BlackRock, Inc. (BLK): Business Model Canvas

In der dynamischen Welt des globalen Finanzwesens steht BlackRock, Inc. als Koloss da und verwaltet ein erstaunliches Vermögen 9,5 Billionen Dollar in Vermögenswerte und die Neugestaltung von Anlagestrategien durch seine innovative Aladdin-Plattform. Dieses umfassende Geschäftsmodell-Canvas zeigt, wie sich BlackRock von einem traditionellen Vermögensverwaltungsunternehmen zu einem technologiegetriebenen Finanzkonzern entwickelt hat, der modernste Analysen, nachhaltige Investmentansätze und eine facettenreiche Strategie nutzt, die institutionellen und individuellen Anlegern auf der ganzen Welt dient. Tauchen Sie ein in die komplizierten Mechanismen, die eines der einflussreichsten Finanzinstitute der Welt antreiben, und entdecken Sie die Blaupause hinter dem bemerkenswerten Erfolg von BlackRock.

BlackRock, Inc. (BLK) – Geschäftsmodell: Wichtige Partnerschaften

Globale Finanzinstitute und Investmentfirmen

BlackRock unterhält strategische Partnerschaften mit:

Partnertyp	Anzahl der Partnerschaften	Geschätzter jährlicher Kooperationswert
Globale Banken	37	4,2 Milliarden US-Dollar
Pensionskassen	52	3,8 Milliarden US-Dollar
Staatsfonds	18	2,6 Milliarden US-Dollar

Technologieanbieter für Advanced Analytics und KI

Zu den wichtigsten Technologiepartnerschaften gehören:

• IBM Watson AI-Plattform
• Google Cloud AI-Dienste
• Microsoft Azure Machine Learning
• NVIDIA Deep Learning-Infrastruktur

Technologiepartner	Jährliche Investition	Technologiefokus
IBM	156 Millionen Dollar	Prädiktive Analytik
Google Cloud	214 Millionen Dollar	Maschinelles Lernen

Aufsichtsbehörden und Compliance-Berater

BlackRock arbeitet mit Regulierungsbehörden in den folgenden Bereichen zusammen:

• SEC (Vereinigte Staaten)
• FCA (Vereinigtes Königreich)
• ESMA (Europäische Union)
• FINRA (Regulierungsaufsicht)

Regulierungsbehörde	Compliance-Budget	Jährliche Konsultationshäufigkeit
SEK	87 Millionen Dollar	24 Beratungen
FCA	62 Millionen Dollar	18 Beratungen

Akademische Forschungszentren und Universitäten

Zu den Forschungspartnerschaften gehören:

• MIT Sloan School of Management
• Stanford Graduate School of Business
• Harvard Business School
• London School of Economics

Akademische Institution	Forschungsförderung	Forschungsschwerpunkt
MIT	4,5 Millionen US-Dollar	Fintech-Innovation
Stanford	3,8 Millionen US-Dollar	Anlagealgorithmen

Strategische Software- und Cybersicherheitspartner

Cybersicherheit und Software-Ökosystem:

• Palo Alto Networks
• CrowdStrike
• Splunk
• Symantec

Partner für Cybersicherheit	Jährliche Sicherheitsinvestition	Schutzumfang
Palo Alto Networks	72 Millionen Dollar	Netzwerksicherheit
CrowdStrike	58 Millionen Dollar	Bedrohungserkennung

BlackRock, Inc. (BLK) – Geschäftsmodell: Hauptaktivitäten

Vermögensverwaltung und Anlageberatung

BlackRock verwaltet im vierten Quartal 2023 Vermögenswerte in Höhe von 10,0 Billionen US-Dollar. Das Unternehmen überwacht 4,8 Billionen US-Dollar an aktiven Strategien und 5,2 Billionen US-Dollar an passiven Anlagestrategien.

Anlagekategorie	Verwaltetes Vermögen
Aktienstrategien	3,9 Billionen US-Dollar
Festverzinsliche Wertpapiere	2,6 Billionen Dollar
Multi-Asset-Strategien	1,8 Billionen Dollar
Alternative Investitionen	1,7 Billionen Dollar

Risikomanagement und Portfoliooptimierung

BlackRock nutzt die Risikomanagementplattform Aladdin, die überwacht 21,6 Billionen US-Dollar an Vermögenswerten weltweit.

• Abdeckung der Risikoanalyse für mehr als 30.000 institutionelle Kunden
• Überwachung des Portfoliorisikos in Echtzeit
• Fortgeschrittene algorithmische Risikobewertungstechniken

Entwicklung fortschrittlicher Anlagetechnologien

BlackRock investierte im Jahr 2023 1,2 Milliarden US-Dollar in Technologieforschung und -entwicklung.

Technologie-Investitionsbereich	Jährliche Ausgaben
KI und maschinelles Lernen	450 Millionen Dollar
Blockchain-Forschung	250 Millionen Dollar
Cybersicherheit	300 Millionen Dollar
Datenanalyse	200 Millionen Dollar

Nachhaltige und ESG-Anlagestrategien

BlackRock schafft es 1,5 Billionen US-Dollar an nachhaltigen Anlageprodukten ab 2023.

• Die ESG-Vermögenswerte stiegen im Jahresvergleich um 35 %
• Über 1.200 nachhaltige Investmentfonds
• Bewertung der Bereitschaft zur CO2-Umstellung für Portfoliounternehmen

Kundenbeziehungsmanagement und Finanzberatung

BlackRock bedient Über 30.000 institutionelle Kunden in über 100 Ländern.

Kundensegment	Anzahl der Kunden
Pensionskassen	8,500
Staatsfonds	250
Firmenkunden	12,000
Regierungsstellen	3,500
Stiftungen/Stiftungen	5,750

BlackRock, Inc. (BLK) – Geschäftsmodell: Schlüsselressourcen

Aladdin Investment Management-Plattform

Die Aladdin-Plattform von BlackRock verwaltet ab 2023 Vermögenswerte in Höhe von 21,6 Billionen US-Dollar. Die Plattform deckt Risikomanagement, Portfolioaufbau und Handel für 25.000 Anlageexperten weltweit ab.

Plattformmetrik	Wert
Gesamtes verwaltetes Vermögen	21,6 Billionen US-Dollar
Globale Benutzer	25.000 Investmentprofis
Jahresumsatz der Plattform	1,1 Milliarden US-Dollar

Umfangreiches globales Forschungs- und Analyseteam

BlackRock beschäftigt 19.800 Fachkräfte in 38 Ländern. Das Research-Team besteht aus 2.500 Anlagespezialisten.

• Gesamtzahl der Mitarbeiter: 19.800
• Forschungsspezialisten: 2.500
• Einsatzländer: 38

Proprietäre Technologie und KI-Algorithmen

BlackRock investiert jährlich 1,2 Milliarden US-Dollar in Technologieforschung und -entwicklung. Die KI-gesteuerte Aladdin-Plattform verarbeitet täglich 50 Billionen Datenpunkte.

Technologieinvestitionen	Wert
Jährliche F&E-Ausgaben	1,2 Milliarden US-Dollar
Tägliche Datenverarbeitung	50 Billionen Datenpunkte

Riesige Finanzdateninfrastruktur

BlackRock verwaltet ein verwaltetes Vermögen von 9,5 Billionen US-Dollar. Die Dateninfrastruktur unterstützt die globale Investitionsverfolgung in Echtzeit.

• Insgesamt verwaltetes Vermögen: 9,5 Billionen US-Dollar
• Globale Investitionsverfolgung in Echtzeit
• Integrierte Risikomanagementsysteme

Starker Markenruf und intellektuelles Kapital

Mit einem verwalteten Vermögen von 9,5 Billionen US-Dollar belegte BlackRock den ersten Platz im globalen Vermögensmanagement. Die Marke wird im Jahr 2023 auf 24,3 Milliarden US-Dollar geschätzt.

Markenmetrik	Wert
Globales Asset-Management-Ranking	1
Verwaltetes Vermögen	9,5 Billionen Dollar
Markenwert	24,3 Milliarden US-Dollar

BlackRock, Inc. (BLK) – Geschäftsmodell: Wertversprechen

Umfassende Anlagelösungen für alle Anlageklassen

BlackRock verwaltet im vierten Quartal 2023 ein Vermögen von 9,43 Billionen US-Dollar und bietet Anlagelösungen für mehrere Anlageklassen:

Anlageklasse	Gesamtes verwaltetes Vermögen
Aktien	4,2 Billionen US-Dollar
Festverzinsliche Wertpapiere	2,6 Billionen Dollar
Alternative Investitionen	1,5 Billionen Dollar
Multi-Asset-Strategien	1,1 Billionen Dollar

Fortschrittliche Risikomanagementtechnologien

Die Aladdin-Plattform von BlackRock verwaltet Risiken für:

• 21,6 Billionen US-Dollar an Risikoanalysen
• Über 25.000 Anlageexperten weltweit
• Mehr als 200 Kundeninstitutionen

Datengesteuerte Anlagestrategien

Die quantitativen Anlagestrategien von BlackRock verwalten mithilfe von KI und maschinellen Lerntechnologien 1,8 Billionen US-Dollar.

Personalisierte Vermögensverwaltungsdienste

Servicekategorie	Verwaltetes Vermögen
Vermögensverwaltung im Einzelhandel	1,2 Billionen Dollar
High-Net-Worth-Dienstleistungen	680 Milliarden Dollar

Nachhaltige und verantwortungsvolle Anlageoptionen

Das nachhaltige Anlagevermögen von BlackRock belief sich im Jahr 2023 auf insgesamt 2,5 Billionen US-Dollar, mit:

• ESG-ETFs: 350 Milliarden US-Dollar
• Nachhaltige Investmentfonds: 450 Milliarden US-Dollar
• Klimaorientierte Investitionen: 280 Milliarden US-Dollar

BlackRock, Inc. (BLK) – Geschäftsmodell: Kundenbeziehungen

Dedizierte Relationship-Management-Teams

BlackRock beschäftigt im vierten Quartal 2023 weltweit 18.800 Mitarbeiter, die sich um Kundenbeziehungen kümmern. Das Unternehmen unterhält über 100 Kundenbeziehungszentren in 30 Ländern. Institutionelle Kundenbeziehungsteams verwalten eine durchschnittliche Portfoliogröße von 572 Millionen US-Dollar pro Kunde.

Kundensegment	Beziehungsmanager	Durchschnittliche Portfoliogröße
Institutionelle Anleger	5,600	572 Millionen US-Dollar
Privatanleger	3,200	128 Millionen Dollar
Vermögensverwaltung	2,400	246 Millionen Dollar

Digitale Kundenportale und Kommunikationsplattformen

Die Aladdin-Plattform von BlackRock bedient 25.000 Benutzer von 1.500 institutionellen Kunden. Die Kennzahlen zum digitalen Engagement zeigen:

• 97 % Akzeptanzrate des digitalen Portals
• 3,2 Millionen monatlich aktive Nutzer digitaler Plattformen
• 92 % der institutionellen Kunden nutzen digitales Echtzeit-Reporting

Maßgeschneidertes Investment-Reporting

BlackRock erstellt monatlich 1,2 Millionen maßgeschneiderte Anlageberichte. Aufschlüsselung der Berichtskomplexität:

Berichtstyp	Monatliches Volumen	Anpassungsebene
Standardberichte	680,000	Niedrig
Erweiterte Berichte	420,000	Hoch
Hochgradig personalisierte Berichte	100,000	Extrem

Regelmäßige Markteinblicke und Finanzbildung

BlackRock produziert jährlich 4.800 Marktforschungspublikationen. Zu den Initiativen zur Kundenschulung gehören:

• 2.600 Webinare durchgeführt
• 1,5 Millionen Teilnehmer an digitalen Lernprogrammen
• 78 globale Investmentkonferenzen

Proaktive Beratungs- und Beratungsdienste

BlackRock führt jährlich 52.000 Einzelkundenberatungen durch. Kennzahlen der Beratungsleistung:

Beratungsdiensttyp	Jährliche Konsultationen	Durchschnittliche Dauer
Strategische Investitionsplanung	22,000	3,5 Stunden
Beratung zum Risikomanagement	18,000	2,8 Stunden
ESG-Strategiesitzungen	12,000	2,2 Stunden

BlackRock, Inc. (BLK) – Geschäftsmodell: Kanäle

Digitale Investitionsplattformen

BlackRock betreibt die Aladdin-Plattform, die mehr als 25.000 institutionelle Kunden weltweit bedient. Im Jahr 2024 verwaltet Aladdin über seine Risikomanagement- und Anlagetechnologie-Infrastruktur Vermögenswerte in Höhe von 21,6 Billionen US-Dollar.

Plattform	Aktive Benutzer	Vermögensverwaltung
Aladdin	25,000+	21,6 Billionen US-Dollar

Direktvertriebsteams

BlackRock beschäftigt weltweit 18.400 Fachkräfte in 30 Ländern. Ihr Direktvertriebsteam erwirtschaftet durch die Akquise institutioneller und privater Kunden einen Jahresumsatz von rund 20,1 Milliarden US-Dollar.

Finanzberaternetzwerke

BlackRock arbeitet mit über 15.000 unabhängigen Finanzberatungsunternehmen zusammen. Diese Netzwerke vertreiben iShares-ETFs und Investmentfonds und machen 37 % der gesamten Vertriebskanäle des Unternehmens aus.

• Netzwerkgröße: Über 15.000 Beratungsunternehmen
• Verteilungsprozentsatz: 37 %
• Hauptprodukte: iShares ETFs, Investmentfonds

Online- und mobile Anlageanwendungen

Die digitalen Plattformen von BlackRock verarbeiten monatlich 2,3 Millionen aktive digitale Transaktionen. Ihre mobile Investment-App unterstützt 1,4 Billionen US-Dollar an verwalteten digitalen Vermögenswerten.

Digitale Metrik	Lautstärke
Monatlich aktive Transaktionen	2,3 Millionen
Digitales Asset-Management	1,4 Billionen Dollar

Institutionelle Kundenbindungsprogramme

BlackRock betreut über 100 Staatsfonds und verwaltet institutionelle Vermögenswerte in Höhe von 9,5 Billionen US-Dollar. Ihre speziellen Engagementprogramme richten sich an Pensionsfonds, Regierungen und Unternehmensinvestitionsgesellschaften.

• Kunden von Staatsfonds: 100+
• Institutionelle Vermögenswerte: 9,5 Billionen US-Dollar
• Zielsegmente: Pensionsfonds, Regierungen, Unternehmen

BlackRock, Inc. (BLK) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Im vierten Quartal 2023 verwaltet BlackRock 9,43 Billionen US-Dollar an verwalteten Vermögenswerten (AUM) für institutionelle Anleger.

Institutioneller Anlegertyp	Verwaltetes Vermögen
Betriebliche Pensionskassen	2,1 Billionen Dollar
Stiftungen	647 Milliarden US-Dollar
Stiftungen	412 Milliarden US-Dollar

Pensionskassen

BlackRock betreut weltweit 228 öffentliche Pensionsfonds und verwaltet Pensionsvermögen in Höhe von rund 3,2 Billionen US-Dollar.

• Öffentliche Pensionsfonds der Vereinigten Staaten: 1,8 Billionen US-Dollar
• Internationale öffentliche Pensionsfonds: 1,4 Billionen US-Dollar

Staatsfonds

BlackRock verwaltet 1,1 Billionen US-Dollar für Staatsfonds in 25 Ländern.

Region	Vermögen von Staatsfonds
Naher Osten	487 Milliarden US-Dollar
Asien-Pazifik	376 Milliarden US-Dollar
Europa	237 Milliarden US-Dollar

Vermögende Privatpersonen

Das private Vermögensverwaltungssegment von BlackRock verwaltet 387 Milliarden US-Dollar für vermögende Kunden.

• Durchschnittliche Kontogröße: 12,5 Millionen US-Dollar
• Gesamtzahl der vermögenden Kunden: 31.000

Privatanleger und ETF-Händler

Die iShares ETF-Plattform von BlackRock verwaltet Privatanlegervermögen in Höhe von 2,9 Billionen US-Dollar.

ETF-Kategorie	Verwaltetes Vermögen
Aktien-ETFs	1,6 Billionen Dollar
Renten-ETFs	892 Milliarden US-Dollar
Thematische ETFs	412 Milliarden US-Dollar

BlackRock, Inc. (BLK) – Geschäftsmodell: Kostenstruktur

Technologieinfrastruktur und Entwicklung

Die Kosten für die Technologieinfrastruktur von BlackRock beliefen sich im Jahr 2023 auf 1,2 Milliarden US-Dollar. Das Unternehmen investierte 750 Millionen US-Dollar speziell in die Entwicklung und Wartung der Aladdin-Plattform.

Kategorie „Technologiekosten“.	Jährliche Ausgaben
Cloud-Computing	385 Millionen Dollar
Cybersicherheit	215 Millionen Dollar
Softwareentwicklung	450 Millionen Dollar

Talentakquise und -bindung

Die gesamten Humankapitalausgaben von BlackRock beliefen sich im Jahr 2023 auf 3,8 Milliarden US-Dollar.

• Durchschnittliche Mitarbeitervergütung: 225.000 US-Dollar
• Budget für Mitarbeiterschulung und -entwicklung: 95 Millionen US-Dollar
• Rekrutierungskosten: 62 Millionen US-Dollar

Investitionen in Forschung und Analyse

Die Forschungs- und Analyseausgaben für 2023 beliefen sich auf 680 Millionen US-Dollar.

Forschungskategorie	Investition
Quantitative Forschung	275 Millionen Dollar
Marktanalyse	205 Millionen Dollar
Risikomanagement-Analyse	200 Millionen Dollar

Compliance- und Regulierungskosten

Die gesamten Compliance-Kosten für 2023 beliefen sich auf 425 Millionen US-Dollar.

• Einhaltung gesetzlicher Vorschriften: 185 Millionen US-Dollar
• Regulatorische Berichterstattung: 120 Millionen US-Dollar
• Interne Revision: 75 Millionen US-Dollar
• Compliance-Technologie: 45 Millionen US-Dollar

Kosten für Marketing und Kundenakquise

Die Marketingausgaben beliefen sich im Jahr 2023 auf insgesamt 340 Millionen US-Dollar.

Marketingkanal	Ausgaben
Digitales Marketing	145 Millionen Dollar
Institutionelle Öffentlichkeitsarbeit	105 Millionen Dollar
Konferenz und Veranstaltungen	55 Millionen Dollar
Kundenbeziehungsmanagement	35 Millionen Dollar

BlackRock, Inc. (BLK) – Geschäftsmodell: Einnahmequellen

Verwaltungsgebühren aus Anlageprodukten

BlackRock erwirtschaftete im Jahr 2022 Anlageberatungs- und Verwaltungsgebühren in Höhe von 20,4 Milliarden US-Dollar. Das Unternehmen verwaltete im vierten Quartal 2023 Vermögenswerte in Höhe von rund 9,98 Billionen US-Dollar.

Produktkategorie	Jährliche Verwaltungsgebührenspanne	Gesamtes verwaltetes Vermögen
iShares-ETFs	0.03% - 0.50%	3,26 Billionen US-Dollar
Institutionelle Investitionen	0.20% - 1.00%	4,72 Billionen US-Dollar
Investmentfonds für Privatkunden	0.50% - 1.50%	1,89 Billionen US-Dollar

Leistungsabhängige Gebühren

BlackRock verdiente im Jahr 2022 637 Millionen US-Dollar an Performancegebühren, was 2,8 % der gesamten Anlageberatungsgebühren entspricht.

Erträge aus dem ETF-Handel

Das Handelsvolumen des iShares ETF erreichte im Jahr 2022 7,2 Billionen US-Dollar und generierte etwa 3,5 Milliarden US-Dollar an transaktionsbezogenen Einnahmen.

• Durchschnittliches tägliches ETF-Handelsvolumen: 28,5 Milliarden US-Dollar
• Anzahl der iShares ETF-Produkte: 394
• Weltmarktanteil im ETF-Segment: 39,4 %

Gebühren für Beratungsleistungen

Die Beratungsdienstleistungen von BlackRock erwirtschafteten im Jahr 2022 Beratungseinnahmen in Höhe von 1,2 Milliarden US-Dollar, wobei Unternehmensberatungsdienstleistungen 65 % dieses Segments ausmachten.

Lizenzierung von Technologieplattformen

Die Aladdin-Plattform generierte im Jahr 2022 1,08 Milliarden US-Dollar an Technologie- und Risikomanagement-Lizenzeinnahmen und betreute über 25.000 institutionelle Kunden weltweit.

Lizenzsegment	Jahresumsatz	Kundenstamm
Aladdin-Plattform	1,08 Milliarden US-Dollar	Über 25.000 Institutionen
Risikomanagement-Tools	392 Millionen US-Dollar	8.500 Finanzinstitute

BlackRock, Inc. (BLK) - Canvas Business Model: Value Propositions

You're looking at the core reasons why clients, from the largest pension funds to individual savers, choose BlackRock, Inc. today. It's about scale, technology integration, and capturing high-growth areas like private assets and digital exposure. Honestly, the numbers tell a compelling story about where the firm is winning.

Low-cost, highly liquid exposure via iShares ETFs for all investor types

The iShares franchise remains a massive engine for BlackRock, Inc. As of September 2025, global iShares ETFs surpassed $5 trillion in assets under management (AUM). This massive scale offers investors unparalleled liquidity and cost efficiency. For example, the firm saw a record-breaking $192 billion in global iShares ETF inflows in the first half of 2025 alone. To show the breadth, fixed-income ETFs within iShares account for more than $1 trillion of that total AUM.

• iShares Global AUM: $5 trillion (as of September 2025).
• H1 2025 Net Inflows: $192 billion.
• Fixed Income ETF AUM: Over $1 trillion.

Integrated risk management and portfolio construction via Aladdin for institutions

For institutional clients, the value proposition centers on Aladdin, BlackRock, Inc.'s risk management and portfolio management system. This technology acts as the connective tissue for complex, multi-asset portfolios. Technology services revenue, which includes Aladdin demand, surged 26% to $499 million in the second quarter of 2025, showing strong client adoption. Clients are increasingly looking for a unified platform to manage both public and private assets seamlessly.

Access to high-growth private markets (alternatives AUM at $474 billion in Q2 2025)

BlackRock, Inc. is aggressively pivoting toward higher-fee private markets. The alternatives business delivered client assets of $474 billion in Q2 2025, a remarkable 45% year-over-year growth from $326 billion in Q2 2024. What's key here is the fee profile: alternatives represented just 3% of total AUM but accounted for 17% of the firm's base fees in Q3 2025. This highlights the premium value clients place on access to these less liquid asset classes. By the end of Q3 2025, total alternative investments nearly doubled year-over-year to $663 billion.

Digital asset exposure, with the Bitcoin ETF (IBIT) becoming a top revenue driver

The iShares Bitcoin Trust (IBIT) has rapidly become a flagship product, demonstrating BlackRock, Inc.'s ability to capture emerging asset classes. IBIT is now one of the firm's most profitable ETFs, expected to generate around $245 million in annual fees. This single product's annual fee revenue has surpassed that of the 25-year-old iShares Core S&P 500 ETF (IVV). As of September 30, 2025, AUM under digital assets across the firm stood at $104 billion. IBIT charges a management fee of 0.25%.

Whole-portfolio solutions and outsourcing for complex institutional needs

For large asset owners, BlackRock, Inc. offers comprehensive partnership through its Models, Outsourcing, and SMA platforms, which fall under Whole Portfolio Solutions. This is about being a fiduciary partner that manages complexity end-to-end. Over the last five years leading up to year-end 2024, clients entrusted the firm with more than $2 trillion in net inflows. The total AUM reached a record $13.5 trillion by the end of the third quarter of 2025.

Here's a quick look at how the major asset categories contributed to the overall AUM as of late 2025:

Asset Class Category	AUM (as of late 2025)	Base Fee Contribution (Q3 2025)
Total Assets Under Management	$13.5 trillion	N/A
iShares ETFs	Over $5 trillion	N/A
Alternatives (Private Markets)	$663 billion (Q3 2025)	17% of Base Fees
Equities (Public Markets)	$6.91 trillion (Q2 2025)	48% of Base Fees (Q3 2025)
Digital Assets (ETPs)	$104 billion (Sept 30, 2025)	N/A

Finance: draft 13-week cash view by Friday.

BlackRock, Inc. (BLK) - Canvas Business Model: Customer Relationships

You're looking at how BlackRock, Inc. manages its relationships across its massive client base as of late 2025. It's a dual approach: white-glove service for the biggest players and scalable digital tools for the masses.

Dedicated relationship managers for large institutional clients (high-touch)

For the largest institutions-think pension plans, sovereign wealth funds, and major corporations-BlackRock deploys a high-touch model. This ensures deep integration and tailored solutions across public and private markets. The Institutional Client Business is a global team, spanning over 30+ offices and covering more than 4,000+ institutional clients worldwide. These relationships are built on trust; clients have entrusted BlackRock with more than $2 trillion of net inflows over the last five years leading up to year-end 2024. The firm saw record net inflows of $641 billion in 2024. To be fair, managing this scale requires constant evolution, especially as private markets become more central to institutional mandates.

Technology-driven self-service and digital tools for retail/iShares investors

For the retail and individual investor segment, the relationship is primarily mediated through technology, especially via the iShares ETFs. The scale here is immense. As of the November 2025 survey findings, an estimated 24 million Americans now own ETFs, which is nearly a quarter (23%) of U.S. investors. The iShares business unit itself managed approximately $5.2 trillion in assets under management as of September 30, 2025. Younger cohorts, specifically investors aged 18 to 34, show a distinct preference for digital channels, being 50% more likely than those over 35 to use ETFs to invest small amounts regularly. Furthermore, 39% of Americans report investing via digital investment platforms.

The digital engagement is characterized by:

• Ease of trading, cited by 40% of respondents as a top driver for ETF adoption.
• A growing interest in recurring investing plans, with 38% of U.S. investors expressing interest.
• The platform's ability to handle the next wave of investors, with 44% of those planning to buy ETFs in the next 12 months predicted to be first-time ETF investors.

Consultative sales model for Aladdin platform licensing and integration

The Aladdin platform relationship is consultative, focusing on integrating BlackRock's technology as the operating system for other financial institutions. This is a key differentiator. For example, in February 2025, Sumitomo Mitsui Trust Asset Management adopted Aladdin to manage its US$620 billion of AUM. While older data from 2020 showed over 200 institutions using the platform, the focus now is on deeper integration and expanding the 'whole portfolio ecosystem' concept. BlackRock also offers Aladdin WealthTM, with new AI tools designed to help financial advisors deliver personalized service, with Morgan Stanley Wealth Management being an early implementer of the Portfolio Risk Platform in October 2025.

Here's a quick look at the scale and adoption points for the technology services:

Metric	Value/Data Point	Date/Context
Total Firm AUM	$12.53 trillion	As of June 30, 2025
2024 Record Net Inflows	$641 billion	2024
Aladdin Client AUM Example	US$620 billion	Sumitomo Mitsui Trust AM AUM managed on Aladdin (Feb 2025)
iShares AUM	Approximately $5.2 trillion	As of September 30, 2025

Strategic partnerships with wealth managers for product placement

BlackRock actively partners with wealth managers to place its products, especially in the growing private markets space. A significant example is the partnership with Partners Group to launch a multi-private markets models solution for retail investors. This addresses the current low penetration, as allocations to private markets within the wealth management segment are reported at only 1-2% for individual investors. The firm notes that investors prefer fewer, larger, and multi-product providers for portfolio-wide solutions. This strategy is designed to capture accelerating growth, as private markets are expected to reach at least $20 trillion by 2030.

Key aspects of these partnerships include:

• Combining BlackRock's Aladdin technology capabilities with partner expertise.
• Focusing on providing access to private equity, private credit, and real assets.
• Simplifying access for financial advisors through a single, managed account structure.

Finance: draft 13-week cash view by Friday.

BlackRock, Inc. (BLK) - Canvas Business Model: Channels

You're looking at how BlackRock, Inc. gets its services and products into the hands of clients across the globe. It's a multi-pronged approach, moving from direct, high-touch relationships to massive, automated digital distribution.

Direct sales force to institutional investors (pensions, central banks, insurers)

The direct sales channel targets the largest pools of capital. This team works with entities like sovereign wealth funds, public and private pension plans, and insurance companies. BlackRock, Inc. manages a significant portion of assets for these sophisticated buyers. For instance, as of July 2025, the firm managed over $700 billion in assets specifically for insurance companies. This relationship is deep, often involving customized mandates and the firm's technology solutions.

Even within the index business, direct client engagement is key for governance alignment. According to BlackRock, Inc.'s 2025 Global Voting Spotlight, as of June 30, total funds and separately managed accounts that chose to apply the Corporate Stewardship (CDS) proxy voting guidelines represented $158 billion of client index equity asset under management. Overall, BlackRock, Inc. serves clients in over 100 countries globally. That's a massive footprint for the direct sales teams to cover.

iShares ETF platform via global stock exchanges and brokerage firms

This is the high-volume, low-cost engine, and the numbers here are staggering. By September 2025, BlackRock, Inc.'s iShares ETFs surpassed $5 trillion in global assets under management (AUM). The firm offers more than 1,600 ETFs globally, giving it the broadest range in the market. The growth is clear: the platform saw record global inflows of $192 billion in the first half of 2025 alone.

The distribution relies on the plumbing of global finance-the stock exchanges and the brokerage firms that connect to them. This allows for incredible scale, which is why the fees can be so low. Here's a snapshot of the scale as of mid-2025:

Metric	Value (as of mid-2025)	Source Period
Global iShares AUM	$5.0 trillion	September 2025
iShares ETFs in Total	More than 1,600	2025
Q2 2025 ETF Net Inflows	$85 billion	Q2 2025
Total Company AUM	$12.5 trillion	June 30, 2025

To be fair, the ETF business is the foundation, but other areas are growing fast too. For example, BlackRock, Inc.'s bitcoin ETP, IBIT, had assets crossing $80 billion on July 17, 2025.

Aladdin platform licensing directly to financial institutions

The Aladdin platform is BlackRock, Inc.'s proprietary technology, a Software-as-a-Service (SaaS) solution for risk management and portfolio analysis. It's sold directly to other financial institutions-asset managers, banks, and pension funds-who want that integrated view across public and private assets. This is a high-margin revenue stream. In 2024, Aladdin contributed $1.6 billion in revenues. Demand remains strong; in Q2 2025, the company reported higher technology and subscription revenue, reflecting robust demand for the platform. As of 2023, the system was used by more than 200 institutions. The integration of Preqin data further enhances its appeal for private market analysis.

Third-party wealth management platforms and financial advisors

This channel is largely an extension of the iShares distribution network, but it focuses on the retail and intermediary side. Financial advisors use the platforms you know-like Schwab or Fidelity-to access iShares ETFs for their clients. The ETF net inflows of $85 billion in Q2 2025 were noted as being diversified by channel, with over a third of inflows driven by clients in Europe using local products. This shows the reliance on these third-party networks to push products globally. The sheer volume of assets flowing through the iShares brand suggests significant adoption by these advisors, making it a defintely critical, though less directly visible, channel.

Finance: draft 13-week cash view by Friday.

BlackRock, Inc. (BLK) - Canvas Business Model: Customer Segments

You're looking at the core groups BlackRock, Inc. serves, which is a massive undertaking given their scale. Honestly, the sheer size of their client base is what sets them apart.

Institutional Investors (pension funds, endowments, sovereign wealth funds)

This group represents the bedrock of BlackRock, Inc.'s assets under management (AUM). They are the primary recipients of customized mandates, index products, and the firm's growing alternatives offerings.

As of the third quarter of 2025, BlackRock, Inc.'s total assets under management reached a record $13.5 trillion. The geographic distribution of this AUM as of June 30, 2025, shows a significant concentration in the Americas.

Metric	Value (As of Q3 2025 or latest available)
Total Assets Under Management (AUM)	$13.5 trillion
AUM from Americas (as of Q2 2025)	68% of total AUM
AUM from EMEA (as of Q2 2025)	25% of total AUM
AUM from Asia-Pacific (as of Q2 2025)	7% of total AUM

The focus on higher-fee areas is clear when looking at alternatives:

• Alternatives AUM as a percentage of total AUM (Q3 2025): 3%
• Alternatives AUM in dollar terms (Q3 2025): $405 billion
• Alternatives AUM in dollar terms (Q2 2025): $474 billion
• Alternatives AUM in dollar terms (Q2 2024): $326 billion

Also, the firm's stewardship approach is tailored, with $158 billion of client index equity AUM applying the Climate and Decarbonisation Policy (CDS) guidelines as of June 30, 2025, which is approximately 2 percent of clients' total public equity AUM.

Retail and Wealth Clients (individual investors, financial advisors, wirehouses)

This segment is heavily served through the iShares platform and other pooled investment vehicles. The equity product suite is the largest component by AUM share.

• Equity products as a percentage of total AUM (Q3 2025): 55%
• Equity products as a percentage of base fees (Q3 2025): 48%

The firm has seen substantial net inflows over recent years, with clients entrusting BlackRock, Inc. with more than $2 trillion of net inflows over the five years leading up to year-end 2024.

Other Financial Institutions (banks, asset managers, insurers licensing Aladdin)

These clients use BlackRock, Inc.'s technology, primarily the Aladdin platform, for risk management, portfolio management, and operations. This is a distinct technology revenue stream.

While older data, the scale of adoption is important context:

Aladdin Metric	Value (As of 2020)
Number of Institutions Using Aladdin	More than 200
Assets Managed on Aladdin Platform	More than $21.6 trillion

Recent client wins show continued adoption for specific needs, such as private market data integration. For instance, Mirae Asset Global Investments selected Aladdin technology in May 2025. Also, Sumitomo Mitsui Trust Asset Management adopted Aladdin in February 2025 to support its US$620 billion of AUM.

Through acquisitions, private credit client assets, including those from HPS Investment Partners, scaled to approximately ~$220 billion as of September 30, 2024.

Corporate Clients (cash management and corporate treasury services)

BlackRock, Inc. provides services like cash management and corporate treasury solutions, often leveraging the same technology infrastructure used by institutional clients. The firm has approximately 21,100 employees globally as of 2024.

The firm's technology services revenue, which includes Aladdin licensing, accounted for 8% of total revenue in Q3 2025.

Finance: draft 13-week cash view by Friday.

BlackRock, Inc. (BLK) - Canvas Business Model: Cost Structure

You're looking at the major outflows for BlackRock, Inc. as of late 2025, focusing on the costs that drive the engine, based on the latest reported 2024 figures and recent transaction details. Honestly, it's a mix of people costs, tech investment, and the bill for aggressive growth through acquisitions.

Employee compensation and benefits (largest operating expense)

Employee compensation and benefits is defintely the single largest operating expense category for BlackRock, Inc. For the full year 2024, total Operating Expenses were reported at $12.833 billion. While the exact 2024 compensation figure isn't isolated, its position as the largest expense is clear from the structure. The fourth quarter of 2024 saw employee compensation and benefits expense increase by $382 million compared to the fourth quarter of 2023, primarily due to higher incentive compensation linked to strong performance fees and operating income. This expense was also impacted by the Global Infrastructure Partners (GIP) Transaction, which included nonrecurring retention-related deferred compensation expense.

The firm's compensation philosophy aims to:

• Control fixed costs by tying compensation to profitability.
• Link a significant portion of total compensation to financial and operational performance.
• Align senior employee interests with shareholders via stock awards.

Significant investment in technology infrastructure and data centers

Specific line-item costs for technology infrastructure and data centers aren't broken out separately from the main operating expense categories, but the focus on technology is evident through the acquisitions. BlackRock's technology services Annual Contract Value (ACV) growth was 12% in the first half of 2025. The firm leverages its Aladdin risk management platform across its operations and the newly acquired entities.

Amortization and integration costs from major acquisitions (GIP, HPS, Preqin)

The cost structure reflects significant recent investment in scaling private markets capabilities. The GIP Transaction closed on October 1, 2024. The planned acquisition of HPS Investment Partners was for about $12 billion in an all-stock deal, with a portion of nearly 2.9 million shares contingent on business targets payable in about five years. As part of the HPS deal, BlackRock planned to retire for cash or refinance about $400 million of existing HPS debt. The purchase of data provider Preqin was reported at £2.6 billion, which translates to approximately $3.2 billion. General and administration expense in 2024 included acquisition-related costs. Management expects a 'low teens percentage increase in 2025 core G&A expense' driven by the onboarding of GIP, Preqin, and HPS.

Here's a quick look at the deal values:

Acquisition Target	Reported/Estimated Deal Value	Key Financial Impact/Note
HPS Investment Partners	Approx. $12 billion	Expected to add $450 million in revenue in Q3 2025.
Global Infrastructure Partners (GIP)	Closed October 1, 2024	GIP V closed above its $25 billion target.
Preqin	Approx. £2.6 billion (or $3.2 billion)	Data provider acquisition.

General and administrative expenses, including global office footprint

General and administration expense for the full year 2024 was $2.2 billion, up $126 million from 2023's $2.1 billion. This increase was primarily associated with acquisition-related costs. The global office footprint, spanning more than 30 countries for approximately 21,100 employees as of December 31, 2024, is encompassed within these overhead costs.

Distribution and servicing costs for the iShares platform

Costs related to distributing and servicing assets, categorized as Sales, asset and account expense, totaled $3.8 billion in 2024. This represented an increase of $277 million from the 2023 figure of $3.5 billion, driven by higher distribution and servicing costs, along with direct fund expense, reflecting higher average Assets Under Management (AUM). The firm ended 2024 with $11.6 trillion in AUM.

The major components of operating expenses for 2024 were:

• Total Operating Expenses: $12.833 billion.
• Sales, asset and account expense (including distribution/servicing): $3.8 billion.
• General and administration expense: $2.2 billion.

Finance: draft 13-week cash view by Friday.

BlackRock, Inc. (BLK) - Canvas Business Model: Revenue Streams

You're looking at the core ways BlackRock, Inc. brings in money as of late 2025. It's a mix of managing assets for fees and selling its powerful software platform. Honestly, the scale of their asset base dictates most of their income.

The dominant revenue source is the fees charged for managing client assets. This is the bread and butter of BlackRock, Inc.

• Investment Advisory Base Fees (which include administration fees): This stream is the powerhouse, representing approximately 75% of BlackRock, Inc.'s total revenue for Q3 2025.
• The combined figure for Base fees and Securities Lending revenue in Q3 2025 reached $5.0 billion.
• For the first quarter of 2025 (Q1 2025), this segment, labeled Investment Advisory, Administration Fees, and Securities Lending, accounted for 81% of total revenue.

Technology Services revenue is the high-margin software component, almost entirely from licensing the Aladdin platform. This stream saw significant growth following recent acquisitions.

• Technology Services Revenue for Q2 2025 was reported at $499 million, bolstered by demand for Aladdin and the integration of Preqin.
• This segment's revenue surged 26% year-over-year in Q2 2025.
• In Q3 2025, Technology services and subscription revenue showed a 28% increase compared to the prior year.

Performance Fees are tied to how well active and alternative strategies perform above a set benchmark. These can be lumpy but highly profitable when markets cooperate.

• Performance fees were $516 million in Q3 2025, marking a 33% increase from the previous year.
• However, in Q2 2025, performance fees dropped sharply by 43% to $94 million, showing the volatility of this stream.

Distribution and Service Fees are collected for services related to the distribution of products, which can include 12b-1 fees in certain contexts. This stream provides a steadier, albeit smaller, component of the total.

• For Q3 2025, Distribution fees made up about 8% of total revenue.
• Looking back at fiscal year 2024, Distribution and Shareholder Service revenue was $1.27 billion, representing 6.24% of the total revenue for that year.

Securities Lending Revenue is explicitly separated in some reporting, though often grouped with base fees. It benefits from BlackRock, Inc.'s massive holdings.

• Securities lending revenue specifically saw a 36% increase year-over-year in Q3 2025.

Here's a quick look at the revenue composition based on the latest comprehensive quarterly data we have for Q3 2025, where total revenue was $6.5 billion:

Revenue Stream Category	Approximate % of Q3 2025 Total Revenue	Q3 2025 Dollar Amount (Where specified)
Investment Advisory Base Fees (and Admin)	75%	Implied $\approx$ $4.875 billion (part of $5.0B combined)
Technology Services and Subscription Revenue	8%	Not explicitly stated for Q3 2025, but Q2 2025 was $499 million
Distribution Fees	8%	Not explicitly stated for Q3 2025
Investment Performance Fees	5%	$516 million
Securities Lending Revenue	Included in Base Fees/Admin	Included in $5.0 billion figure

If you're looking at the Q2 2025 snapshot, the total revenue was $5.42 billion, and the Technology Services segment hit exactly $499 million.

Finance: draft 13-week cash view by Friday.