourced portfolios are from pension plans and retirement schemes that were investing on behalf of millions of workers that help them save for their future.

這些外包投資組合中有許多來自退休金計劃和退休計劃，這些計劃代表數百萬工人進行投資，幫助他們為未來儲蓄。

Our LifePath target date franchise now manages more than a half a trillion dollars of assets, and we're extending our work in this important area to help more and more people save for retirement.

我們的 LifePath 目標日期特許經營權現在管理超過 5000 億美元的資產，我們正在擴展我們在這一重要領域的工作，以幫助越來越多的人為退休儲蓄。

In 2024, we launched our LifeParth paycheck offering, which pairs a traditional 401 K plan with, with the option to purchase an annuity based income stream as a worker approaches retirement.

2024 年，我們推出了 LifeParth 薪資支票產品，該產品與傳統的 401 K 計劃相結合，並且可以選擇在工人接近退休時購買基於年金的收入流。

The solution is the fastest growing lifetime income target dates strategy in the defined contribution market with $16 billion invested at year end.

該解決方案是固定繳款市場中成長最快的終身收入目標日期策略，截至年底投資了 160 億美元。

We also adopted LifePath paycheck as part of our US retirement saving plan for employees here at BlackRock.

我們也採用 LifePath 薪資作為貝萊德員工美國退休儲蓄計畫的一部分。

We think this will we become the default defined contribution offering for the entire industry or exploring opportunities to expand LifePath paycheck to more partners and workers throughout the world.

我們認為，這將成為整個行業默認的固定繳款服務，或探索將 LifePath 薪資擴展到世界各地更多合作夥伴和工人的機會。

We built our platform around a course strategy of connecting investors to the long term growth of the capital markets and my conversation with clients and governments leaders around the world.

我們圍繞著將投資者與資本市場的長期成長聯繫起來的課程策略以及我與世界各地客戶和政府領導人的對話建立了我們的平台。

There's been great focus on the strong capital markets we have in the United States.

人們非常關注美國強大的資本市場。

Countries want to further develop their own robust capital markets and this drives investment in their own local economies, which in turn provides opportunity for job growth, wealth creation for their own citizens.

各國希望進一步發展自己強大的資本市場，這將推動對本國經濟的投資，進而為本國公民提供就業成長和財富創造的機會。

Over the last few years, BlackRock has partnered with governments and sovereign wealth funds to help deepen their local capital markets.

在過去幾年中，貝萊德與政府和主權財富基金合作，幫助深化當地資本市場。

We see tremendous opportunities in India where digital infrastructure efforts or facilitating widespread access to digital payments and financial products.

我們在印度看到了巨大的機遇，在數位基礎設施方面的努力或促進數位支付和金融產品的廣泛使用。

I joined venture Geo BlackRock is expected to launch later this year, subject to regulatory approvals.

我加入的創投公司 Geo BlackRock 預計將於今年稍後推出，但需獲得監管部門的批准。

We're combining our investment expertise with a local market, knowledge of our partner geofinancial services to launch digital first assets with wealth management businesses.

我們將我們的投資專業知識與當地市場以及我們合作夥伴的地理金融服務知識相結合，透過財富管理業務推出數位第一資產。

In Saudi Arabia, we're launching an investment management platform, the partner where the Public Investment Fund to drive investments and future growth in the local economy and we're investing in layering the foundation today for opportunities that we believe will result in significant AUM over the next 5 to 10 years.

在沙烏地阿拉伯，我們正在推出一個投資管理平台，該平台是公共投資基金的合作夥伴，旨在推動當地經濟的投資和未來成長，我們今天正在投資為我們認為將帶來重大資產管理規模的機會奠定基礎。

We've had great success with our large asset owners in collaborations already, including our joint venture decarbonization partners with Temasek.

我們與大型資產所有者的合作已經取得了巨大成功，其中包括與淡馬錫的合資脫碳合作夥伴。

Our recent AI partnership with Microsoft and MGX, which aims to mobilise data centers and infrastructure investments.

我們最近與 Microsoft 和 MGX 建立了人工智慧合作夥伴關係，旨在調動資料中心和基礎設施投資。

These global partnerships are only available to BlackRock because of the deep relationships we build over many years with local partners, heads of states, and sophisticated asset owners.

這些全球合作夥伴關係僅適用於貝萊德，因為我們多年來與當地合作夥伴、國家元首和成熟的資產所有者建立了深厚的關係。

I have spent a lot of time on the road last year.

去年我花了很多時間在路上。

As has Rob and other members of her leadership team, (inaudible), and I have also travelled to see clients together in recent months.

羅布和她的領導團隊的其他成員（聽不清楚）也是如此，我和近幾個月也一起去拜訪了客戶。

We're spending time with our institutional clients are wealth clients and increasingly with our largest asset owners in the world.

我們與機構客戶、財富客戶以及越來越多的世界上最大的資產所有者打交道。

Clients, corporates and sovereigns are looking to assemble deeply intertwined partnerships, not just the Senate, and forget it investments that yield a good return.

客戶、企業和主權國家正在尋求建立緊密交織的夥伴關係，而不僅僅是參議院，而忘記那些能產生良好回報的投資。

BlackRock is in a class of its own in being able to partner with clients comprehensively and in the integrated, scaled way.

貝萊德在能夠以綜合、規模化的方式與客戶合作方面獨樹一格。

We could build with clients across their entire portfolio and across the investment life cycle from ETFs to high performing active in private markets to technology and data through Aladdin, EFront and eventually prequin.

我們可以與客戶一起建立整個投資組合和整個投資生命週期，從 ETF 到私募市場的高性能活躍產品，再到 Aladdin、EFront 以及最終的 prequin 的技術和數據。

The strength of our platform and the commitment of our employees in serving our clients powered record results for shareholders in 2024.

我們平台的實力和員工在服務客戶方面的承諾為股東在 2024 年創造了創紀錄的業績。

And that was before a significant growth unlocked from our strategic acquisitions and organic investments in high growth markets around the world. 2024 was just the beginning.

那是在我們透過對全球高成長市場的策略性收購和有機投資實現顯著成長之前。 2024 年只是一個開始。

BlackRock enters 2025 with more growth and upside potential than ever.

進入 2025 年，貝萊德將比以往任何時候都擁有更大的成長和上行潛力。

Operator, let's open it up for questions.

接線員，讓我們打開提問吧。

(Operator instructions)

（操作員說明）

Alex Blostein, Goldman Sachs.

亞歷克斯·布洛斯坦，高盛。

Hi, good morning, everybody.

嗨，大家早安。

Happy New Year.

新年快樂。

I wanted to start with the discussion on money motion.

我想從貨幣動議的討論開始。

That's something we talked about last year as well.

這也是我們去年討論過的事情。

As you think about 2025, and taking into account maybe the rates move we had recentl.,Tto what extent does that change the backdrop you're seeing in the marketplace today?

當你想到 2025 年時，並考慮到我們最近的利率變動，這會在多大程度上改變你今天在市場上看到的背景？

And when it comes to more money in motion, what asset class do you guys expect to benefit most in 2025?

當談到更多資金流動時，你們預計 2025 年哪種資產類別將受益最多？

Thanks.

謝謝。

Thanks, Alex.

謝謝，亞歷克斯。

Happy New Year.

新年快樂。

Listen, all starts with clients.

聽著，一切都從客戶開始。

We had back-to-back quarters of above or at target organic base fee growth, 5% in Q3, now 7% in Q4.

我們連續幾季實現了高於或達到目標有機基本費用成長，第三季為 5%，現在第四季為 7%。

It's definitely putting the lift we want in the trailing 12-month trend for our long-term through-the-cycle target.

這肯定會提升我們想要的追蹤 12 個月趨勢，從而實現我們的長期整個週期目標。

Full year organic base fee growth was 4%.

全年有機基本費用成長率為 4%。

And so we're really entering 2025 with continued momentum in a real position of strength.

因此，我們確實將以持續的勢頭進入 2025 年，處於真正的實力地位。

.

。

Larry talked a bit about continued ETF exceptionalism, very strong contribution to the 7% organic base fee growth in Q4, rounded out by private markets and alternatives, fixed income and cash.

Larry 談到了持續的 ETF 例外論，對第四季度 7% 的有機基本費用增長做出了非常強勁的貢獻，私人市場和另類投資、固定收益和現金也進一步完善了這一增長。

Even in ETFs, like higher fee rate segments like active ETFs gathered over $20 billion in new assets, digital assets, ETFs are driving higher organic base fee growth.

即使在 ETF 中，像主動 ETF 等費率較高的細分市場聚集了超過 200 億美元的新資產、數位資產一樣，ETF 也在推動更高的有機基本費用成長。

We see those trends continuing into 2025.

我們認為這些趨勢將持續到 2025 年。

I would note that GIP's organic growth contributed to about one half of a percentage point to the overall 7% organic base fee growth.

我要指出的是，GIP 的有機成長對整體 7% 的有機基本費用成長貢獻了大約半個百分點。

So it didn't have an outsized impact on this quarter's above-target outcome.

因此，這並沒有對本季超出目標的結果產生過大的影響。

I do think it's a good indication that a growing infrastructure business, a growing private markets business can support, obviously, above trend, above target long-term targets.

我確實認為這是一個很好的跡象，表明不斷增長的基礎設施業務、不斷增長的私人市場業務顯然可以支持高於趨勢、高於目標的長期目標。

But looking into '25, we've built the business around structural growers, ETFs, models, Aladdin, fixed income, target date funds they all drive sustainable organic base fee growth through market cycles.

但展望 25 年，我們圍繞著結構性成長者、ETF、模型、阿拉丁、固定收益、目標日期基金建立了業務，它們都在整個市場週期中推動了可持續的有機基本費用成長。

And in positive markets, our lived experience has been that these areas capture substantial upside, generate substantial earnings just like they did here in 2024, which where we hit records.

在積極的市場中，我們的經驗是，這些領域會獲得巨大的上漲空間，產生可觀的收益，就像我們在 2024 年創下記錄一樣。

Looking into '25, we continue to see strength in structural growers, a bigger private markets business and BlackRock as a meaningful outperforming performer in re-risking periods. going back to previous election cycles, periods of central bank action Alex, we had outsized upside capture, look at '17, '18, '21, we were well above 5% in those cycle targets.

展望 25 年，我們繼續看到結構性成長者的實力、更大的私人市場業務以及貝萊德在重新風險時期表現出色的表現。回到先前的選舉週期，亞歷克斯央行行動的時期，我們有巨大的上行捕獲，看看'17、'18、'21，我們在這些週期目標中遠高於 5%。

And I'd offer that I think we're even better diversified now, even with higher for longer rates, we see short duration active fixed income, yield strategies like our active ETF managed by Rick Reader, PINK, the INC is the ticker and our cash management platform as growth engines.

我想說的是，我認為我們現在更加多元化了，即使長期利率更高，我們也會看到短期主動固定收益、收益率策略，例如我們由Rick Reader 管理的主動ETF、PINK、INC 是股票和我們的現金管理平台作為成長引擎。

And I think that recent macro events are also going to lead to some interesting opportunities in secondaries in private credit in a more supportive market.

我認為，最近的宏觀事件也將在更具支持性的市場中為私人信貸二級市場帶來一些有趣的機會。

We've achieved our organic base fee growth target of 5% on average over the last five years.

過去五年我們實現了平均 5% 的有機基本費用成長目標。

We had 5% in Q3, 7% in Q4.

第三季我們佔 5%，第四季佔 7%。

We did it without the benefit of M&A.

我們在沒有併購的情況下做到了這一點。

So we believe that HPS, Preqin, GIP can help lift our business beyond those targets.

因此，我們相信 HPS、Preqin、GIP 可以幫助我們的業務超越這些目標。

It gives us a lot of conviction about our 5% or better goal going forward, Alex.

這讓我們對未來 5% 或更好的目標充滿信心，Alex。

So we look forward to updating everybody on progress.

因此，我們期待向大家通報最新進展。

Alex, so let me just talk about the rate market.

亞歷克斯，讓我談談利率市場。

We've been living in a world of an inverted yield curve.

我們一直生活在一個殖利率曲線倒掛的世界。

And you had the ability to earn the highest return on keeping your money in cash.

而且您有能力以現金形式賺取最高回報。

You missed that on some great equity market movements.

您錯過了一些重大的股市走勢。

But as you noticed, the yield curve is steepening.

但正如您所注意到的，殖利率曲線正在變得陡峭。

And so you're going to, over the time, you're going to be benefiting by going out the curve.

因此，隨著時間的推移，你將透過走出曲線而受益。

That being said, there's close to $10 trillion of money in money market funds as that money will be put to work.

話雖這麼說，貨幣市場基金中有接近 10 兆美元的資金，因為這些資金將被投入使用。

And as I said, with the steepening of the yield curve, and with higher rates, it's going to lead to some great opportunities in the fixed income area.

正如我所說，隨著殖利率曲線的陡峭和利率的上升，這將為固定收益領域帶來一些巨大的機會。

As Martin just said, I think more and more income-oriented products like private credit and infrastructure are going to play a larger role with our investors over the course of the next 5 to 10 years.

正如馬丁剛才所說，我認為在未來 5 到 10 年中，越來越多的以收入為導向的產品，如私人信貸和基礎設施，將在我們的投資者中發揮更大的作用。

And if, and we can't underestimate the role of the capital markets as that is going to be developed more robustly even in Europe and other parts of the world where there's going to present even better opportunities.

如果，我們不能低估資本市場的作用，因為即使在歐洲和世界其他地區，資本市場也將得到更強勁的發展，那裡將提供更好的機會。

There's no place like the United States with the US exceptionalism. that you have, if you're a small startup, a medium company that you have access to so much capital.

沒有哪個地方像美國一樣具有美國例外論。如果你是一家小型新創公司，那麼你擁有一家中型公司，你可以獲得如此多的資本。

That is one of the principal drivers of the US economy.

這是美國經濟的主要驅動力之一。

And I do believe that is hope to be replicated in other economies right now.

我確實相信這一點現在有望在其他經濟體中複製。

And that development, having a strong banking system with a strong capital market system really plays well into our future growth.

這種發展，擁有強大的銀行體系和強大的資本市場體系，確實對我們未來的成長起到了很好的作用。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Good morning, Larry,

早安，拉里，

(inaudible).

（聽不清楚）。

Happy New Year, Larry.

新年快樂，拉里。

I hope everyone is doing well.

我希望每個人都做得很好。

My question is on retirement.

我的問題是關於退休。

So BlackRock is the largest DCIO manager and one of the largest managers of AUM and foreign plans and target date funds, and currently, these strategies have a 0% allocation to alts, but the red sweep in November has many of us debating if alts will break in the retirement channel.

因此，貝萊德是最大的DCIO 管理公司，也是最大的AUM、外國計劃和目標日期基金管理公司之一，目前，這些策略對alt 的配置為0%，但11 月份的紅色掃蕩讓我們很多人都在爭論alt 是否會打通退休通道。

So especially given your recent acquisitions of GIP, HPS, I don't know if any firm is better positioned for this team.

因此，特別是考慮到你們最近收購了 GIP、HPS，我不知道是否有任何公司更適合這個團隊。

So we wanted to get your updated prospects on alts finally breaking to the US retirement channel.

因此，我們希望讓您了解替代品的最新前景，最終進入美國退休管道。

Thanks, Greg.

謝謝，格雷格。

Happy New Year.

新年快樂。

I'll give it a go and then see if Larry has anything to add.

我會嘗試一下，然後看看拉里是否有什麼要補充的。

But listen, we think of ourselves as a retirement company.

但聽著，我們認為自己是一家退休公司。

More than half of the $11.6 trillion of assets that BlackRock manages are related to retirement.

貝萊德管理的 11.6 兆美元資產中有一半以上與退休有關。

We've been at the forefront, I think of product innovation.

我認為我們一直處於產品創新的最前線。

We've been at the forefront of advocacy for retirement solutions through our whole history.

在我們的整個歷史中，我們一直處於倡導退休解決方案的最前沿。

It was, in fact, Barclays Global Investors that pioneered the first target date fund back in 1993.

事實上，早在 1993 年，巴克萊全球投資者就率先推出了第一個目標日期基金。

It was a revolutionary concept, eliminating, I think, some of the guest work for retirement savers by automatically adjusting their investment mix over time.

我認為，這是一個革命性的概念，透過隨著時間的推移自動調整投資組合，消除了一些為退休儲蓄者工作的客人。

We now today, as you mentioned, have over $0.5 trillion of assets in LifePath and target date funds.

正如您所提到的，我們現在在 LifePath 和目標日期基金中擁有超過 5 兆美元的資產。

We're the number one DCIO provider.

我們是排名第一的 DCIO 提供者。

As Larry went through in detail, we've been innovating the target date structure to include guaranteed income with LifePath Paycheck.

正如拉里（Larry）詳細介紹的那樣，我們一直在創新目標日期結構，以包括 LifePath Paycheck 的保證收入。

So we see real potential benefits that retirees could have with greater diversification, better retirement outcomes by blending public and private.

因此，我們看到退休人員可以透過公共和私人的整合，實現更大程度的多元化和更好的退休成果，從而獲得真正的潛在好處。

I mean people have won Nobel Prizes talking about the market portfolio.

我的意思是，人們獲得諾貝爾獎時都在談論市場投資組合。

It wasn't just about public markets.

這不僅是公共市場的問題。

It's also about private markets.

這也與私人市場有關。

And so we've been doing work.

所以我們一直在做工作。

We've been doing work.

我們一直在做工作。

We're always doing work on product innovation.

我們一直致力於產品創新。

We've been thinking about how to bring private markets potentially into target date structures.

我們一直在考慮如何將私人市場納入目標日期結構。

We think the same innovations that powered LifePath Paycheck could ultimately power a target date structure with private markets and alternatives as part of the glide path.

我們認為，為 LifePath Paycheck 提供動力的相同創新最終可以為目標日期結構提供動力，並將私人市場和替代方案作為下滑路徑的一部分。

We'd also think about things like managed accounts and models where we've been working on, including public-private models, as we announced with the Partners Group model portfolios, which we think can make their way into retirement counts as well.

我們也會考慮我們一直在研究的管理帳戶和模型等問題，包括公私合作模型，正如我們在 Partners Group 模型投資組合中所宣布的那樣，我們認為這也可以納入退休人數。

And so we do think this is a real opportunity.

所以我們確實認為這是一個真正的機會。

With our leading presence in these channels, we've got the relationships, the distribution, the investment expertise to capitalize on these opportunities to create better retirement.

憑藉我們在這些管道中的領先地位，我們擁有關係、分銷和投資專業知識，可以利用這些機會創造更好的退休生活。

We do think we're watching the space closely.

我們確實認為我們正在密切關注這個領域。

For more tangible opportunities, we do think there'll have to be some reforms potentially safe harbors litigation or advice reform in the US to add private markets to DC plans.

為了獲得更切實的機會，我們確實認為美國必須進行一些潛在的安全港訴訟或建議改革，以將私人市場納入華盛頓特區的計劃中。

So we're watching the space closely, keeping in touch with the trade associations.

因此，我們正在密切關注這一領域，並與行業協會保持聯繫。

We're doing a lot of work in keeping connected with Washington.

我們正在做大量工作來與華盛頓保持聯繫。

But for years, we've tried to innovate.

但多年來，我們一直在努力創新。

We've advocated on behalf of workers to improve retirement solutions.

我們代表工人倡導改善退休解決方案。

We think there's a real opportunity here.

我們認為這裡有一個真正的機會。

And if there is an opportunity to bring private markets to the retirement channel, we'll aim to be at the forefront, Craig.

如果有機會將私人市場引入退休管道，我們將致力於走在最前沿，克雷格。

Craig, let me add one more point that I think is essential.

克雷格，讓我再補充一點我認為很重要的一點。

And that is having better analytics and data.

這就是擁有更好的分析和數據。

That will be fueling.

這將是加油。

I think regulatory opportunities to expand offerings in this space.

我認為監管機構有機會擴大這一領域的產品範圍。

As you know, the retirement system is heavily related with a lot of regulation.

如您所知，退休制度與許多監管密切相關。

Fiduciary standard is very high.

信託標準非常高。

And so as a result of that, the need for better market analytics and data are essential.

因此，對更好的市場分析和數據的需求至關重要。

And this is one of the primary reasons why we sought out and acquired Preqin.

這是我們尋找並收購 Preqin 的主要原因之一。

Having the analytics that we have with eFront and Aladdin and the data that we will have will allow the entire market to have access to better information and is, and we believe more and more asset managers will then take on Aladdin with Preqin data and eFront to help them navigate this.

擁有 eFront 和 Aladdin 的分析以及我們將擁有的數據將使整個市場能夠獲得更好的信息，我們相信越來越多的資產管理公司將利用 Preqin 數據和 eFront 來挑戰 Aladdin幫助他們解決這個問題。

And so to me, dovetailing relaxed regulatory, oversight can only happen if we have better systematic analytics and data to work with the investors under our (inaudible) laws.

因此，對我來說，只有當我們有更好的系統分析和數據來根據我們的（聽不清楚）法律與投資者合作時，才能實現寬鬆的監管和監督。

And I think this is essential, and this is one of the key reasons why we made the acquisition of Preqin.

我認為這是至關重要的，這也是我們收購 Preqin 的關鍵原因之一。

Michael Cyprys, Morgan Stanley.

麥可‧賽普里斯，摩根士丹利。

Hey, good morning.

嘿，早安。

Happy New year.

新年快樂。

It's been good

已經很好了

(multiple speakers)

（多個發言者）

It's been a little bit over a month since you announced the HPS acquisition.

距離你們宣布收購 HPS 已經一個多月了。

Just curious here, in terms of the conversations you're having with clients, how that dialogue has evolved given the expanded private credit capabilities that you have, I believe, insurance and private wealth or some of the areas that you were most excited about.

只是好奇，就您與客戶的對話而言，考慮到您擁有的私人信貸能力的擴大，我相信，保險和私人財富或您最感興趣的一些領域，這種對話是如何演變的。

Just curious what steps you might take to best maximize that opportunity here as you're thinking about '25.

只是好奇當您考慮“25”時，您可能會採取哪些步驟來最大限度地利用這個機會。

What sort of growth might translate into?

可能轉化為什麼樣的成長？

And which of the opportunities do you see as more near term versus more medium to longer term?

您認為哪些機會較適合近期，哪些機會較適合中長期？

Well, obviously, we need to close and we expect to close sometime in the second quarter.

嗯，顯然，我們需要關閉，我們預計在第二季的某個時候關閉。

That would be our objective.

這將是我們的目標。

And we're very excited about the client feedback related to HPS.

我們對與 HPS 相關的客戶回饋感到非常興奮。

It has been extraordinarily positive across all the channels.

所有管道的表現都非常正面。

HPS has incredible relationships with clients worldwide, and that dovetails with our relationships across all the insurance companies.

HPS 與全球客戶建立了令人難以置信的關係，這與我們與所有保險公司的關係相符。

And so I do believe insurance will be one of the primary areas of growth for us.

因此，我確實相信保險將成為我們成長的主要領域之一。

But as we were talking about earlier, if we could really expand in the wealth channels, HPS right now has about $20 billion in wealth channels already.

但正如我們剛才講的，如果我們真的能夠在財富管道上做大，HPS現在已經有大約200億美元的財富管道了。

And we believe with the BlackRock connectivity with all the wealth management organizations that we have an opportunity to really increase that size by a dramatic amount.

我們相信，透過貝萊德與所有財富管理組織的聯繫，我們有機會真正大幅增加這一規模。

And our conversations that we've had globally worldwide from Japan to the Middle East and throughout Europe, probably one of the great surprises to me was the conversations we're having about expanding private credit as a part of these portfolios.

我們在從日本到中東和整個歐洲的全球範圍內進行的對話，對我來說最大的驚喜之一可能是我們關於擴大私人信貸作為這些投資組合的一部分的對話。

And as I said earlier, when we did not do the HPS acquisition as a singular expansion, you have to overlay the design around buying Preqin and having eFront and bringing that together and having the ability to provide better data and analytics to these markets to, and that will then provide much more expansion of the market.

正如我之前所說，當我們沒有將 HPS 收購作為單一擴張時，您必須圍繞購買 Preqin 和擁有 eFront 進行設計，並將其整合在一起，並有能力為這些市場提供更好的數據和分析，這將進一步擴大市場。

And we've seen that over the last 40-odd years we've been in business, and throughout my career, when you have better data and analytics as you're expanding new frontier markets, they become large scale markets through data and analytics.

我們已經看到，在過去40 多年裡，我們一直在做生意，在我的整個職業生涯中，當你在拓展新的前沿市場時擁有更好的數據和分析時，它們就會通過數據和分析成為大規模市場。

And so we believe we will be the best suited organization to take advantage of that expansion of the private credit markets in the future.

因此，我們相信我們將成為最適合利用未來私人信貸市場擴張的組織。

Mike Brown, Wells Fargo.

麥克布朗，富國銀行。

Mike, happy new year.

麥克，新年快樂。

Happy New Year.

新年快樂。

I wanted to follow up on the expense guidance for the year.

我想跟進今年的費用指導。

So thank you for the core G&A guide.

感謝您提供核心 G&A 指南。

I guess as we think about the contribution from HPS, assuming that mid-2025 closed, how should we think about kind of the guide, including that?

我想，當我們考慮 HPS 的貢獻時，假設 2025 年中期結束，我們應該如何考慮指南的類型，包括這一點？

And then as we think about the margin, I appreciate that markets and FX are really going to impact the outcome.

然後，當我們考慮利潤時，我意識到市場和外匯確實會影響結果。

But could you just give us some thoughts on maybe the puts and takes that we should consider for the margin in '25 relative to '24?

但您能否給我們一些關於我們應該考慮 25 年相對於 24 年利潤率的看跌期權和看跌期權的想法？

Sure.

當然。

Thanks for the question.

謝謝你的提問。

So let me just put some context around it.

讓我簡單介紹一下它的背景。

I think our approach to shareholder value creation is to generate consistently market-leading organic growth, it's to drive operating leverage and industry-leading margins and to execute on a consistent capital management strategy.

我認為我們創造股東價值的方法是持續產生市場領先的有機成長，提高營運槓桿和領先業界的利潤率，並執行一致的資本管理策略。

We have a strong track record of investing in our business for growth and scale while expanding capability.

我們在投資業務以實現成長和規模、同時擴大能力方面擁有良好的記錄。

It's not just about growth.

這不僅僅是成長的問題。

It's about profitable growth over the long term.

這是關於長期獲利成長的。

Our growth comes from being disciplined in making and managing continued investments in the business.

我們的成長來自於對業務持續投資的嚴格遵守。

We're keeping the rules-based budgeting principles that I've outlined over the last 12 to 18 months, that's sizing our operating investments in line with the prudent lens on organic growth potential.

我們將遵守我在過去 12 至 18 個月中概述的基於規則的預算原則，即根據有機成長潛力的審慎視角調整我們的營運投資規模。

It's aiming to put flexibility in our cost base and variabilizing more expenses where we can.

其目的是使我們的成本基礎更加靈活，並盡可能調整更多費用。

And most importantly, it's looking to generate fixed cost scale, especially through investments in technology.

最重要的是，它希望形成固定成本規模，特別是透過技術投資。

We've got a, I think, consistent track record in delivering industry-leading margins and improving them.

我認為，我們在提供業界領先的利潤率和提高利潤率方面有著一貫的記錄。

I think you see in 2024, the scale indicators came through in the results.

我想你會看到，到了2024年，規模指標就在結果中反映出來了。

We grew operating income by over 20%, generated close to 3 percentage points of margin improvement versus '23.

與 23 年相比，我們的營業收入成長了 20% 以上，利潤率提高了近 3 個百分點。

We improved margin by 390 basis points year-on-year in Q4, while operating income was up 30%.

第四季我們的利潤率年增了 390 個基點，營業收入成長了 30%。

And since the end of 2022, a more rope metric is BlackRock AUM is up $3 trillion while headcount is up by a more modest, 1,300 employees, about 7% headcount growth.

自 2022 年底以來，更可靠的指標是貝萊德的資產管理規模增加了 3 兆美元，而員工人數則增加了 1,300 名員工，增幅約為 7%。

So we really see ourselves as continuing on that strategy of driving scale and productivity, which shows up in margin expansion.

因此，我們確實認為自己將繼續推行擴大規模和提高生產力的策略，這體現在利潤率的擴張上。

On the outlook for '25, the guidance is mid- to high single digits, excluding HPS, as I mentioned.

正如我所提到的，對於 25 年的前景，指導值為中高個位數，不包括 HPS。

In terms of the major influences, we think our budgeting approach in a positive market environment should drop more profitability into operating income.

就主要影響而言，我們認為在積極的市場環境下我們的預算方法應該將更多的盈利能力轉化為營業收入。

Market movements are our highest margin item, Mike, both on the way up and on the way down.

麥克，市場走勢是我們利潤率最高的項目，無論是上漲或下跌。

We see the conditions for reasonably positive growth in markets over the near to intermediate term.

我們看到中短期內市場出現合理正成長的條件。

So we believe we can continue to invest to accelerate growth and deliver margin expansion through this rules-based budgeting that I've outlined, and we expected the impact of positive markets on AUM and revenue through this budgeting approach would drive further margin expansion into 2025.

因此，我們相信，我們可以繼續投資，透過我概述的這種基於規則的預算來加速成長並實現利潤率擴張，並且我們預計，透過這種預算方法，積極的市場對資產管理規模和收入的影響將推動利潤率在2025 年進一步擴張。

Ken Worthington, JPMorgan.

肯‧沃辛頓，摩根大通。

Hi, good morning.

嗨，早安。

Happy New year.

新年快樂。

Thank you for taking my question.

謝謝你回答我的問題。

I wanted to piggyback a little bit on Alex's question.

我想稍微回答一下亞歷克斯的問題。

What are your thoughts on the outlook for fixed income flows as we look out to the next 12 months?

展望未來 12 個月，您對固定收益流動前景有何看法？

I guess maybe starting, where do you see investors position in fixed income as we begin 2025?

我想也許從 2025 年開始，您認為投資人在固定收益上的定位是什麼？

And do you get the sense generally that investors are under or over allocated to fixed income broadly?

您是否普遍認為投資人對固定收益的配置普遍不足或過多？

And how do you see those allocations evolving this year?

您如何看待今年這些分配的變化？

I think you've successfully made the case that the allocation also be increasing.

我認為你已經成功地證明了分配也在增加。

You made the case for a while that the allocations to cash are probably too high.

您曾經一度認為現金分配可能過高。

How do we think about this sort of flowing into fixed income allocations for the next 12 months?

我們如何看待未來 12 個月這種流入固定收益配置的情況？

So I'll take that one.

所以我會接受那個。

Last time I mentioned I thought it would rain fixed income.

上次我提到我認為固定收益會下雨。

I'm going to continue that for 2025, but I won't go as far as a Nobel prize Martin than fixed income.

我將在 2025 年繼續這樣做，但我不會像諾貝爾獎馬丁那樣比固定收益更進一步。

But a more balanced term structure of interest rates is an indicator that we're going to watch to indicate the potential demand for intermediate and longer duration fixed income.

但更平衡的利率期限結構是我們要關注的指標，它顯示對中期和長期固定收益的潛在需求。

And you know this has been negative for years, and now the US term premium has reached its highest level in a decade.

你知道，多年來這種情況一直為負，而現在美國的定期溢價已達到十年來的最高水準。

Now we see that people are under allocated to fixed income, and we see that through our models business, and we see that they're looking to increase their weightings in longer duration fixed income and whether there's a bull market steepener or a bear market steepener, I do believe some of that large allocation the cash that Larry mentioned being around $10 trillion is going to look for opportunities to increase their income.

現在我們看到人們分配給固定收益的資金不足，我們透過我們的業務模型看到了這一點，我們看到他們正在尋求增加長期固定收益的權重，以及是否存在牛市陡峭化或熊市陡峭化，我確實相信拉里提到的大約10 兆美元的大量現金分配中的一些人將尋找增加收入的機會。

And with countries around the globe at deficits, there is going to be a lot of issuance and you'll see the premium over treasuries be significant enough to move that money from cash into intermediate and longer-term duration fixed income.

由於全球各國都出現赤字，將會有大量的發行，你會發現相對於國債的溢價足夠大，足以將這些資金從現金轉移到中期和長期固定收益。

So last year, we saw a strong demand our fixed income flows were $164 billion in 2024.

因此，去年我們看到了強勁的需求，到 2024 年，我們的固定收益流量將達到 1,640 億美元。

That's driven 6% organic asset growth.

這推動了 6% 的有機資產成長。

And that included $24 billion in the fourth quarter alone.

其中僅第四季就達到了 240 億美元。

Now one of the other reasons for this demand is better wrappers to express your interest in fixed income.

現在，這種需求的另一個原因是更好的包裝來表達您對固定收益的興趣。

So we saw demand across iShares, non-ETF index and active fixed income and active fixed income continue to include scaled institutional assignments as well, not just retail, and this came primarily from insurance partners.

因此，我們看到 iShares、非 ETF 指數和主動固定收益的需求，主動固定收益繼續包括規模化機構分配，而不僅僅是零售，這主要來自保險合作夥伴。

So I think spread income presents a great opportunity even if duration is not as reliable a diversifier as it used to be, and we see a lot of clients that want to clip solid deals at the front end of the curve, and now we expect that to continue into the longer end of the curve.

因此，我認為利差收入提供了一個很好的機會，即使久期不像以前那樣可靠，而且我們看到很多客戶希望在曲線的前端進行可靠的交易，現在我們預計繼續進入曲線的較長一端。

So, the other part is the run-up in equities last year, actually, over, made them overallocated to equity, so they need to catch up in fixed income.

所以，另一部分是去年股市的上漲，實際上，已經過度配置了股票，所以他們需要在固定收益方面迎頭趕上。

So I think it continues to roll into cash and then cash as rates change, move into intermediate and longer duration fixed income paper, and that will not only be in the public markets, but it will be in the private markets as well, which describes part of the acquisition you were asking Larry and Martin about.

因此，我認為它會繼續變成現金，然後隨著利率變化而變成現金，進入中期和長期固定收益票據，這不僅會出現在公開市場上，而且也會出現在私人市場上，這描述了這是您向拉里和馬丁詢問的收購的一部分。

Brian Bedell, Deutsche Bank.

布萊恩·比德爾，德意志銀行。

Oh, great, thanks.

哦，太好了，謝謝。

Good morning.

早安.

Hi.

你好。

Happy New Year.

新年快樂。

(multiple speakers) It certainly, yeah.

（多個發言者）當然，是的。

No, thanks.

不，謝謝。

It's I was just thinking, I certainly couldn't imagine you've become what you've become, sitting back in 1999 as a leading fixed income manager at the time, I always knew the strategy was great.

我只是在想，我當然無法想像你會成為現在的樣子，回到 1999 年，作為當時領先的固定收益經理，我一直都知道這個策略很棒。

But,, the firm is certainly involved, evolved, I think well beyond anyone's expectations.

但是，我認為該公司確實參與其中並不斷發展，遠遠超出了任何人的預期。

So congrats on that journey.

所以恭喜你的旅程。

Have you turned 35 yet?

你已經35歲了嗎？

Yes exactly.

是的，正是如此。

It's been a long time for sure.

肯定已經過去很久了。

Yes.

是的。

So maybe just thinking about this evolution of the strategy in alternative and particularly the retail end of that.

因此，也許只是考慮替代策略的演變，特別是零售端的策略。

So, maybe just talk a little bit about your confidence.

所以，也許只是談談你的信心。

Clearly, you have a lot of ways to go into the, into retail on the alt side.

顯然，你有很多方法可以進入另類零售業。

But your confidence on that building up because, obviously, there's still a lot of roadblocks into growth in those channels.

但您對此的信心正在增強，因為顯然，這些管道的成長仍然存在著許多障礙。

And I know you talked about the 401(k) channel earlier, maybe within that answer, you can comment on your view of the likelihood of safe harbor provisioning in the 401(k) market and the demand from 401(k) plan sponsors to actually adopt alts within their portfolio because clearly it would obviously benefit the the planned participants substantially.

我知道您之前談到了 401(k) 管道，也許在該答案中，您可以評論您對 401(k) 市場中安全港供應的可能性以及 401(k) 計劃發起人的需求的看法實際上在他們的投資組合中採用替代方案，因為顯然這顯然會讓計劃的參與者受益匪淺。

So just, I guess, overall, just your confidence on the retail market for alts building in, even in '25 and it's '26% for you include potentially 401(k).

因此，我想，總體而言，您對另類零售市場的信心正在增強，即使在 25 年，您也有 26% 的信心，包括潛在的 401(k)。

Thanks so much.

非常感謝。

So we, this is one of the, I'm most, one of the businesses or most fond of here at BlackRock.

所以我們，這是我最喜歡的業務之一，或者是貝萊德最喜歡的業務之一。

We have strong relationships in wealth and retail markets across the globe.

我們在全球財富和零售市場擁有牢固的關係。

As Larry mentioned in his remarks, our aims to health wealth managers build long-term portfolios that blend public and private markets exposures.

正如拉里在演講中提到的，我們的目標是健康財富管理機構建立混合公共和私人市場風險的長期投資組合。

The market is still early.

市場還早。

As you said, wealth manager and retail allocations to private markets still in the low single digits on most of the Cerulli dinner data.

正如您所說，根據大多數 Cerulli 晚宴數據，財富管理機構和零售市場對私人市場的分配仍處於較低的個位數。

We are focused on innovating to provide better access to private markets for wealth managers and retail investors, and that's across taxable and nontaxable accounts, retirement accounts.

我們專注於創新，為財富管理機構和散戶投資者提供更好的進入私人市場的機會，包括應稅和免稅帳戶、退休帳戶。

Let me tell you about a couple of things we're working on and what I think are some of the bigger opportunities.

讓我告訴您我們正在做的幾件事以及我認為的一些更大的機會。

As we had previously announced, we're working on a first-of-its-kind managed model solution with the partners group.

正如我們先前宣布的，我們正在與合作夥伴團隊合作開發同類首個託管模型解決方案。

We think this will simplify wealth access, offering a single subscription model product with varied allocations based on risk tolerance, but moving the private markets to a model portfolio with different risk tolerances that blends public-private, that manages the cash flows that's on a single subscription document.

我們認認購文件。

We think that's a huge unlock.

我們認為這是一個巨大的解鎖。

One of the barriers to adoption with wealth managers is just the operational burden and tax of managing multiple subscription documents and cash flows and distributions for private markets products.

財富管理機構採用的障礙之一就是管理多個認購文件以及私募市場產品的現金流量和分配的營運負擔和稅收。

We think a managed account can do that better and increase access.

我們認為託管帳戶可以更好地做到這一點並增加存取權限。

In Europe and Asia, those markets are in a different place in the United States when it comes to private markets in retirement accounts.

在歐洲和亞洲，當談到退休帳戶的私人市場時，這些市場與美國的情況不同。

We recently launched our new evergreen fund offerings under the LTIF 2.0 structure.

我們最近在 LTIF 2.0 架構下推出了新的常青基金產品。

Those initial offerings are in private equity solutions and multi-alternatives.

這些首次公開募股涉及私募股權解決方案和多種替代方案。

Those evergreen funds we're planning to also have infrastructure and private credit offerings into the future.

我們計劃在未來提供基礎設施和私人信貸服務。

We're looking at bringing similar structures in terms of evergreen products for the United States as well.

我們正在考慮為美國帶來類似的常青產品結構。

The planned acquisition of HPS is going to bring real scale and expertise in the wealth channel for us, including more than $20 billion of wealth-focused assets in HLEND, one of the high performing BDCs in the market.

計劃收購 HPS 將為我們帶來財富管道的真正規模和專業知識，包括 HLEND（市場上表現出色的 BDC 之一）超過 200 億美元的以財富為中心的資產。

We think there's a great opportunity to continue to scale that in the channels where HPS is, but also bring that to the RIA market where BlackRock has a particularly large footprint.

我們認為，這是一個很好的機會，可以繼續在 HPS 所在的通路中擴大規模，同時也可以將其帶到貝萊德擁有特別大足跡的 RIA 市場。

We have really excellent momentum in many of the strategies that we have in debt.

我們在許多債務戰略中都擁有非常出色的勢頭。

Our nontraded BDC has about $600-plus million and growing.

我們的非交易 BDC 擁有約 6 億多美元，並且還在持續成長中。

Our credit interval fund CREDX, same deal has had a lot of growing.

我們的信用區間基金 CREDX，同樣的交易也有了很大的成長。

I do think that the biggest opportunity ahead of us is to integrate semiliquid products and to integrate private markets into our over 300 billion managed models and SMA franchise.

我確實認為，我們面前最大的機會是整合半流動產品，並將私人市場整合到我們超過 3000 億的管理模型和 SMA 特許經營權中。

That would be the biggest unlock, and I really do think it's our competitive advantage.

這將是最大的解鎖，我確實認為這是我們的競爭優勢。

It's at the heart of the models venture we have with Partners Group.

它是我們與 Partners Group 合作的模型合資企業的核心。

It's at the heart of many of the previously announced partnerships we have with Envestnet, Gio Wealth Capital case and best mark.

它是我們之前宣布的與 Envestnet、Gio Wealth Capital 案例和 best mark 的許多合作夥伴關係的核心。

So we think the two best execution channels for us here to help clients our target date funds and retirement accounts, assuming that we can have a favorable conditions to do so and manage models in wealth and retail channels and the LTIP structures in UK and Europe.

因此，我們認為我們這裡的兩個最佳執行管道可以幫助客戶設定目標日期基金和退休帳戶，前提是我們可以擁有有利的條件來做到這一點，並管理英國和歐洲的財富和零售管道以及LTIP結構中的模型。

Bill Katz, TD Cowen.

比爾·卡茨，TD·考恩。

Okay.

好的。

Thank you very much.

非常感謝。

Good morning guys.

早安，夥計們。

(multiple speakers) Yes, indeed, it goes quick.

（多個發言者）是的，確實，進展很快。

It goes quick.

進展很快。

I remember that IPO conversation.

我記得那次 IPO 談話。

Anyway, thank you for the shout out.

不管怎樣，謝謝你們的大聲喊叫。

It's been a pleasure.

很高興。

Just maybe I don't either one gentlemen, just think about the evolution of the platform than your guidance around buyback.

只是也許我不知道任何一位先生，只考慮平台的演變而不是您對回購的指導。

As your earnings power continues to scale and become more diversified and more durable, how are you thinking about maybe the payout relative to the earnings power?

隨著您的盈利能力不斷擴大、變得更加多元化和更加持久，您如何考慮相對於盈利能力的支出？

And then how about the allocation underneath that between dividend growth and repurchase?

那麼股息成長和回購之間的配置又如何呢？

Thank you.

謝謝。

Thanks a lot, Bill.

非常感謝，比爾。

Our capital allocation strategy is consistent.

我們的資本配置策略是一致的。

As I mentioned earlier, like first, to invest in the business, that's our main focus is investing in the business to drive organic growth.

正如我之前提到的，首先是投資業務，我們的主要重點是投資業務以推動有機成長。

We preference the dividend and then the size of our share repurchases, they're an output after those allocations of capital.

我們更重視股息，然後是股票回購的規模，它們是資本分配後的產出。

We don't manage the company to hoard excess cash on BlackRock's balance sheet.

我們不會管理公司在貝萊德的資產負債表上囤積多餘的現金。

So we have a very strong track record of returning that excess cash through share repurchases that are systematic.

因此，我們在透過系統性股票回購返還多餘現金方面擁有非常良好的記錄。

I think the size of future repurchases would result from a whole variety of factors.

我認為未來回購的規模將由多種因素決定。

The levels of cash flow generation in organic growth and market beta and FX, the sizing of organic and inorganic investments, the leverage ratio of the company, the reasonableness of debt financing versus equity financing.

有機成長、市場貝塔和外匯的現金流產生水準、有機和無機投資的規模、公司的槓桿率、債務融資與股權融資的合理性。

So all of these things would influence ultimately the sizing of the share repurchase program.

因此，所有這些因素最終都會影響股票回購計畫的規模。

But the share repurchase is an output, not an input into our capital management strategy.

但股票回購是我們資本管理策略的輸出，而不是一種輸入。

But this year, we had $4.7 billion return to share, to shareholders.

但今年，我們向股東分享了 47 億美元的回報。

We know that BlackRock has become an attractive compounder between dividends and buybacks, and we want to keep that track record up for our clients and shareholders.

我們知道貝萊德已經成為股息和回購之間有吸引力的複合者，我們希望為我們的客戶和股東保留這項記錄。

Ladies and gentlemen, we have reached a lot of time for questions, Mr Fink.

女士們先生們，芬克先生，我們已經有很多時間提問了。

Do you have any closing remarks?

有什麼結束語嗎？

Yes, I do.

是的，我願意。

Thank you, operator.

謝謝你，接線生。

I want to thank everybody for joining us this morning and your continued interest in our firm BlackRock.

我要感謝今天早上加入我們的大家以及你們對我們公司貝萊德的持續關注。

Our record results in 2024 are just the beginning of our next phase of growth.

我們 2024 年創紀錄的業績只是我們下一階段成長的開始。

We invested ahead of our structural growth trends and drivers that we believe will define the future of the capital markets and asset management.

我們在結構性成長趨勢和驅動因素之前進行投資，我們相信這些趨勢和驅動因素將定義資本市場和資產管理的未來。

We have a lot of exciting work ahead of us, including the planned addition and integration of Preqin and HPS.

我們還有很多令人興奮的工作要做，包括計劃添加和整合 Preqin 和 HPS。

And we enter 2025 better positioned than ever to deliver differentiating performance to our clients and value creation for our shareholders.

進入 2025 年，我們比以往任何時候都更有能力為客戶提供差異化的業績並為股東創造價值。

Everyone, have a really wonderful quarter and enjoy.

每個人都度過了一個非常美好的季度並享受。

Talk to you in the next quarter.

下個季度再和你聊。

Thank you.

謝謝。

This concludes today's teleconference.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。