貝萊德 (BLK) 2025 Q2 法說會逐字稿

Good morning. My name is Katie, and I will be your conference facilitator today.

早安.我叫凱蒂，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 second-quarter 2025 earnings teleconference. Our host for today's call will be Chairman and Chief Executive Officer, Laurence D. Fink; Chief Financial Officer, Martin S. Small; President, Robert S. Kapito; and General Counsel, Christopher J. Meade. (Operator Instructions)

現在，我歡迎大家參加貝萊德公司 2025 年第二季財報電話會議。今天電話會議的主持人是董事長兼首席執行官勞倫斯·芬克 (Laurence D. Fink)、首席財務官馬丁·斯莫爾 (Martin S. Small)、總裁羅伯特·卡皮托 (Robert S. Kapito) 和總法律顧問克里斯托弗·米德 (Christopher J. Meade)。（操作員指示）

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

謝謝。米德先生，您可以開始您的會議了。

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

大家早安。我是貝萊德總法律顧問克里斯‧米德。

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.

在我們開始之前，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的陳述。我們提請您注意，貝萊德的實際結果當然可能與這些聲明不同。如您所知，貝萊德已向美國證券交易委員會提交了報告，其中列出了一些可能導致貝萊德的業績與我們今天所說的大不相同的因素。貝萊德不承擔任何義務，也不承諾更新任何前瞻性聲明。

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

因此，我將把發言權交給馬丁。

Thanks, Chris. Good morning, everyone. It's my pleasure to present results for the second quarter of 2025. 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。我很高興地公佈 2025 年第二季的業績。在將其移交給拉里之前，我將回顧我們的財務表現和業務成果。我們的收益報告揭露了 GAAP 和調整後的財務結果，我將主要關注調整後的結果。

At our Investor Day last month, we communicated our ambitions for BlackRock in 2030. Our leadership team and our employees have seen and contributed to that vision over the last two years. We anticipated where our clients and markets were going. We've established strength at the foundation of our platform in ETFs, Aladdin, whole portfolio, fixed income, cash management. They're the strong foundations to serve clients and deliver on our organic growth objectives.

在上個月的投資者日上，我們表達了貝萊德 2030 年的宏偉目標。在過去的兩年裡，我們的領導團隊和員工已經看到並實現了這個願景。我們預測了客戶和市場的發展方向。我們在 ETF、阿拉丁、整個投資組合、固定收益、現金管理等平台基礎上建立了實力。它們是服務客戶和實現有機成長目標的堅實基礎。

We executed on organic business builds in structural growth categories, including digital assets, active ETFs, model portfolios and systematic equities and we've executed on three major acquisitions. We've built a premier investment and technology platform across the private markets, one that's only at the beginning of a durable long-term runway for growth.

我們在結構性成長類別中實施了有機業務建設，包括數位資產、主動型 ETF、模型投資組合和系統性股票，並且我們實施了三次重大收購。我們在私人市場上建立了一流的投資和技術平台，該平台才剛開始走向持久的長期成長之路。

Building on our record results in 2024, we continue to see the proof points of the success of our strategy into 2025. We generated 7% organic base fee growth and over $650 billion of net inflows over the last 12 months. This success has been built on multiyear sustained growth in iShares, fixed income, systematic tax-managed strategies in Aladdin and now expansions in private markets.

基於 2024 年創下的業績記錄，我們將繼續在 2025 年看到我們策略成功的證明點。在過去 12 個月中，我們實現了 7% 的有機基本費用成長和超過 6500 億美元的淨流入。這項成功建立在 iShares、固定收益、阿拉丁的系統稅收管理策略以及目前私人市場的擴張多年的持續成長之上。

We believe these engines will enable us to more consistently rise above 5% organic base fee growth. We posted 6% organic base fee growth in the second quarter for our fourth consecutive quarter of 5% or higher organic base fee growth. We finished the second quarter with record AUM, record units of trust of $12.5 trillion. We once again delivered double-digit year-over-year growth in revenue, operating income and earnings per share. GIP V closed above its $25 billion target, making it the largest private market fund raise in the histories of both BlackRock and GIP.

我們相信這些引擎將使我們能夠更持續地實現超過 5% 的有機基本費用成長率。我們第二季的有機基本費用成長率為 6%，這是我們連續第四個季度實現 5% 或更高的有機基本費用成長率。我們在第二季結束時，資產管理規模和信託單位均創下歷史新高，達到 12.5 兆美元。我們的營收、營業收入和每股盈餘再次實現了兩位數的年成長。GIP V 的募資額超過了其 250 億美元的目標，成為貝萊德和 GIP 史上規模最大的私募市場基金募集。

We took early commercial steps to bring a first-of-its-kind public-private target date solution to retirees with great Gray, a leading collective investment trust platform. And earlier this month, we closed our acquisition of HPS Investment Partners, a major milestone as we evolve towards our ambitions of 30% revenue contribution from private markets and technology by 2030.

我們採取了早期的商業措施，與領先的集合投資信託平台 Great Gray 合作，為退休人員提供首個公私目標日期解決方案。本月初，我們完成了對 HPS Investment Partners 的收購，這是我們朝著 2030 年私人市場和技術貢獻 30% 收入的目標邁進的重要里程碑。

Second quarter net inflows of $68 billion were impacted by low fee institutional index redemptions, which saw $48 billion of net outflows. Excluding that activity, BlackRock delivered approximately $116 billion of net inflows in the quarter. Turning to financial results. Second quarter revenue of $5.4 billion was 13% higher year-over-year driven by the impact of organic growth and high on average AUM, base fee is consolidated in the GIP transaction and higher technology services and subscription revenue, which includes the onboarding of frequent.

第二季度，低費用機構指數贖回導致 680 億美元的淨流入，而淨流出則為 480 億美元。除該活動外，貝萊德本季的淨流入約為 1,160 億美元。談到財務結果。第二季營收為 54 億美元，年增 13%，這得益於有機成長和平均 AUM 較高的影響、基本費用合併在 GIP 交易中以及更高的技術服務和訂閱收入（其中包括頻繁的入職）。

Operating income of $2.1 billion was up 12% and earnings per share of $12.05 was 16% higher versus a year ago. EPS also reflected higher nonoperating income, a higher tax rate and a higher share count in the current quarter. Nonoperating results for the quarter included $433 million of net investment gains driven by mark-to-market noncash gains on minority investments, including Circle and in our. We own approximately 2.3 million shares of Circle common stock, which will continue to be marked through investment income going forward.

營業收入 21 億美元，年增 12%，每股收益 12.05 美元，年增 16%。EPS 也反映了本季更高的非營業收入、更高的稅率和更高的股票數量。本季的非營業業績包括 4.33 億美元的淨投資收益，該收益由少數股權投資（包括 Circle 和我們的）的以市價計價的非現金收益推動。我們擁有約 230 萬股 Circle 普通股，這些股票未來將繼續透過投資收益體現。

Our as-adjusted tax rate for the second quarter was approximately 25%, and we continue to estimate that 25% is a reasonable projected tax run rate for the remainder of 2025. The actual effective tax rate may differ because of nonrecurring or discrete items or potential changes in tax legislation. Second quarter base fee and securities lending revenue of $4.5 billion was up 15% year-over-year, driven by the positive impact of market beta on average AUM, organic base fee growth and approximately $240 million in base fees from GIP.

我們第二季的調整後稅率約為 25%，我們繼續估計 25% 是 2025 年剩餘時間的合理預期稅率。實際有效稅率可能會因非經常性或離散項目或稅法的潛在變化而有所不同。第二季基本費用和證券借貸收入為 45 億美元，年增 15%，這得益於市場貝塔對平均 AUM 的積極影響、有機基本費用增長以及來自 GIP 的約 2.4 億美元基本費用。

On an equivalent day count basis, our annualized effective fee rate was down 0.4 basis point compared to the first quarter. This was partially due to the impact of catch-up base fees associated with private markets fundraising, which were $36 million lower relative to the first quarter. Significant intra-month equity market declines in April were also a contributing factor.

以等效日數計算，我們的年化有效費率較第一季下降了 0.4 個基點。這部分是由於與私人市場籌款相關的補繳基礎費用的影響，該費用與第一季相比減少了 3,600 萬美元。4月份股市月內大幅下跌也是一個因素。

As a result of market and FX movements into the end of the quarter, we entered the third quarter with an estimated base fee run rate approximately 5% higher than our total base fees for the second quarter. That's excluding the impact of HPS. The closing of HPS added $165 billion of client AUM and $118 billion of fee-paying AUM on July 1.

由於本季末的市場和外匯走勢，我們進入第三季時預計的基本費用運行率比第二季的總基本費用高出約 5%。這排除了 HPS 的影響。HPS 的關閉於 7 月 1 日增加了 1,650 億美元的客戶 AUM 和 1,180 億美元的付費 AUM。

We expect HPS to add approximately $450 million of revenue, including $225 million in management fees in the third quarter of 2025. We expect HPS to positively impact BlackRock's overall effective fee rate by approximately 0.6 of a basis point. Performance fees of $94 million decreased from a year ago, reflecting lower performance revenue from private markets, liquid alternatives and long-only products.

我們預計 HPS 將增加約 4.5 億美元的收入，其中包括 2025 年第三季 2.25 億美元的管理費。我們預計 HPS 將對貝萊德的整體有效費率產生約 0.6 個基點的正面影響。績效費用較上年同期減少 9,400 萬美元，反映出來自私人市場、流動性替代品和多頭產品的績效收入減少。

Quarterly technology services revenue and subscription revenue was up 26% compared to a year ago. Growth reflects sustained demand for our full range of Aladdin technology offerings and the impact of the Preqin transaction, which closed on March 3. Preqin added approximately $60 million to second quarter revenue. Annual contract value, or ACV, increased 32% year-over-year, including the Preqin acquisition. ACV growth increased 16% organically, also including the impact of currency exchange tailwinds.

季度技術服務收入和訂閱收入比去年同期成長了26%。成長反映了對我們全系列阿拉丁技術產品的持續需求以及 3 月 3 日完成的 Preqin 交易的影響。Preqin 第二季度營收增加約 6,000 萬美元。包括 Preqin 收購在內，年度合約價值（ACV）年增 32%。ACV 有機成長了 16%，其中也包括貨幣匯率順風的影響。

Total expense increased 14% year-over-year, reflecting higher compensation, sales asset and account expense and higher G&A. Employee compensation and benefit expense was up 12%, reflecting higher head count associated with the onboarding of GIP and Preqin employees and higher incentive compensation linked to higher operating income.

總支出較去年同期成長 14%，反映出薪資、銷售資產和帳戶支出以及一般行政費用增加。員工薪資和福利支出上漲了 12%，反映了 GIP 和 Preqin 員工入職帶來的員工數量增加，以及與營業收入增加相關的激勵薪資增加。

G&A expense increased 16% primarily driven by the GIP and Preqin acquisitions and higher technology spend. Sales, asset and account expense increased 14% compared to a year ago primarily driven by higher direct fund expense and distribution costs. Direct fund expense was up 23% year-over-year, mainly due to higher average ETF AUM and net inflows.

一般及行政費用增加了 16%，主要原因是 GIP 和 Preqin 收購以及技術支出增加。銷售、資產和帳戶費用較去年同期增加 14%，主要原因是直接基金費用和分銷成本增加。直接基金支出較去年同期成長 23%，主要原因是平均 ETF AUM 和淨流入量增加。

Our second quarter as-adjusted operating margin of 43.3% was down 80 basis points from a year ago, partially due to the impact of lower performance fees. We'll continue to execute on our financial framework of aligning organic growth with controllable expenses. This approach has yielded profitable growth and operating leverage in good markets, and we believe it adds more resilience to our operating margin when markets contract.

我們第二季調整後的營業利潤率為 43.3%，較去年同期下降了 80 個基點，部分原因是績效費用降低的影響。我們將繼續執行將有機成長與可控支出結合的財務框架。這種方法在良好的市場中產生了獲利成長和經營槓桿，我們相信，當市場萎縮時，它可以增強我們的營業利潤率的彈性。

We welcomed approximately 800 new colleagues to BlackRock following the close of the HPS transaction. Inclusive of the HPS acquisition impact at present, we would expect a low teens percentage increase in 2025 core G&A expense with the onboarding of GIP, Preqin and HPS as the main driver of the year-over-year core G&A increase.

HPS 交易結束後，我們迎來了約 800 名新同事加入貝萊德。計入目前 HPS 收購的影響，我們預計 2025 年核心 G&A 費用將出現低十幾個百分點的增長，而 GIP、Preqin 和 HPS 的加入將成為核心 G&A 費用同比增長的主要驅動力。

In addition, we'd expect our adjusted compensation to net revenue ratio to be modestly higher due to compensation associated with performance-related revenues from HPS. 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.

此外，由於與 HPS 的績效相關收入相關的薪酬，我們預期調整後的薪酬與淨收入比率將略有上升。我們的資本管理策略仍然是：首先，投資我們的業務，以擴大策略性成長計畫或提高營運效率，然後透過股利和股票回購的組合將多餘的現金回饋給股東。

At times, we may make inorganic investments where we see an opportunity to accelerate growth and support our strategic initiatives. At the closing of the HPS transaction, we issued and delivered approximately 8.5 million BlackRock Subco units subject to two- to three-year lockup periods. SubCo units are exchangeable on a one-for-one basis with BlackRock common stock. We also issued approximately 1 million BlackRock restricted stock units, primarily for retention of HPS employees.

有時，當我們發現有機會加速成長並支持我們的策略計劃時，我們可能會進行無機投資。在 HPS 交易結束時，我們發行並交付了約 850 萬份 BlackRock Subco 單位，鎖定期為兩至三年。SubCo 單位可與貝萊德普通股一對一兌換。我們也發行了約 100 萬股貝萊德限制性股票單位，主要用於留住 HPS 員工。

Additional subco units may be issued in approximately five years subject to achievement of certain post-closing conditions and financial performance milestones. If all contingent consideration is achieved, all subco units are exchanged for shares of common stock and all RSUs best and are settled this common stock. We do not expect to issue more than approximately 13.8 million additional shares of common stock in aggregate.

在滿足某些交易後條件和財務業績里程碑的情況下，可能會在大約五年內發行額外的 subco 單位。如果所有或有對價均已實現，則所有 subco 單位將交換為普通股，並且所有 RSU 最好以該普通股結算。我們預計總計不會發行超過約 1,380 萬股普通股。

Subco units issued will be included in our as-adjusted diluted shares outstanding and will be captured in our as-adjusted results going forward. We repurchased 375 million worth of common shares in the second 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 per quarter for the balance of the year, consistent with our January guidance.

發行的 Subco 單位將納入我們的調整後稀釋流通股中，並將計入我們未來的調整後業績中。我們在第二季回購了價值3.75億股普通股。目前，根據我們今年的資本支出計劃，並受市場和其他條件的影響，我們仍預計在今年剩餘時間內每季回購至少 3.75 億股股票，與我們 1 月份的指導一致。

In May, we made a minority investment and established a strategic alliance with Generation Life with the goal of developing investment solutions for Australian retirees. Last week, we announced our agreement to acquire funds a real estate investment firm was $7.3 billion in client AUM, of which $3.1 billion is fee paying. The transaction is expected to close in the third quarter of 2025, subject to regulatory approvals and customary closing conditions.

5月，我們與Generation Life進行了少數股權投資並建立了策略聯盟，旨在為澳洲退休人員開發投資解決方案。上週，我們宣布了收購房地產投資公司的協議，該公司的客戶資產管理規模為 73 億美元，其中 31 億美元是付費的。該交易預計將於 2025 年第三季完成，但需獲得監管部門的批准並滿足慣例成交條件。

In the second quarter, BlackRock generated total net inflows of $68 billion. Excluding low-fee institutional index outflows, BlackRock's net inflows were $116 billion. ETF net inflows of $85 billion were diversified by channel, and over 1/3 were driven by our clients in Europe use local ranges. Fixed income ETFs led inflows with $44 billion and active ETFs and digital asset ETPs added $11 billion and $14 billion, respectively.

第二季度，貝萊德總淨流入資金為680億美元。不包括低費用機構指數流出，貝萊德的淨流入為1,160億美元。 ETF850 億美元的淨流入透過管道實現多元化，其中超過三分之一是由我們在歐洲的客戶使用本地範圍推動的。固定收益 ETF 領漲，流入資金達 440 億美元，主動 ETF 和數位資產 ETP 分別增加了 110 億美元和 140 億美元。

Retail net inflows of $2 billion reflected continued strength in Imperio and our systematic liquid alternatives. Institutional active net inflows of $7 billion were driven by insurance client fixed income mandates and strength in infrastructure, private credit and liquid alternatives.

20 億美元的零售淨流入反映了 Imperio 和我們系統性流動性替代品的持續強勁表現。70 億美元的機構主動淨流入是由保險客戶固定收益授權以及基礎設施、私人信貸和流動性替代品的強勁表現所推動的。

Institutional index net outflows of $48 billion were impacted by a single client redemption of $52 billion, primarily from fixed income. Our institutional channel delivered 3% long-term organic base fee growth in the quarter, benefiting from client demand for active and alternatives.

機構指數淨流出 480 億美元，受到單一客戶 520 億美元贖回的影響，主要來自固定收益。受益於客戶對主動和替代產品的需求，我們的機構管道在本季度實現了 3% 的長期有機基本費用成長。

Finally, our scale and our active approach with clients around liquidity management are driving sustained growth in our cash platform. Cash AUM is up 25% over the last year, and we generated $22 billion of net inflows in the second quarter. The BlackRock platform is powered by foundational growth businesses linked to long-term growth in capital markets and fast-growing client and product channels.

最後，我們的規模以及我們在流動性管理方面針對客戶的積極態度正在推動我們的現金平台持續成長。現金管理規模在過去一年中成長了 25%，第二季我們實現了 220 億美元的淨流入。貝萊德平台由與資本市場長期成長以及快速成長的客戶和產品管道相關的基礎成長業務提供支援。

By combining BlackRock's capabilities with GIP, Preqin and HPS, we've laid the groundwork for an exciting future. We're already steadily delivering above 5% organic base fee growth and our new colleagues from HPS are only going to help us build from here. There is a bright feature ahead to grow with clients, build great careers for our employees and deliver profitable growth for our shareholders.

透過將貝萊德的能力與 GIP、Preqin 和 HPS 相結合，我們為令人興奮的未來奠定了基礎。我們已經穩步實現了 5% 以上的有機基本費用成長，而來自 HPS 的新同事只會幫助我們從現在開始發展。我們擁有光明的未來，我們將與客戶共同成長，為我們的員工打造偉大的職業生涯，並為我們的股東實現盈利增長。

I'll turn it over to Larry.

我將把它交給拉里。

Thank you, Martin. Good morning, everyone, and thank you for joining the call. Over many years, BlackRock has worked to serve the ambitions of each and every client around the world from the largest asset owners to individuals just getting -- with a start with investing. We design and deliver strategies and products that fit their unique long-term needs and aspirations. .

謝謝你，馬丁。大家早安，感謝大家參加電話會議。多年來，貝萊德一直致力於滿足全球每位客戶（從最大的資產所有者到剛開始投資的個人）的願望。我們設計並提供符合其獨特的長期需求和願望的策略和產品。。

We delivered in a way that best serves each client, whether it's through whole portfolio solutions, opportunistic investments or customized models and SMAs. Throughout BlackRock's history, we've been relentless and anticipating the future needs of our clients and taking strategic actions to evolve for them.

我們以最適合每位客戶的方式提供服務，無論是透過整體投資組合解決方案、機會性投資或客製化模型和 SMA。縱觀貝萊德的歷史，我們始終堅持不懈地預測客戶的未來需求，並採取策略行動來幫助他們實現發展。

Our sustained multiyear growth has been powered by our whole portfolio approach. We were the first provider to blend active and index at scale through our acquisition of BGI and iShares. Our integration of active and index investing propelled the next 15 years of success for our clients and shareholders. iShares AUM was about $300 billion when we announced our acquisition. And today, it's approaching $5 trillion. And now we're building on our fundamental -- our foundational platform to redefine the whole portfolio again by bringing together public and private markets across both asset management and technology.

我們的多年持續成長得益於我們的整體投資組合方法。透過收購 BGI 和 iShares，我們成為第一家大規模整合主動投資和指數投資的供應商。我們對主動投資和指數投資的整合推動了我們的客戶和股東在未來15年的成功。當我們宣布收購時，iShares的資產管理規模約為3,000億美元。如今，這一數字已接近 5 兆美元。現在，我們正在建立我們的基礎平台，透過將資產管理和技術領域的公共和私人市場整合在一起，重新定義整個投資組合。

That foundational platform has powered performance for clients and sustained organic base fee growth through cycles. We believe our expansions can drive even higher growth. Our trust and comprehensive relationships we have clients across our core businesses like Aladdin, ETFs, fixed income and retirement are now driving even a broader -- with even a broader opportunity set.

此基礎平台為客戶提供了強大的效能，並在整個週期中維持了有機基本費用的成長。我們相信我們的擴張可以推動更高的成長。我們與阿拉丁、ETF、固定收益和退休等核心業務領域的客戶建立了信任和全面的關係，這正在推動更廣泛的發展——帶來更廣泛的機會。

We're seeing secular demand for capabilities we developed in recent years like digital assets, active ETFs, systematic strategies and customized SMAs through The strength of BlackRock platform is also expanding the growth potential of GIP and HPS. They're both premier firms in their own right, but they recognize how our client relationships and the completeness of our platform could help as all achieved new heights together.

我們看到，近年來開發的功能（如數位資產、主動型 ETF、系統性策略和客製化 SMA）有著長期的需求，而貝萊德平台的實力也在擴大 GIP 和 HPS 的成長潛力。他們本身都是頂尖公司，但他們認識到我們的客戶關係和平台的完整性將如何幫助我們共同達到新的高度。

BlackRock's ethos of change, the integration of firms and the best parts of their culture, that's what allows us to be more adaptive with our customers. Our history of integration is very different, and it sets us apart from any other public or private markets firm in the industry. BlackRock's breadth and scale has differentiated us with our clients of all sizes worldwide.

貝萊德的變革精神、公司整合及其文化的精華，使我們能夠更好地適應客戶。我們的整合歷史非常不同，這使我們與業內任何其他公開或私人市場公司區分開來。貝萊德的廣度和規模使我們與全球各種規模的客戶區分開來。

We're delivering an integrated approach to help our clients across all aspects of public and private markets investing. We enable a seamless view into investment management into technology and data on one single platform. We remain steadfast in our One BlackRock culture, making sure clients have access to all of BlackRock in a comprehensive, consistent way in every region with every client.

我們正在提供一種綜合的方法來幫助我們的客戶進行公共和私人市場投資的各個方面。我們能夠在單一平台上無縫查看投資管理、技術和數據。我們始終堅持「一個貝萊德」的企業文化，確保客戶在各個地區都能以全面、一致的方式享受貝萊德的所有服務。

Our long-standing relationships and history of reinvention are resulting in a higher, more diversified organic base fee growth, we're now generating 6% organic base fee growth for the second quarter and the first half of 2025 and 7% over the last 12 months. Revenues, operating income and earnings per share each grew double digit. Total inflows were $116 billion, excluding the index activity Martin mentioned.

我們長期的合作關係和不斷創新的歷史帶來了更高、更多樣化的有機基本費用增長，目前，我們在 2025 年第二季度和上半年實現了 6% 的有機基本費用增長率，在過去 12 個月中實現了 7% 的有機基本費用增長率。收入、營業收入和每股盈餘均達到兩位數成長。不包括馬丁提到的指數活動，總流入量為 1,160 億美元。

Growth is being powered by both our largest core businesses and newer initiatives. iShares ETFs have had a record first half inflows. Our technology ACV growth reached a fresh high of 16%. These strong fundamentals alongside client demand for private markets, digital assets, Aperio and systematic strategies propel another consecutive quarter above target organic growth and a record AUM of $12.5 trillion.

我們最大的核心業務和新舉措共同推動我們的成長。 iShares ETF 上半年的資金流入創下了紀錄。我們的技術ACV成長率達到了16%的新高。這些強勁的基本面，加上客戶對私人市場、數位資產、Aperio 和系統化策略的需求，推動其連續一個季度實現超過目標的有機成長，並創下 12.5 兆美元的資產管理規模紀錄。

Our global reach delivers diversification and upside to our platform with gains in international currencies lifting AUM by over $170 billion in the quarter. We manage $4.5 trillion for -- in AUM for clients in the United States. Many of our largest growth opportunities are outside our home market, including our work in India and the Middle East alongside our established presence in Europe and Asia. BlackRock is executing on a deepening set of opportunities across technology and data in public and private markets. Momentum is only accelerating, and many of our recent milestones have not yet reflected in our results.

我們的全球影響力為我們的平台帶來了多樣化和上升空間，國際貨幣的升值使本季的資產管理規模 (AUM) 增加了 1700 多億美元。我們為美國客戶管理 4.5 兆美元的資產管理規模。我們許多最大的成長機會都在本土市場之外，包括我們在印度和中東的業務以及我們在歐洲和亞洲的現有業務。貝萊德正在公共和私人市場中挖掘一系列涉及技術和數據的深化機會。這種勢頭正在不斷加速，我們近期取得的許多里程碑尚未反映在我們的業績中。

Two weeks ago, we closed our acquisition of HPS Investment Partners. We're excited to welcome Scott, Scott and Mike and the entire HPS team to BlackRock. We see immense growth ahead for our combined franchise. Together, we'll be able to serve investors and borrowers across all of the private financing needs. Client feedback has been extremely positive as we integrate GIP, HPS, and Preqin.

兩週前，我們完成了對 HPS Investment Partners 的收購。我們很高興歡迎 Scott、Scott、Mike 以及整個 HPS 團隊加入貝萊德。我們預見合併後的特許經營權將有巨大的成長空間。我們將共同為所有私人融資需求的投資者和借款人提供服務。當我們整合 GIP、HPS 和 Preqin 時，客戶的回饋非常正面。

For many companies, periods of M&A contribute to a pause in client engagement. We're seeing the opposite. Clients are eager to put more capital to work with BlackRock. They appreciate our reputation as long-term investors and partners were not transactional.

對許多公司來說，併購期間會導致客戶參與度暫停。我們看到的卻恰恰相反。客戶渴望投入更多資金與貝萊德合作。他們欣賞我們作為長期投資者和合作夥伴的聲譽，而不是交易性的。

We're helping them invest in compelling long-term growth themes like the global needs of new infrastructure investments in the fast-evolving debt financing landscape. These are creating differentiated private market opportunities for our clients. At the end of June, we marked the major milestone with a final close of GIP V's flagship infrastructure strategy. It surpassed its target raising $25.2 billion.

我們正在幫助他們投資引人注目的長期成長主題，例如快速發展的債務融資環境中全球對新基礎設施投資的需求。這些正在為我們的客戶創造差異化的私人市場機會。六月底，我們標誌著 GIP V 旗艦基礎設施策略的最終完成，這是一個重要的里程碑。該公司籌集了 252 億美元，超出了預期目標。

That's a validation of how clients are embracing the logic of the BlackRock GIP combination. Many would expect a change in ownership to dampen fundraising. In our case, it ultimately ended up driving an even higher fundraising ability. GIP V represents the largest ever client capital raise in a private infrastructure fund and our AI partnership continues to attract significant capital interest, including the recent additions of Preqin Investment Authority and Temasek.

這驗證了客戶如何接受貝萊德 GIP 組合的邏輯。許多人預計所有權的變更將抑制籌款。在我們的案例中，它最終推動了更高的籌款能力。GIP V 代表私人基礎設施基金有史以來最大的客戶資本籌集，我們的人工智慧合作夥伴關係繼續吸引大量資本興趣，包括最近加入的 Preqin Investment Authority 和淡馬錫。

The diversification benefits and potential for higher returns offered by private markets also make them an attractive investment for retirement accounts, a space where BlackRock has been a leader. We were recently selected by the great, great trust company to provide a custom target date fund glide path that strategically allocates across public and private markets. We have a wealth of expertise in the defined contribution space, and we're looking to expand across to private markets across a variety of retirement solutions.

私人市場提供的多元化優勢和更高回報的潛力也使其成為退休帳戶中頗具吸引力的投資，而貝萊德在該領域一直處於領先地位。我們最近被一家偉大的信託公司選中，提供客製化的目標日期基金滑行路徑，在公共和私人市場進行策略分配。我們在固定繳款領域擁有豐富的專業知識，並希望擴展到各種退休解決方案的私人市場。

Retirement is core to BlackRock. In the United States and internationally, we are a trust expert in advising clients, advising governments and policymakers on how they can help their constituents, achieve a more secure future and retire with dignity. Demographic shifts and financial pressures are driving governments and corporations to rethink their retirement plans and the retirement systems, putting significant money in motion.

退休是貝萊德的核心。在美國和國際上，我們是信託專家，為客戶提供建議，為政府和政策制定者提供建議，幫助他們的選民實現更安全的未來並有尊嚴地退休。人口結構的變化和財政壓力正在促使政府和企業重新考慮他們的退休計畫和退休制度，從而投入大量資金。

In the Netherlands, for example, I transitioned from defined benefits to a hybrid form of defined contribution is well underway. BlackRock is working with clients to manage this transition and improve investment outcomes for plan members. We had a related $30 billion outsourcing mandate with a Dutch client fund in early July. We take a blended approach of being deeply local and powered by our global platform. We deploy capital in a public and private markets in every country in which we operate and beyond. And we are consistently studying what's driving capital flows both within each country and within each region.

例如，在荷蘭，從固定收益型到混合型固定繳款型的轉變正在順利進行中。貝萊德正在與客戶合作管理這項轉變並改善計畫成員的投資成果。7月初，我們與一家荷蘭客戶基金達成了一項價值300億美元的外包委託協議。我們採取深度在地化和全球平台驅動的混合方式。我們在經營所在的每個國家及其他國家中的公共和私人市場中部署資本。我們一直在研究推動每個國家和每個地區資本流動的因素。

Our ability to execute at scale at the local levels differentiates our international business. We're bringing a global framework to India through our Jio BlackRock offering in partnership with JFS and Reliance, who already serves hundreds of millions of individuals across India. There are huge advancements taking place through the digitization of currency and identification, but India remains a savers, not investors. Our joint venture, Jio BlackRock recently launched its first funds, raising over $2 billion with over 67,000 customers.

我們在地方層級大規模執行的能力使我們的國際業務與眾不同。我們透過與 JFS 和 Reliance 合作的 Jio BlackRock 產品為印度帶來了全球框架，JFS 和 Reliance 已經為印度數億個人提供服務。儘管貨幣和身分識別的數位化取得了巨大進步，但印度仍然是一個儲蓄者，而不是投資者。我們的合資企業 Jio BlackRock 最近推出了首批基金，為超過 67,000 名客戶籌集了超過 20 億美元。

We look forward to helping more and more people participate in the growth of local and global capital markets and global connections. Our acquisition of Preqin will be a key to enabling more transparency and clarity in private markets. In just the first few months since our closing of the Preqin acquisition, we've seen strong early demand from both GPs and LPs as they are looking to better analyze and benchmark their private market allocations is through better analytics, standardized benchmarks and more widely available performance data, we can close the information gap and enable even more future growth in private markets investing.

我們期待幫助越來越多的人參與本地和全球資本市場以及全球聯繫的成長。我們對 Preqin 的收購將成為實現私人市場更加透明和清晰的關鍵。自從我們完成對 Preqin 的收購後的短短幾個月內，我們看到了來自 GP 和 LP 的強勁早期需求，因為他們希望透過更好的分析、標準化的基準和更廣泛的績效數據來更好地分析和衡量他們的私募市場配置，我們可以縮小資訊差距，並推動私募市場投資未來實現更大的成長。

In the public markets, our iShares business continues to be a powerful growth engine and a key driver of industry innovation. After nearly 30 years in approaching $5 trillion in assets, innovation remains at the heart of our franchise. Our newest investments and product launches from just over the last few years are driving outsized growth, contributing to record flows in the first half of 2025 and 12% organic base fee growth in ETFs this quarter. Our active ETFs delivered $11 billion of net inflows, and our digital asset products continue to set new records. IbiT, at quarter end, crossed over $75 billion in AUM with another $12 billion of net inflows. As of this morning crossed over $80 billion.

在公開市場，我們的 iShares 業務持續成為強大的成長引擎和產業創新的關鍵驅動力。經過近 30 年的時間，我們的資產已接近 5 兆美元，創新仍然是我們特許經營的核心。我們在過去幾年的最新投資和產品發布正在推動超額成長，促成了 2025 年上半年創紀錄的流量和本季 ETF 12% 的有機基礎費用成長。我們的主動式 ETF 實現了 110 億美元的淨流入，我們的數位資產產品繼續創下新紀錄。截至本季末，IbiT 的資產管理規模超過 750 億美元，淨流入金額達 120 億美元。截至今天上午已超過 800 億美元。

iShares ETPs are bridging the traditional capital markets with fast-growing cryptocurrency markets. They're also bringing new investors to the iShares brand. Nearly 1/3 of the investors who first named the BlackRock for IbiT have gone on to purchase other iShares products. It's this type of capability expansion that drives durable growth and new client opportunities for our business.

iShares ETP 正在連接傳統資本市場和快速成長的加密貨幣市場。他們也為 iShares 品牌帶來了新的投資者。在最初為 IbiT 提名貝萊德的投資者中，近三分之一的人後來購買了其他 iShares 產品。正是這種能力擴展推動了我們業務的持久成長和新客戶機會。

From category innovation and iShares to new ventures across the world, the events we made across our platform are paying off. Many of the categories that are leading our growth barely existed two years ago, categories like active ETFs, digital assets and our scaled private markets franchise. Just as importantly, BlackRock's core businesses like ETFs, Aladdin and Cash Management continue to be a growth engine for the firm and are cornerstones of many client relationships.

從類別創新和 iShares 到全球的新業務，我們在平台上進行的活動正在獲得回報。許多引領我們成長的類別在兩年前幾乎不存在，例如主動型 ETF、數位資產和我們的規模化私募市場特許經營權。同樣重要的是，貝萊德的核心業務，如 ETF、阿拉丁和現金管理，繼續成為公司的成長引擎，也是許多客戶關係的基石。

A lot of firms got out of the cash business after the financial crisis when fee waivers were in place during a sustained period of low rates. But we recognize a simple thing. Every client needs to hold cash. Cash management has been the first entry point for many of our clients, who have gone on to build large mandates with BlackRock. Our cash AUM is nearly $1 trillion, and I think it's remarkable considering we're not a direct retail business or a DTC bank.

金融危機之後，由於利率持續處於低位，許多公司都實施了費用減免，因此退出了現金業務。但我們認識到一件簡單的事。每個客戶都需要持有現金。現金管理是我們許多客戶的第一個切入點，他們後來與貝萊德建立了大規模的授權。我們的現金管理規模接近 1 兆美元，考慮到我們不是直接零售企業或 DTC 銀行，我認為這是非常了不起的。

At BlackRock, we think of cash as another avenue for innovation. We see a great untapped opportunity for cash and liquidity, where people want to use the technologies of digital assets to access traditional instruments like treasuries. Our tokenized liquidity fund now has $3 billion in AUM and what started as a small corporate investment and asset management relationship with Circle in 2022 has grown meaningfully.

在貝萊德，我們將現金視為另一種創新途徑。我們看到了現金和流動性的巨大未開發機會，人們希望利用數位資產技術來獲取國債等傳統工具。我們的代幣化流動性基金目前擁有 30 億美元的 AUM，並且自 2022 年與 Circle 建立小型企業投資和資產管理關係以來，已取得了長足的發展。

We delivered a significant gain to shareholders this quarter in connection with the IPO and subsequent trading activity, and we now manage more than $50 billion for Circle stable coin cash reserves. We're entering our seasonally strongest back half of the year with considerable momentum and a robust pipeline.

本季度，我們透過 IPO 和後續交易活動為股東帶來了可觀的收益，目前我們管理著超過 500 億美元的 Circle 穩定幣現金儲備。我們正以強勁的勢頭和強大的產品線進入本季表現最強勁的下半年。

Our recent closing of HPS will help us offer even more to clients. We believe our clients and shareholders will be beneficiaries as GIP, HPS and Preqin are now all coming together in a shared BlackRock story. We are intentionally organizing to bring clients under one unified firm, not a collection of enterprises, and we have aligned our cultures and aligned each and everybody's interest.

我們最近關閉了 HPS，這將幫助我們為客戶提供更多服務。我們相信，隨著 GIP、HPS 和 Preqin 共同匯聚在貝萊德的故事中，我們的客戶和股東將從中受益。我們有意將客戶納入統一的公司，而不是多個企業的集合，並且我們協調了我們的文化並協調了每個人的利益。

The opportunity to deliver the full reach of BlackRock's capabilities to more individuals to more companies and governments and regions is greater today than ever before. Our comprehensive platform is deeply connected to our clients to the capital market and to the future trends that are driving portfolios. These are just the early days in our next phase of growth at BlackRock.

如今，我們擁有比以往任何時候更大的機會將貝萊德的全部能力提供給更多的個人、更多的公司、更多的政府和地區。我們的綜合平台與客戶、資本市場以及推動投資組合的未來趨勢緊密相連。這只是貝萊德下一階段成長的早期階段。

Operator, let's open it up for questions.

接線員，讓我們開始提問吧。

(Operator Instructions) Michael Cyprys, Morgan Stanley.

（操作員指示） 摩根士丹利的 Michael Cyprys。

With the number of acquisitions closed over the last year now under your belt, I was hoping you could talk about the progress that you're making here, bringing HPS, in particular in GIP together with BlackRock, how the conversation is progressing in particular with insurance clients, to what extent you're seeing new mandate wins or expanded relationships there?

鑑於您在過去一年中完成的多項收購，我希望您能談談您在這裡取得的進展，將 HPS，特別是在 GIP 與貝萊德合併，與保險客戶的對話進展如何，您在多大程度上看到了新的授權勝利或擴大了關係？

And then can you just update us on the traction in the wealth and retirement channels as it relates to private market and multiliquid strategies and talk about some of the steps you're looking to take over the next 12 months.

然後，您能否向我們介紹財富和退休管道在私人市場和多流動性策略方面的進展，並談談您希望在未來 12 個月內採取的一些措施。

Great question. Thank you, Michael. Well, I think as we showed in the closing of the second quarter, the client feedback has been extremely strong. It actually was in Asia this past week and the opportunities we have with insurance companies with wealth management across Asia and every other region is stronger than we ever imagined. As we said, GIP V closed above our target of 25.2%. Our AIP fund will have a lot of positive announcements in the coming quarters. .

好問題。謝謝你，麥可。嗯，我認為正如我們在第二季末所顯示的那樣，客戶反饋非常強烈。事實上，上週在亞洲，我們與亞洲和其他所有地區財富管理保險公司合作的機會比我們想像的要大。正如我們所說，GIP V 收盤高於我們的 25.2% 的目標。我們的 AIP 基金將在未來幾季發布許多積極的公告。。

We announced in the past quarter that we added Investment Authority as a part of our investment team. And we are confident that we'll be able to raise the full $30 billion that we announced in equity. And once we then begin those projects, we'll have to raise another $100 billion in associated debt to finance those type of projects. And we're working with the hyperscalers as we speak right now on this, and we have some really great opportunities ahead of us in that. Those are just two examples the opportunities we see with GIP. There is no question in my mind that with rising deficits with more and more governments, the conversations we're having, whether it's in Europe or the United States or Japan that the role of public private financing and the role of infrastructure financing is going to grow dramatically.

我們在上個季度宣布將投資管理局作為我們投資團隊的一部分。我們有信心能夠籌集我們宣布的全部 300 億美元股權融資。一旦我們開始這些項目，我們將必須再籌集 1000 億美元的相關債務來為這些類型的項目提供資金。我們現在正在與超大規模企業就此展開合作，在這方面我們面臨一些非常好的機會。這只是我們在 GIP 中看到的機會的兩個例子。我毫不懷疑，隨著越來越多政府赤字的增加，我們正在討論的，無論是在歐洲、美國還是日本，公共私人融資和基礎設施融資的作用將會急劇增長。

And so we see some huge, huge opportunities. Another big opportunity that GIP just closed was purchasing all the Malaysian airports. It's just another example of the opportunity. And we are still progressing with the proposed announcement of our Ports transaction with Hutchison. So all of that is just a good example of some of the growth opportunities we see.

因此，我們看到了一些巨大的機會。GIP 剛剛抓住的另一個重大機會是收購馬來西亞所有機場。這只是機會的另一個例子。我們與和記黃埔擬定的港口交易公告仍在進行中。所以，所有這些都只是我們看到的一些成長機會的一個很好的例子。

But the resiliency in the conversations have never been greater. Related to private credit and HPS, we're just at the beginning. But we could -- we'll have a lot to discuss in the third quarter, but the flow opportunities of HPS during the period of time of announcement and closing did not abate at all. So we are seeing across the board a very large acceptance of the industrial logic of the combination of HPS, GIP and BlackRock.

但對話的彈性從未如此強大。關於私人信貸和 HPS，我們才剛開始。但我們可以——我們將在第三季討論很多事情，但 HPS 在公告和結束期間的流動機會絲毫沒有減弱。因此，我們看到，HPS、GIP 和貝萊德相結合的產業邏輯得到了廣泛的接受。

And I would say that was quite a big difference than when we did the the BGI transaction in 2009. Today, clients are looking at the merits of what BlackRock can do, our history of integration, our history of bringing one culture together, bringing the best of all the acquired organizations to be part of us to build a new foundational structure around BlackRock.

我想說，這與我們 2009 年進行 BGI 交易時相比有很大不同。今天，客戶正在關注貝萊德所能做的事情的優點、我們的整合歷史、我們融合單一文化的歷史，以及將所有收購組織的精華融入我們，圍繞著貝萊德建立新的基礎結構。

On insurance, with having $700 billion of AUM with insurance companies, and that is continuing to grow. We are continuing to see more and more opportunities where we could be driving private markets with the insurance companies that we already manage. In wealth, very, very exciting. If there is a change in the opportunity related to the five contributions, it is only going to accelerate the opportunities we have in the private market space with retirement.

就保險而言，保險公司的資產管理規模達 7,000 億美元，而且還在持續成長。我們不斷看到越來越多的機會，我們可以利用我們已經管理的保險公司來推動私人市場。在財富方面，非常非常令人興奮。如果與五項貢獻相關的機會發生變化，那麼它只會加速我們在退休私人市場領域的機會。

50% of our assets that we manage is in retirement. And so the relationships we have with plans is enormous. If you look at our success in LifePath, if you look at our success in our target date products, if you look at our success in what we're trying to do now a LifePath paycheck where now we have over $500 billion in that alone, our relationships with these supply contribution plans is as strong as ever.

我們管理的資產中有 50% 是用於退休。因此，我們與計劃之間的關係是極為密切的。如果您看看我們在 LifePath 上取得的成功，如果您看看我們在目標日期產品上取得的成功，如果您看看我們現在正在努力實現的 LifePath 薪水的成功，現在我們僅在這一項上就擁有超過 5000 億美元的收入，我們與這些供應貢獻計劃的關係一如既往地牢固。

We're innovating. We're creating opportunity. Now if you overlay the opportunity for wealth worldwide, whether it's wealth in Japan, wealth in the United States, wealth in any region, the need, especially here in the United States because you have a much higher threshold related to fiduciary responsibility is going to be analytics and data.

我們正在創新。我們正在創造機會。現在，如果你將全球的財富機會疊加起來，無論是日本的財富、美國的財富還是任何地區的財富，那麼需要的，尤其是在美國，因為與受託責任相關的門檻要高得多，那麼需要的就是分析和數據。

And if that moves forward, if there's that opportunity, the need for analytics and data will more than ever create huge opportunities for Preqin and the future opportunity of growth with Preqin eFront. And so we believe all these changes, the integration of -- and blending of both public markets and private markets is going to all be centered around having a base of great analytics and data.

如果這一進程繼續下去，如果有這樣的機會，那麼對分析和數據的需求將比以往任何時候都為 Preqin 創造巨大的機會，並為 Preqin eFront 的未來成長創造機會。因此，我們相信，所有這些變化、公共市場和私人市場的整合和整合都將以強大的分析和資料基礎為中心。

And I am more certain than ever the acquisition of Preqin alongside eFront is going to be generating much more opportunity for BlackRock. And I believe we are well positioned, whether it's well positioned because of the product profile we have with HPS and GIP and what -- but with the foundational position we're in, in the retirement space in the defined contribution space, overlaying all the analytics data that we have under Aladdin now puts us in a position that we could have broader, deeper conversations with our clients, and I'm very much looking forward to having those deep conversations with each and every client.

我比以往任何時候都更確信，收購 Preqin 和 eFront 將為貝萊德創造更多機會。我相信我們處於有利地位，無論是因為我們擁有的 HPS 和 GIP 產品概況，還是其他什麼原因，但憑藉我們在退休領域和固定繳款領域的基礎地位，疊加我們在 Aladdin 下擁有的所有分析數據，我們現在可以與客戶進行更廣泛、更深入的對話，我非常期待與每一位客戶進行深入的對話。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

So I actually want to continue with that retirement commentary to Mike's question. So our question is on the potential migration of private into Target and the US 41k channel. We did see the great gray win news in late June. That was a positive sign. But I think BlackRock may be getting ready to launch its own target date fund with private allocation. So I was hoping you could update us on your strategy time line. And also, what are you willing to see from the Department of Labor, the SEC or Congress before you launch your own target date fund with private allocations?

因此，我實際上想繼續就麥克的退休問題發表評論。因此，我們的問題是關於私人向 Target 和美國 41k 頻道遷移的可能性。我們確實在六月下旬看到了灰色勝利的好消息。這是一個正面的信號。但我認為貝萊德可能正準備推出自己的私人配置的目標日期基金。所以我希望您能向我們更新您的策略時間表。此外，在您推出具有私人分配的目標日期基金之前，您希望勞工部、證券交易委員會或國會做出什麼決定？

Thank you. Martin? .

謝謝。馬丁？。

Thanks, Craig. Thanks so much for the question. As Larry mentioned, Craig, more than half the $12 trillion of assets plus that we manage at BlackRock related to retirement. And so building better portfolios retirees is at the heart of what we do. I think we have real ambitions also to bring the same tried and true portfolio construction characteristics that built the DB market. So defined benefit has long been allocating to both public and private markets.

謝謝，克雷格。非常感謝您的提問。正如拉里·克雷格所提到的，我們在貝萊德管理的 12 兆美元資產中，有一半以上與退休有關。因此，為退休人員建立更好的投資組合是我們工作的核心。我認為我們也有真正的雄心，要帶來建構 DB 市場的同樣經過驗證的投資組合建構特徵。因此，固定收益長期以來一直分配給公共和私人市場。

If you think of the largest public plans across corporate and across the public sector, they've always been private market investors. That opportunity should be there for individuals and their long-term tax-advantaged accounts as well. We're the number one DCIO the defined contribution investment-only firm. We're a top five private markets manager following our recent acquisitions.

如果您想想企業和公共部門中最大的公共計劃，它們一直都是私人市場投資者。個人及其長期稅收優惠帳戶也應該有這樣的機會。我們是首屈一指的 DCIO（僅限固定繳款投資的公司）。經過最近的收購，我們已成為私募市場管理公司排名前五的公司之一。

So we think we have all the building blocks here. As I said on the last call, and I think Larry alluded to, for the opportunity, I think, to be most tangible in larger plans, we'll likely need to see litigation reform or at least some advice reform in the US to add private markets exposure into DC plans. What I would say relative to the call last quarter is we're really encouraged by the recent dialogue with policymakers on these topics and some of the activity by trade associations that I think has been helpful in really building a fact base and consensus around this there's still significant work to do, but we feel positive momentum is certainly building.

所以我們認為我們已經具備了所有的基礎要素。正如我在上次電話會議上所說的那樣，我認為拉里也提到過，為了在更大的計劃中獲得最切實的機會，我們可能需要看到美國的訴訟改革或至少一些建議改革，以將私人市場風險敞口添加到 DC 計劃中。相對於上個季度的電話會議，我想說的是，我們對最近與政策制定者就這些主題進行的對話以及行業協會的一些活動感到非常鼓舞，我認為這些活動有助於真正建立事實基礎並達成共識，儘管還有很多工作要做，但我們感到積極的勢頭肯定正在形成。

We're really proud of our recent announcement with Great Gray to build and power the glide path for their public private target date solution. As I mentioned on the call, I think the real advantage that BlackRock brings here is that we've been doing glide path technology across target date funds for 30-plus years. We feel that this is a place that we have particular strength and can add a lot of value rather than just road allocations of x percent to public markets and y to private markets.

我們非常自豪最近與 Great Gray 宣布合作，為他們的公私目標日期解決方案建立和提供滑行路徑。正如我在電話中提到的，我認為貝萊德帶來的真正優勢是我們已經在目標日期基金中實施滑行路徑技術 30 多年了。我們認為這是我們具有特殊優勢並能創造許多價值的領域，而不僅僅是向公共市場分配 x% 的道路，向私人市場分配 y% 的道路。

That glide path is so important as you go from the accumulation to the end of the target date and ultimately to a decumulation phase. So with Great Gray, we're going to provide the underlying index equity as well as fixed income exposures as well as our private equity exposures through our product, BlackRock Private Investment Fund, BPIF. We're ultimately working on other products, and we would expect to launch a proprietary LifePath with private's target date fund, I believe, sometime in 2026. So we're excited about that as a way of continuing to bring public-private whole portfolio investing to the retirement market.

當你從累積階段到目標日期結束並最終進入減持階段時，這條滑行路徑非常重要。因此，透過 Great Gray，我們將透過我們的產品貝萊德私人投資基金 (BPIF) 提供基礎指數股票以及固定收益敞口以及私募股權敞口。我們最終正在開發其他產品，我們預計將在 2026 年某個時候推出專有的 LifePath 和私人目標日期基金。因此，我們對此感到很興奮，因為這將持續把公私整體投資組合引入退休市場。

Let me just add one thing, just the industrial logic and why this is so imperative if through broadening the investment profile of what could be included in a defined contribution plan, if you believe over a 30-year horizon, you could add 50 basis points, which is not an unrealistic target. It adds 18% to the Corpus 30 years later.

我只想補充一點，只是行業邏輯以及為什麼這麼必要，如果透過擴大固定繳款計劃中可以包括的投資範圍，如果你相信在 30 年的時間範圍內，你可以增加 50 個基點，這不是一個不切實際的目標。30 年後，它將為語料庫增加 18%。

So that should be compelling enough. Now the reality is, though, there is a lot of litigation risk. There's a lot of issues related to the defined contribution business. And this is why the analytics and data are going to be so imperatives, way beyond just the inclusion. And so this is one thing that we are very certain on. As this moves forward, the need for analytics and data and the role of Preqin, eFront, Aladdin is only going to be a larger set of opportunities for BlackRock in this space.

所以這應該夠引人注目了。但現實是，存在很大的訴訟風險。存在許多與固定繳款業務相關的問題。這就是為什麼分析和數據如此重要，遠遠超出了包容性。這是我們非常確定的一件事。隨著這一進程的推進，對分析和數據的需求以及 Preqin、eFront、Aladdin 的作用只會為貝萊德在這一領域帶來更大的機會。

Alex Blostein, Goldman Sachs.

高盛的亞歷克斯‧布洛斯坦 (Alex Blostein)。

I wanted to ask you guys around profitability. You've made a number of acquisitions, obviously, now they're kind of coming into the run rate. As you think about the adjusted operating margin for the back half, curious to get your thoughts. But also as you pointed out at the Investor Day, the 45% plus adjusted operating margin, obviously, is quite healthy.

我想問一下你們關於獲利能力的問題。顯然，您已經進行了多項收購，現在它們已經進入了營運階段。當您考慮下半年調整後的營業利潤率時，我很想知道您的想法。但正如您在投資者日指出的那樣，45% 以上的調整後營業利潤率顯然是相當健康的。

So maybe help us sort of think through the cadence and scaling of the business as these two acquisitions kind of come into the full run rate and you continue to grow some of your faster-growing growing areas of the business.

因此，隨著這兩次收購進入全面運作階段，並且您繼續發展一些成長較快的業務領域，也許可以幫助我們思考業務的節奏和規模。

Great. Thanks, Alex, for the question. I'll take that one. So we talked about the strategy at Investor Day in terms of growing the business. BlackRock continues to deliver industry-leading margin. The margin in the second quarter of 43.3% was about 80 bps lower year-over-year. That's really partially due to the impact of lower performance fees.

偉大的。謝謝亞歷克斯提出這個問題。我要那個。因此，我們在投資者日討論了業務成長方面的策略。貝萊德繼續提供業界領先的利潤率。第二季的利潤率為 43.3%，年減約 80 個基點。這實際上部分是由於較低的績效費的影響。

Over the cycle, we see a very clear path to continue to target a 45% or greater margin profile. About 75% of that second quarter margin decline is really due to lower performance fees as well as the lower performance-related compensation in the quarter. Just as a reminder, we defer a portion of compensation that's linked to performance fees for talent retention. So in years where we see higher performance fees, we also see higher deferrals, which impact comp expense in future years. The remainder is really just a margin impact from higher expense offset by acquisitions.

在整個週期中，我們看到了一條非常清晰的路徑，即繼續實現 45% 或更高的利潤率目標。第二季利潤率下降的約 75% 實際上是由於本季績效費用降低以及績效相關薪酬降低所造成的。提醒一下，為了留住人才，我們延後了與績效費掛鉤的部分薪資。因此，在績效費用較高的年份，我們也會看到遞延費用較高，這會影響未來幾年的薪資費用。其餘部分實際上只是收購抵消了更高費用對利潤的影響。

So what I'd say is with the HPS acquisition now closed on July 1, as I mentioned in my remarks, we expect low teens percentage increase in our 2025 core G&A. That's primarily driven by the onboarding of our three acquisitions. Ex HPS, G&A would remain in our mid- to high single-digit percentage increase range. And at Investor Day, I talked a lot about how we've executed on our financial framework by keeping controllable expenses with inorganic growth since 2023. That's really driven profitable growth and margin expansion.

因此我想說的是，正如我在發言中提到的那樣，隨著 HPS 收購於 7 月 1 日完成，我們預計 2025 年核心 G&A 的百分比成長率將達到百分之十幾。這主要是由我們三項收購的推動。除 HPS 外，G&A 將維持在中高個位數百分比成長範圍內。在投資者日上，我詳細談論了自 2023 年以來我們如何透過保持可控支出和無機成長來執行我們的財務框架。這確實推動了獲利成長和利潤率擴大。

And we aim to continue to align organic revenue growth and controllable expenses. That's compensation -- that's compensation across base salaries and benefits as well as G&A, right? We think of controllable expenses, traveling together, comp and base salaries and benefits as well as G&A. For the second quarter, our controllable expenses, excluding acquisitions, are in line with our last 12 months of organic revenue growth of 7%.

我們的目標是繼續協調有機收入成長和可控支出。這就是薪酬－包括基本工資、福利以及一般及行政費用的薪酬，對嗎？我們考慮可控費用、一起旅行、補償和基本工資和福利以及一般及行政費用。第二季度，我們的可控支出（不包括收購）與過去 12 個月 7% 的有機收入成長一致。

On a go-forward basis, I'd say we're in a period now where expense consolidation from recent acquisitions, it's coloring obviously, the comparisons. And next year will really be a full year where we get the impact of HPS and Preqin. Those acquisitions are essentially self-funding, GIP, HPS and Preqin. They've all been double-digit FRE and ACV growers.

從未來來看，我想說我們現在正處於一個時期，近期收購的費用整合，顯然對比較產生了影響。明年將是真正感受到 HPS 和 Preqin 影響的一年。這些收購基本上是自籌資金、GIP、HPS 和 Preqin。他們的 FRE 和 ACV 種植量均已達到兩位數。

So once we're through this period of consolidation in the back half of the year, we expect you'll continue to see controllable expense in line with organic base fee growth. That's what we've delivered since we introduced this framework in '23 over the last 12 months. And so as we start to see that really strong FRE and ACV growth, overall organic growth, I think you can expect us to continue to be able to drive towards our 45% or greater margin profile.

因此，一旦我們度過下半年的整合期，我們預計您將繼續看到可控費用與有機基本費用成長保持一致。這就是我們自 2023 年推出該框架以來在過去 12 個月所實現的目標。因此，當我們開始看到真正強勁的 FRE 和 ACV 成長以及整體有機成長時，我認為您可以期待我們繼續能夠實現 45% 或更高的利潤率。

The last thing I'd say is just we have a really strong entry rate, as I mentioned, into Q3. Our entry rate is 5% higher going into Q3. That's pre-HPS. With HPS, it's more like 10% higher in terms of the base fee jumping off point. So I think we have a really sound entry point into the back half of the year, even though we get some more consolidated expenses from bringing these acquisitions together.

我最後要說的是，正如我所提到的，我們進入第三季的進入率非常高。進入第三季度，我們的進入率提高了 5%。那是 HPS 之前。對 HPS 來說，基本費用起點大概高出 10%。因此，我認為我們在下半年有一個非常好的切入點，儘管我們透過整合這些收購獲得了更多的合併費用。

It's really important to bring people together. We've got a lot of energy about co-locating people on real estate. We know we need to do events where we bring people together. We have to go see our clients. All of those things in the long term are both growth in revenue accretive for BlackRock.

讓人們團結起來確實很重要。我們在房地產領域為人們的同地安置投入了大量精力。我們知道我們需要舉辦一些活動來讓人們聚集在一起。我們必須去見我們的客戶。從長遠來看，所有這些都將促進貝萊德的收入成長。

Dan Fannon, Jefferies.

丹‧範農 (Dan Fannon)，傑富瑞集團。

I was hoping just on HPS now closed, Larry, you mentioned the growth there has been strong. I was hoping you could put some numbers around recent flow trends there. And as we think about the second half of the year, what products are in market and how we should think about organic growth or fundraising for that part of the business for the remainder of the year?

我希望 HPS 現在已經關閉，拉里，你提到那裡的成長很強勁。我希望您能提供一些有關近期流量趨勢的數據。當我們考慮下半年時，市場上有哪些產品，以及我們應該如何考慮在今年剩餘時間內該部分業務的有機成長或融資？

Good. I want to turn that to Martin. .

好的。我想把這個交給馬丁。。

So thanks for the question. Definitely, an exciting time at BlackRock and for our clients in private. I think we talked a fair amount about this at Investor Day, but I'll give a little bit more color. We're obviously looking to scale private markets fundraising through a systematic approach to our clients. Now integrating GIP and HPS, we have a really robust and I think exciting road map for '25 as well as the out years, which includes the next vintage of several strategies, thematic products.

感謝您的提問。毫無疑問，對於貝萊德和我們的客戶來說，這都是一個令人興奮的時刻。我認為我們在投資者日已經就此進行了相當多的討論，但我將提供更多細節。我們顯然希望透過有系統地為客戶提供服務來擴大私募市場融資規模。現在，透過整合 GIP 和 HPS，我們擁有一份真正強大且令人興奮的 25 年及未來幾年路線圖，其中包括下一批策略和主題產品。

Let me just give you sort of a list of the things that are out in the marketplace today. We have fundraising going on across mid-cap and emerging markets infrastructure equity. We have investment grade, high-yield and credit-sensitive infrastructure debt direct lending and junior capital, private equity secondaries, real estate debt and some more targeted strategies in Europe and Asia on real estate equity.

讓我給你列出目前市場上存在的物品清單。我們正在為中型股和新興市場基礎設施股權籌集資金。我們擁有投資級、高收益和信貸敏感的基礎設施債務直接貸款和次級資本、私募股權二級市場、房地產債務以及一些針對歐洲和亞洲的房地產股權的更有針對性的策略。

As Larry and I both mentioned on the call, we successfully closed GIP V, surpassing its $25 billion fundraising target. We also closed our secondary and liquidity strategies to SLS 2, the next of our secondary fund at over $2.5 billion. At Investor Day, we talked about targeting $400 billion in gross private markets fundraising through -- from 2025 to 2030.

正如拉里和我在電話中提到的那樣，我們成功完成了 GIP V，超過了 250 億美元的籌款目標。我們也將二級市場和流動性策略關閉至 SLS 2，這是我們的下一個二級市場基金，規模超過 25 億美元。在投資者日，我們談到了從 2025 年到 2030 年實現私募市場融資總額 4,000 億美元的目標。

We believe that will be led again by our infrastructure and private financing solutions platforms. We're really building on very strong absolute and relative performance, I think very strong DPIs on the platform relative to the peer group. This power of vintage, LP re-ups and track record, we really feel we're in the best position that we've ever been in there to get closer to clients.

我們相信，我們的基礎設施和私人融資解決方案平台將再次引領這一趨勢。我們確實在非常強大的絕對和相對性能的基礎上進行構建，我認為相對於同類產品，該平台的 DPI 非常強大。這種復古的力量、LP 的重新發行和過往的記錄，讓我們真正感覺到我們處於有史以來最好的位置，可以更接近客戶。

I wouldn't expect that $400 billion to be a straight line average for five years. So don't just take this last six months and average it. We'd expect more of a ramp-up to higher fundraising levels in the later years, call that 2028 through 2030. And again, as Scott Kapnick said, as Adebayo said, as Larry said, as Raj said, consistent investment performance is the license to grow.

我不會期望 4000 億美元是五年內的直線平均值。因此，不要只取過去六個月的平均值。我們預計，在隨後的幾年裡，也就是 2028 年至 2030 年期間，募款水準將進一步提高。再說一次，正如斯科特·卡普尼克 (Scott Kapnick)、阿德巴約 (Adebayo)、拉里 (Larry) 和拉吉 (Raj) 所說，持續的投資業績是成長的許可證。

So all of our teams are going to be blisteringly focused on delivering for clients as the key input to our fundraising goals. So I think between now and the end of the year, we'll continue to execute on those targets, bringing us towards our $400 billion in gross fundraising out to 2030.

因此，我們所有的團隊都將全心全意地致力於為客戶提供服務，作為我們籌款目標的關鍵投入。因此我認為從現在到今年年底，我們將繼續實現這些目標，並在 2030 年實現 4,000 億美元的總籌資目標。

Ben Budish, Barclays.

巴克萊銀行的本‧布迪什 (Ben Budish)。

Maybe just a follow-up on the private markets strategy. So you announced the acquisition of, a smaller tuck-in, but just curious, how are you thinking about inorganic opportunities? Is this sort of an acquisition that had been on your radar -- is it something that's sort of that you had been seeking or came across how does it kind of fit in? And should this be indicative of maybe future M&A? Or do you feel pretty good about the assets that you have today as they are?

也許只是對私人市場策略的後續行動。所以您宣布收購一家規模較小的公司，但只是好奇，您是如何看待無機機會的？您是否考慮過這種收購？這是您一直在尋找或遇到的嗎？它如何適應？這是否預示著未來的併購？或者您對目前擁有的資產感到滿意嗎？

Thanks so much for the question. So our main focus right now is fully integrating our acquisitions and realizing the planned synergies. It's about delivering great integration experiences for all of our clients that are seamless and our employees. I think as we've shown in our results, we don't need M&A to meet or exceed our organic growth targets.

非常感謝您的提問。因此，我們現在的主要重點是全面整合我們的收購併實現計劃中的協同效應。這是為了為我們所有的客戶和員工提供無縫的出色整合體驗。我認為，正如我們的業績所表明的那樣，我們不需要透過併購來實現或超越我們的有機成長目標。

We were doing that before M&A. And now we're running on the trailing 12 months at 7% organic base fee growth. So these capabilities are helping us lift through our targets. So we're going to continue, I think, to be very prudent, selective, tactical with our capital and financial position and in how we look at M&A.

我們在併購前就已經這麼做了。過去 12 個月，我們的有機基本費用成長率為 7%。這些能力正在幫助我們實現目標。因此，我認為，我們將繼續對我們的資本和財務狀況以及我們對併購的看法保持非常謹慎、選擇性和策略性的態度。

We've made several smaller tactical acquisitions to bolster certain areas of the business. The planned acquisition of, which we're very excited about, which brings triple net lease, the intersection of real estate and credit, which we think is very germane to our insurance clients and our wealth clients.

我們進行了幾次規模較小的戰術性收購，以增強某些業務領域。我們對此感到非常興奮，它帶來了三重淨租賃，即房地產和信貸的交叉，我們認為這對我們的保險客戶和財富客戶非常有意義。

And also previous acquisitions like in growth-oriented lending and Spider Rock, which helps extend our capabilities and SMAs. We also announced a minority investment in Meridium earlier this year, which also, I think, is accretive to private credit and alternatives. So these acquisitions alongside with our minority investments, they bring incremental capabilities to better serve clients and generate attractive shareholder returns.

以及先前的收購，例如成長型貸款和 Spider Rock，這有助於擴展我們的能力和 SMA。今年早些時候，我們也宣布對 Meridium 進行少數股權投資，我認為這也有利於私人信貸和替代投資。因此，這些收購以及我們的少數股權投資帶來了增量能力，可以更好地服務客戶並產生可觀的股東回報。

And so as I said at Investor Day, I think because of large-scale M&A in the near to intermediate term, we've rounded out that agenda. We're going to continue to look at things that we think are complementary in terms of capabilities. across private markets and technology.

正如我在投資者日所說的那樣，我認為由於近期和中期的大規模併購，我們已經完成了該議程。我們將繼續研究我們認為在能力方面具有互補性的事物，涵蓋私人市場和技術。

I would just add a few other things that we've been building, but organically, and the opportunities we see, we believe fundamentally that every country in the world who is going to be attempting to build out their own capital markets. They see the success of the United States, one of the great reasons of the US position in the world today is having a strong banking system and a strong capital market system.

我只想補充一些我們正在建立的其他東西，但從有機角度來看，以及我們看到的機會，我們從根本上相信世界上每個國家都將嘗試建立自己的資本市場。他們看到了美國的成功，美國在當今世界地位的一大原因是擁有強大的銀行體系和強大的資本市場體系。

We talked about this at an Investor Day. But the -- what we saw in India -- and what we're trying to do and bring out and expand its retirement system platform there is a good example of the expansion of the global capital markets. Yesterday, we had a conversation with another very big organization and a strong position in a growing developing country with huge opportunity to do the same thing we're doing with Reliance and Jio BlackRock.

我們在投資者日上討論了這個問題。但是，我們在印度看到的情況以及我們正在努力做的事情以及推出和擴展其退休制度平台是全球資本市場擴張的一個很好的例子。昨天，我們與另一個非常大的組織進行了交談，該組織在一個不斷發展的發展中國家擁有強大的地位，擁有巨大的機會做我們與 Reliance 和 Jio BlackRock 所做的同樣的事情。

We've already announced what we are trying to do in the Middle East and Saudi Arabia related to expansion of a mortgage-backed securities market. So we are not just looking at tuck-in acquisitions, but the opportunity we have to expand our position as more and more countries are expanding their capital markets and playing a bigger role in that. And I think India is just the beginning where we believe we're going to build out a very large-scale asset management platform in India itself is going to be -- these are the seeds that we are doing that are probably being obscured by all the inorganic things we are doing. But I want to just give you that color that we see the expansion of the global capital markets as a primary driver of future success for BlackRock over the next five years. And having our global footprint being in 100 different countries, just gives us a unique opportunity to be working with more and more governments worldwide is helping them think about how they expand their capital markets and how do they expand their own Pillar 3 retirement system as a leader in retirement. This is a conversation we're having with everybody. And I mentioned in my -- in one of the prior questions related to what's going on in Netherlands, moving from DB to a hybrid DC.

我們已經宣布了在中東和沙烏地阿拉伯擴大抵押貸款支持證券市場的舉措。因此，我們不僅關注小型收購，而且隨著越來越多的國家擴大其資本市場並在其中發揮更大的作用，我們還有機會擴大我們的地位。我認為印度只是一個開始，我們相信我們將在印度建立一個非常大規模的資產管理平台——這些都是我們正在做的種子，可能被我們正在做的所有無機事情所掩蓋。但我只想告訴你們，我們認為全球資本市場的擴張是未來五年貝萊德成功的主要動力。我們的業務遍布全球 100 個不同的國家，這為我們提供了與世界各地越來越多的政府合作的獨特機會，幫助他們思考如何擴大資本市場以及如何作為退休領域的領導者擴大自己的第三支柱退休體系。這是我們與每個人進行的對話。我在之前的問題中提到過，涉及荷蘭正在發生的事情，從 DB 轉移到混合 DC。

These are all big changes, but they present huge and unique opportunities for BlackRock. And so inorganic opportunities are still going to be -- if they're compelling, we will still be doing those types of transactions, especially tuck-in areas in private markets or tuck-in in technology. But the opportunity to grow organically as the capital markets grows worldwide is something that we are very excited about over the next five years.

這些都是巨大的變化，但它們為貝萊德帶來了巨大而獨特的機會。因此，無機機會仍然會存在——如果它們引人注目，我們仍然會進行這些類型的交易，特別是在私人市場或技術領域。但隨著全球資本市場的成長，我們對未來五年有機成長的機會感到非常興奮。

Bill Katz, TD Cowen.

比爾·卡茨（Bill Katz），TD Cowen。

So maybe switching gears a little bit. Just thinking through from here. In a world of consolidating the recent transactions and being more prudent going forward. How do you think about capital returns? It seems like you're going to be generating a ton of free cash flow over the next several years. Just trying to think through the interplay between dividend and buyback and maybe the total payout ratio?

所以也許需要稍微轉換話題。只是從這裡思考。在一個鞏固近期交易並在未來更加謹慎的世界。你對資本回報有什麼看法？看起來你未來幾年會創造大量的自由現金流。只是想思考一下股息和回購之間的相互作用以及總派息率？

Martin should be taking.

馬丁應該接受。

Bill, thanks so much. I appreciate the question. Hope you're having a great summer. As I mentioned at Investor Day and again a little bit today, our capital management strategy continues to be to invest first in the business and then return cash to shareholders through dividends and share repurchases. We repurchased 375 million worth of common shares in the second quarter and expect to purchase at least 1.5 billion worth of shares for full year 2025, subject to market and other conditions.

比爾，非常感謝。我很感謝你提出這個問題。希望你有個愉快的夏天。正如我在投資者日以及今天再次提到的那樣，我們的資本管理策略仍然是首先投資於業務，然後透過股利和股票回購向股東返還現金。我們在第二季回購了價值 3.75 億股普通股，並預計到 2025 年全年將回購至少價值 15 億股股票，但需視市場和其他條件而定。

Our share repurchases, again, they're an output of rather than an input to our capital management strategy. We invest first and whatever falls out is the shareholder return. I'd say on dividends, we recognize very much that dividend income and growth is an important part of many of our investors' portfolios. We continue to target a dividend payout ratio between 40% to 50%. And over the last five years, we paid an average of 50% of our GAAP net income and dividends.

再次強調，我們的股票回購是我們資本管理策略的產出，而不是投入。我們先進行投資，然後產生的結果就是股東回報。我想說的是，關於股息，我們非常認識到股息收入和成長是我們許多投資者投資組合的重要組成部分。我們繼續將股息支付率定為40%至50%之間。在過去五年中，我們平均支付了 50% 的 GAAP 淨收入和股息。

We steadily increased the dividend since we started in 2003. And over this time, our dividend per share has grown at a CAGR of over 15%. Over the last five years, we paid on average 50% of our GAAP net income and dividends and our dividend payout ratio is intended to ensure that the growth in operating and net income under our 2030 strategy that we talked about at Investor Day, will translate into commensurate dividend growth at high single to low double-digit rates.

自 2003 年成立以來，我們已穩定增加股利。在此期間，我們的每股股息以超過 15% 的複合年增長率成長。在過去五年中，我們平均支付了 50% 的 GAAP 淨收入和股息，我們的股息支付率旨在確保我們在投資者日談到的 2030 年戰略下的營業收入和淨收入增長將轉化為相應的股息增長，增長率從高個位數到低兩位數。

And as I mentioned at Investor Day, and I'll say it here again to avoid the payout ratio impact from the noncash amortization of acquisition-related intangibles, we'll adjust this amortization in calibrating our dividend to the payout ratio. But again, we think that the 2030 strategy that we discussed at Investor Day should translate into dividend growth at high single to low double-digit rates.

正如我在投資者日提到的那樣，我在這裡再說一遍，為了避免收購相關無形資產的非現金攤銷對派息率的影響，我們將在根據派息率調整股息時調整此攤銷。但我們再次認為，我們在投資者日討論的 2030 年策略應該轉化為高個位數至低兩位數的股息成長。

Brian Bedell, Deutsche Bank.

德意志銀行的 Brian Bedell。

Just if I can maybe switch gears a little bit to iShares in Europe and fixed income in particular. If you can just talk about how you're continuing to see -- you're continuing to see strong organic growth in the fixed income, iShares franchise. Maybe if you can talk about where you see yourselves on the long-term development of substitution of fixed income securities for iShares ETP?

我是否可以稍微轉換一下主題，談談歐洲的 iShares 以及固定收益。如果您可以談談您如何繼續看到——您將繼續看到固定收益、iShares 特許經營的強勁有機增長。或許您可以談談您如何看待固定收益證券替代 iShares ETP 的長期發展？

And then especially in Europe, I think you talked about this at Investor Day. You see pretty strong growth potential as Europe sort of democratizes their retail investor base. How do you see that progressing here coming into the second half? And you see that more just on the equity side or the alternative iShares or also on the fixed income iShares side.

特別是在歐洲，我想您在投資者日談到了這一點。隨著歐洲散戶群體的民主化，你會看到相當強勁的成長潛力。您認為下半年的進度如何？您會發現，這種情況更多地出現在股票方面、另類 iShares 方面，也出現在固定收益 iShares 方面。

So thanks for the question. More growth, more people using iShares ETFs along the active side of the world, alongside of active using the wrapper for hedging purposes, just more and more and more use cases that we're seeing, and it is really caught on in Europe now as a primary wrapper end market to be involved in. So we continue to show industry-leading results. We have the number one share of global ETF flows year-to-date as the iShares and ETF become the vehicle choice, and we're the industry leader and probably have the most diversified offering of anyone. That diversification is reflected in our organic revenue, which is nearly 3 times the next largest issuer and inflows where 38 iShares products had over $1 billion of net inflows this quarter. So that diversification is working for us.

感謝您的提問。隨著成長的不斷增加，世界各地使用 iShares ETF 的人越來越多，同時人們也積極使用包裝器進行對沖，我們看到的使用案例越來越多，現在它在歐洲已經非常流行，成為主要的包裝器終端市場。因此我們持續展現業界領先的成果。由於 iShares 和 ETF 成為投資工具的選擇，今年迄今為止，我們在全球 ETF 流量中所佔份額最大，我們是行業領導者，並且可能擁有最多樣化的產品。這種多樣化體現在我們的有機收入上，幾乎是第二大發行商的 3 倍，流入量也反映在本季度，38 種 iShares 產品的淨流入量超過 10 億美元。因此，多樣化對我們是有利的。

We're seeing outsized strength from our highest conviction growth areas like fixed income, active now digital assets and European listed ETFs. And Martin mentioned before, bond ETFs led the way at $44 billion, followed by digital assets, $14 billion, active ETFs, $1.1 billion and precision and other at $1.8 billion. Europe, as you highlighted, saw $29 billion of net inflows.

我們看到，我們最看好的成長領域，如固定收益、活躍的數位資產和歐洲上市的 ETF，展現了巨大的實力。馬丁之前提到過，債券ETF以440億美元領先，其次是數位資產ETF，140億美元，主動型ETF，11億美元，精準及其他ETF，18億美元。正如您所強調的，歐洲的淨流入資金為 290 億美元。

So we will continue to evolve our ETF business and increase access to all kinds of markets more efficiently, more transparently and conveniently. So this is a business that we continue to capture the flag globally and also help our clients expand the use of that product to areas that we didn't think of that we're responding with solutions to our clients with this wrapper.

因此，我們將繼續發展我們的 ETF 業務，並更有效率、更透明、更便利地增加進入各類市場的通路。因此，這是我們在全球範圍內繼續佔領的一項業務，同時也幫助我們的客戶將該產品的使用範圍擴大到我們沒有想到的領域，我們正在透過這種包裝為客戶提供解決方案。

Let me just add a few more things. As the European markets evolve and change, and as regulation really focused on the remunerations, the beginnings of the access to ETFs in Europe is only just beginning. Europe is five, six years behind the United States in terms of access. It's just all evolving now. iShares is about $1 trillion in Europe, 40% and we are in a position now, especially in like countries, as we said, changing away from defined benefit to defined contributions in Europe.

讓我再補充幾點。隨著歐洲市場的發展和變化，以及監管真正關注報酬，歐洲 ETF 的准入才剛開始。歐洲在准入方面比美國落後五六年。現在一切都在不斷發展。 iShares 在歐洲的市值約為 1 兆美元，佔 40%，我們現在正處於這樣的境地，特別是在像我們所說的那樣，歐洲正從固定收益型向固定繳款型轉變的國家。

You're going to see more and more the financial advisory organizations of Europe. You're going to see more and more of the digital organizations in Europe, adapting more and more ETF-based strategies. Similarly, as we've seen in the United States. So we believe Europe is just starting to launch the same type of growth rates that we saw in the United States in terms of the adaptation of ETFs. And if you now intersect the role of digital ETFs, to me, that is creating more and more enthusiasm, more access to ETFs, more interest in ETFs.

你會看到越來越多的歐洲金融諮詢機構。你會看到歐洲越來越多的數位組織採用越來越多基於 ETF 的策略。同樣，正如我們在美國看到的那樣。因此，我們認為，就 ETF 的適應性而言，歐洲才剛開始實現與美國相同類型的成長率。如果你現在了解數位 ETF 的作用，對我來說，這正在創造越來越多的熱情、更多的 ETF 存取權、對 ETF 的更多興趣。

And as I said in my prepared remarks, we are seeing more and more clients who first started using ETFs or IBIT are now looking at ETFs and iShares as a vehicle to expand way beyond their first entry into a digital platform. So we're very well positioned. And I look at the opportunities in Europe similarly to the type of growth rates we saw in the US over the last five years

正如我在準備好的演講中所說，我們看到越來越多的最初使用 ETF 或 IBIT 的客戶現在將 ETF 和 iShares 視為一種擴展工具，超越他們首次進入數位平台的範圍。因此我們的定位非常有利。我認為歐洲的機會與過去五年美國的成長速度類似

Patrick Davitt, Autonomous Research.

戴維特（Patrick Davitt），自主研究。

You touched on this briefly, but stable coin is obviously top of mind for many investors on the back of Circle's IPO, and you're imagining that money has been a strong boost to those flows for you. So through that lens, could you speak to how you see what looks like a fairly significant emerging opportunity for asset is to manage these reserves, is there a pipeline of other potential mandates like the Circle 1? And then finally, within that, maybe some color on why these platforms can't or don't want to just invest the treasuries directly versus using your money funds or other people's money funds?

您簡要地提到了這一點，但在 Circle 首次公開募股 (IPO) 之後，穩定幣顯然是許多投資者最關心的問題，您認為資金對這些資金流動起到了強大的推動作用。那麼從這個角度來看，您能否談談您如何看待資產管理中一個相當重要的新興機會，即管理這些儲備，是否存在像 Circle 1 這樣的其他潛在授權？最後，也許可以解釋為什麼這些平台不能或不想直接投資國債，而是使用你的資金或其他人的資金？

Yes, in my world tour, working with central banks and regulators, conversation about stable coin is vibrant right now. And so what we are going to see is more competitive type of stable coins they may have some role in diversifying away from dollar as we digitize more and more currency. But the opportunity for BlackRock in our world in both stable coin or all the entire role of tokenization of financial assets, tokenization of real assets like real estate is going to be the future.

是的，在我的世界巡迴演講中，與各國央行和監管機構合作，關於穩定幣的討論現在非常活躍。因此，我們將看到更具競爭力的穩定貨幣，隨著我們越來越多貨幣的數位化，它們可能在擺脫美元的束縛方面發揮一定作用。但貝萊德在我們的世界中的機會在於，無論是在穩定幣還是在金融資產代幣化的全部角色中，房地產等實體資產的代幣化都將是未來。

And we believe more than ever before that we are as well positioned as any organization in the world to be part of the conversations as stable coins are going to be growing and developing. Related to buying money market funds or buying -- having a role playing a role as a manager. Those conversations are broad.

我們比以往任何時候都更加相信，隨著穩定幣的成長和發展，我們與世界上任何組織一樣，都有能力參與對話。與購買貨幣市場基金或購買相關－扮演經理的角色。這些對話內容很廣泛。

But if you're going to show that a stable coin truly is a substitute for a currency, it must be invested in those currencies bonds. And so I would hope that will remain as a consistent feature of each and every stable coin. And I believe that is going to be one of the big issues. There is questions remaining with some other stable coins as to what is the collateral backing some of that. And if we're going to put our name associated with it, we believe each and every stable coin should be invested in short-term government bonds of that back that stable coin.

但如果要證明穩定幣確實可以取代某種貨幣，就必須將其投資於該貨幣的債券。因此我希望這將成為每一種穩定幣的一致特徵。我相信這將會成為一個重大問題。對於其他一些穩定幣，仍然存在一些疑問，例如支持這些穩定幣的抵押品是什麼。如果我們要將我們的名字與之聯繫起來，我們相信每一種穩定幣都應該投資於支持該穩定幣的短期政府債券。

We want to make sure it's legitimatized, but it's also safe and it's a great digital substitution for each and every country's cash as a cash substitute. And I think that is going to be moving very rapidly, but it is surprising even to me, the dialogues that we're having with central banks and how they are looking to now use their own digitized currency or using stable coins to digitize their currency. And so we believe this is just the beginning, and we will be playing a significant role as stable coins are developed in each every country. They believe it will fit the needs of their own monetary policy and there are policies related to their capital markets.

我們希望確保它合法化，但它也是安全的，並且它是每個國家現金的絕佳數位替代品。我認為這一進程將會非常迅速，但甚至讓我感到驚訝的是，我們與各國央行的對話以及他們現在如何尋求使用自己的數位化貨幣或使用穩定幣來數位化他們的貨幣。因此，我們相信這只是一個開始，隨著每個國家穩定貨幣的發展，我們將發揮重要作用。他們認為這將符合他們自己的貨幣政策的需要，並且還有與他們的資本市場相關的政策。

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

女士們、先生們，我們已經到了提問的時間。芬克先生，您還有什麼結束語嗎？

Yes. Thank you, operator. I want to thank all of you for joining us this morning and for your continued interest in BlackRock. Our second quarter results demonstrated the strength of our global relationships and how our platform is powering the portfolios of the future. We're so excited to welcome our new colleagues from HPS to our global offices in the coming months, and we're working closely together to better serve our clients across all their investment needs, which in turn should drive stronger and more durable results as we did in this quarter for you, our shareholders.

是的。謝謝您，接線生。我要感謝大家今天早上的參與以及對貝萊德的持續關注。我們第二季的業績證明了我們全球關係的實力以及我們的平台如何為未來的投資組合提供動力。我們非常高興地歡迎 HPS 的新同事在未來幾個月加入我們的全球辦事處，我們將密切合作，更好地滿足客戶的所有投資需求，從而推動更強勁、更持久的業績，就像我們在本季度為你們，我們的股東所做的那樣。

Everyone, thank you. Have a good summer. Enjoy the quarter. Bye-bye.

謝謝大家。祝你有個愉快的夏天。享受這個季度。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。