BlackRock, Inc. (BLK): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de la finance mondiale, BlackRock, Inc. est un colosse, gérant un étonnant 9,5 billions de dollars dans les actifs et remodeler les stratégies d'investissement grâce à sa plate-forme innovante Aladdin. Cette toile complète du modèle commercial révèle comment Blackrock s'est transformé d'une entreprise traditionnelle de gestion d'actifs en une puissance financière axée sur la technologie, en tirant parti d'analyses de pointe, des approches d'investissement durables et une stratégie à multiples facettes qui sert des investisseurs institutionnels et individuels à travers le monde. Plongez dans les mécanismes complexes qui alimentent l'une des institutions financières les plus influentes du monde et découvrent le plan derrière le succès remarquable de Blackrock.

BlackRock, Inc. (BLK) - Modèle d'entreprise: partenariats clés

Institutions financières mondiales et sociétés d'investissement

BlackRock maintient des partenariats stratégiques avec:

Type de partenaire	Nombre de partenariats	Valeur de collaboration annuelle estimée
Banques mondiales	37	4,2 milliards de dollars
Fonds de pension	52	3,8 milliards de dollars
Fonds de richesse souverain	18	2,6 milliards de dollars

Fournisseurs de technologies pour l'analyse avancée et l'IA

Les partenariats technologiques clés comprennent:

• Plateforme IBM Watson AI
• Services Google Cloud AI
• Microsoft Azure Machine Learning
• Infrastructure d'apprentissage en profondeur Nvidia

Partenaire technologique	Investissement annuel	Focus technologique
Ibm	156 millions de dollars	Analytique prédictive
Google Cloud	214 millions de dollars	Apprentissage automatique

Organes de réglementation et consultants en conformité

BlackRock collabore avec les entités réglementaires à travers:

• SEC (États-Unis)
• FCA (Royaume-Uni)
• ESMA (Union européenne)
• FINRA (surveillance réglementaire)

Corps réglementaire	Budget de conformité	Fréquence de consultation annuelle
SECONDE	87 millions de dollars	24 consultations
FCA	62 millions de dollars	18 consultations

Centres de recherche universitaires et universités

Les partenariats de recherche comprennent:

• École de gestion du MIT Sloan
• École supérieure des affaires de Stanford
• Harvard Business School
• École d'économie de Londres

Établissement universitaire	Financement de recherche	Focus de recherche
Mit	4,5 millions de dollars	Innovation fintech
Stanford	3,8 millions de dollars	Algorithmes d'investissement

Partners de logiciels stratégiques et de cybersécurité

Écosystème de cybersécurité et logiciels:

• Réseaux palo alto
• Cowsterrike
• Sabot
• Symantec

Partenaire de cybersécurité	Investissement de sécurité annuel	Champ de protection
Réseaux palo alto	72 millions de dollars	Sécurité du réseau
Cowsterrike	58 millions de dollars	Détection des menaces

BlackRock, Inc. (BLK) - Modèle d'entreprise: Activités clés

Gestion des actifs et avis d'investissement

BlackRock gère 10,0 billions de dollars d'actifs au quatrième trimestre 2023. L'entreprise supervise 4,8 billions de dollars de stratégies actives et 5,2 billions de dollars de stratégies d'investissement passives.

Catégorie d'investissement	Actifs sous gestion
Stratégies d'actions	3,9 billions de dollars
Revenu fixe	2,6 billions de dollars
Stratégies multi-actifs	1,8 billion de dollars
Investissements alternatifs	1,7 billion de dollars

Gestion des risques et optimisation du portefeuille

BlackRock utilise la plate-forme de gestion des risques d'Aladdin, qui surveille 21,6 billions de dollars d'actifs dans le monde entier.

• Couverture d'analyse des risques sur plus de 30 000 clients institutionnels
• Surveillance des risques de portefeuille en temps réel
• Techniques avancées d'évaluation des risques algorithmiques

Développer des technologies d'investissement avancées

BlackRock a investi 1,2 milliard de dollars dans la recherche et le développement technologiques en 2023.

Zone d'investissement technologique	Dépenses annuelles
IA et apprentissage automatique	450 millions de dollars
Blockchain Research	250 millions de dollars
Cybersécurité	300 millions de dollars
Analyse des données	200 millions de dollars

Stratégies d'investissement durables et ESG

BlackRock gère 1,5 billion de dollars en produits d'investissement durable En 2023.

• Les actifs ESG ont augmenté de 35% d'une année à l'autre
• Plus de 1 200 fonds d'investissement durable
• Évaluation de la préparation à la transition du carbone pour les sociétés de portefeuille

Gestion des relations avec la clientèle et conseil financier

BlackRock sert Plus de 30 000 clients institutionnels dans plus de 100 pays.

Segment client	Nombre de clients
Fonds de pension	8,500
Fonds de richesse souverain	250
Clients des entreprises	12,000
Entités gouvernementales	3,500
Fondations / dotations	5,750

BlackRock, Inc. (BLK) - Modèle d'entreprise: Ressources clés

Plateforme de gestion des investissements d'Aladdin

La plate-forme Aladdin de BlackRock gère 21,6 billions de dollars d'actifs à partir de 2023. La plate-forme couvre la gestion des risques, la construction de portefeuille et le commerce pour 25 000 professionnels de l'investissement dans le monde.

Métrique de la plate-forme	Valeur
Total des actifs gérés	21,6 billions de dollars
Utilisateurs mondiaux	25 000 professionnels de l'investissement
Revenus annuels de plate-forme	1,1 milliard de dollars

Équipe mondiale de recherche et analytique étendue

BlackRock emploie 19 800 professionnels dans 38 pays. L'équipe de recherche comprend 2 500 spécialistes des investissements.

• Total des employés: 19 800
• Spécialistes de la recherche: 2 500
• Pays d'opération: 38

Technologie propriétaire et algorithmes d'IA

BlackRock investit 1,2 milliard de dollars par an dans la recherche et le développement technologiques. La plate-forme Aladdin dirigée par AI-Trésation de 50 billions de points de données par jour.

Investissement technologique	Valeur
Dépenses de R&D annuelles	1,2 milliard de dollars
Traitement quotidien des données	50 billions de points de données

Infrastructure de données financières massives

BlackRock gère 9,5 billions de dollars d'actifs sous gestion. L'infrastructure de données prend en charge le suivi mondial des investissements en temps réel.

• Total des actifs sous gestion: 9,5 billions de dollars
• Suivi des investissements mondiaux en temps réel
• Systèmes de gestion des risques intégrés

Solide réputation de marque et capital intellectuel

BlackRock s'est classé n ° 1 dans Global Asset Management avec 9,5 billions de dollars AUM. Marque évaluée à 24,3 milliards de dollars en 2023.

Métrique de la marque	Valeur
Classement de gestion des actifs mondiaux	1er
Actifs sous gestion	9,5 billions de dollars
Valeur de marque	24,3 milliards de dollars

BlackRock, Inc. (BLK) - Modèle d'entreprise: propositions de valeur

Solutions d'investissement complètes entre les classes d'actifs

BlackRock gère 9,43 billions de dollars d'actifs au quatrième trimestre 2023, offrant des solutions d'investissement dans plusieurs classes d'actifs:

Classe d'actifs	Total des actifs sous gestion
Actions	4,2 billions de dollars
Revenu fixe	2,6 billions de dollars
Investissements alternatifs	1,5 billion de dollars
Stratégies multi-actifs	1,1 billion de dollars

Technologies de gestion des risques avancés

La plate-forme Aladdin de BlackRock gère le risque pour:

• 21,6 billions de dollars en analyse des risques
• Plus de 25 000 professionnels de l'investissement dans le monde
• Plus de 200 institutions clients

Stratégies d'investissement basées sur les données

Les stratégies d'investissement quantitatives de BlackRock gèrent 1,8 billion de dollars en utilisant les technologies de l'IA et de l'apprentissage automatique.

Services de gestion de patrimoine personnalisés

Catégorie de service	Actifs sous gestion
Gestion de la richesse au détail	1,2 billion de dollars
Services de valeur nette élevée	680 milliards de dollars

Options d'investissement durables et responsables

Les actifs d'investissement durable BlackRock ont ​​totalisé 2,5 billions de dollars en 2023, avec:

• ETF ESG: 350 milliards de dollars
• Fonds communs de placement durables: 450 milliards de dollars
• Investissements axés sur le climat: 280 milliards de dollars

BlackRock, Inc. (BLK) - Modèle d'entreprise: relations avec les clients

Équipes de gestion des relations dédiées

BlackRock emploie 18 800 employés mondiaux dédiés aux relations avec les clients au quatrième trimestre 2023. L'entreprise maintient plus de 100 centres de relations clients dans 30 pays. Les équipes de relations avec les clients institutionnelles gèrent une taille de portefeuille moyenne de 572 millions de dollars par client.

Segment client	Gestionnaires de relations	Taille moyenne du portefeuille
Investisseurs institutionnels	5,600	572 millions de dollars
Investisseurs de détail	3,200	128 millions de dollars
Gestion de la richesse	2,400	246 millions de dollars

Portails de clients numériques et plateformes de communication

La plate-forme Aladdin de BlackRock dessert 25 000 utilisateurs chez 1 500 clients institutionnels. Métriques d'engagement numérique Show:

• Taux d'adoption du portail numérique à 97%
• 3,2 millions d'utilisateurs mensuels de plate-forme numérique active
• 92% des clients institutionnels utilisent des rapports numériques en temps réel

Rapports d'investissement personnalisés

BlackRock génère 1,2 million de rapports d'investissement personnalisés mensuellement. Rapport de répartition de la complexité:

Type de rapport	Volume mensuel	Niveau de personnalisation
Rapports standard	680,000	Faible
Rapports avancés	420,000	Haut
Rapports ultra-personnalisés	100,000	Extrême

Informations sur le marché régulier et éducation financière

BlackRock produit chaque année 4 800 publications d'études de marché. Les initiatives d'éducation des clients comprennent:

• 2 600 webinaires réalisés
• 1,5 million de participants à des programmes d'apprentissage numérique
• 78 conférences d'investissement mondiales

Services de conseil et de consultation proactifs

BlackRock procède à 52 000 consultations clients individuelles par an. Métriques de service consultatif:

Type de service consultatif	Consultations annuelles	Durée moyenne
Planification des investissements stratégiques	22,000	3,5 heures
Consultation de gestion des risques	18,000	2,8 heures
Sessions de stratégie ESG	12,000	2,2 heures

BlackRock, Inc. (BLK) - Modèle d'entreprise: canaux

Plates-formes d'investissement numériques

BlackRock exploite Aladdin Platform, qui dessert plus de 25 000 clients institutionnels dans le monde. En 2024, Aladdin gère 21,6 billions de dollars d'actifs grâce à son infrastructure de gestion des risques et de technologies d'investissement.

Plate-forme	Utilisateurs actifs	Gestion des actifs
Alladdin	25,000+	21,6 billions de dollars

Équipes de vente directes

BlackRock emploie 18 400 professionnels mondiaux dans 30 pays. Leur équipe de vente directe génère environ 20,1 milliards de dollars de revenus annuels grâce à des acquisitions de clients institutionnelles et de détail.

Réseaux de conseillers financiers

BlackRock collabore avec plus de 15 000 sociétés de conseil financier indépendantes. Ces réseaux distribuent des FNB et des fonds communs de placement Ishares, ce qui représente 37% des canaux de distribution totaux de l'entreprise.

• Taille du réseau: plus de 15 000 sociétés de conseil
• Pourcentage de distribution: 37%
• Produits primaires: ETF Ishares, fonds communs de placement

Applications d'investissement en ligne et mobiles

Les plates-formes numériques de BlackRock traitent 2,3 millions de transactions numériques actives mensuelles. Leur application d'investissement mobile prend en charge 1,4 billion de dollars d'actifs numériques gérés.

Métrique numérique	Volume
Transactions actives mensuelles	2,3 millions
Gestion des actifs numériques	1,4 billion de dollars

Programmes de l'engagement des clients institutionnels

BlackRock sert plus de 100 fonds souverains et gère 9,5 billions de dollars d'actifs institutionnels. Leurs programmes d'engagement spécialisés ciblent les fonds de pension, les gouvernements et les entités d'investissement d'entreprise.

• Clients du Fonds de richesse souverain: 100+
• Actifs institutionnels: 9,5 billions de dollars
• Segments cibles: fonds de pension, gouvernements, sociétés

BlackRock, Inc. (BLK) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, BlackRock gère 9,43 billions de dollars d'actifs sous gestion (AUM) pour les investisseurs institutionnels.

Type d'investisseur institutionnel	Actifs sous gestion
Fonds de retraite d'entreprise	2,1 billions de dollars
Dotation	647 milliards de dollars
Fondations	412 milliards de dollars

Fonds de pension

BlackRock dessert 228 fonds de pension publics dans le monde, gérant environ 3,2 billions de dollars d'actifs de retraite.

• Fonds de retraite public des États-Unis: 1,8 billion de dollars
• Fonds internationaux de pension publique: 1,4 billion de dollars

Fonds de richesse souverain

BlackRock gère 1,1 billion de dollars pour les fonds souverains dans 25 pays.

Région	Fonds des richesses souverains
Moyen-Orient	487 milliards de dollars
Asie-Pacifique	376 milliards de dollars
Europe	237 milliards de dollars

Individus à haute nette

Le segment privé de la gestion de la patrimoine de BlackRock gère 387 milliards de dollars pour les clients à haute noue.

• Taille moyenne du compte: 12,5 millions de dollars
• Clients totaux à haute noue: 31 000

Investisseurs de détail et commerçants ETF

La plate-forme Ishares ETF de BlackRock gère 2,9 billions de dollars en actifs d'investisseurs de détail.

Catégorie ETF	Actifs sous gestion
ETF des actions	1,6 billion de dollars
ETF à revenu fixe	892 milliards de dollars
ETF thématiques	412 milliards de dollars

BlackRock, Inc. (BLK) - Modèle d'entreprise: Structure des coûts

Infrastructure et développement technologiques

Les coûts de l'infrastructure technologique de BlackRock pour 2023 étaient de 1,2 milliard de dollars. La société a investi 750 millions de dollars spécifiquement dans le développement et la maintenance des plateformes d'Aladdin.

Catégorie de coûts technologiques	Dépenses annuelles
Cloud computing	385 millions de dollars
Cybersécurité	215 millions de dollars
Développement de logiciels	450 millions de dollars

Acquisition et rétention de talents

Les dépenses totales de capital humain de BlackRock en 2023 ont atteint 3,8 milliards de dollars.

• Compensation moyenne des employés: 225 000 $
• Budget de formation et de développement des employés: 95 millions de dollars
• Frais de recrutement: 62 millions de dollars

Investissements de recherche et d'analyse

Les dépenses de recherche et d'analyse pour 2023 étaient de 680 millions de dollars.

Catégorie de recherche	Investissement
Recherche quantitative	275 millions de dollars
Analyse de marché	205 millions de dollars
Analyse de gestion des risques	200 millions de dollars

Compliance et dépenses réglementaires

Les coûts totaux de conformité pour 2023 étaient de 425 millions de dollars.

• Conformité juridique: 185 millions de dollars
• Représentation réglementaire: 120 millions de dollars
• Audit interne: 75 millions de dollars
• Technologie de conformité: 45 millions de dollars

Coûts de marketing et d'acquisition des clients

Les dépenses de marketing en 2023 ont totalisé 340 millions de dollars.

Canal de marketing	Dépenses
Marketing numérique	145 millions de dollars
Sensibilisation institutionnelle	105 millions de dollars
Conférence et événements	55 millions de dollars
Gestion des relations avec les clients	35 millions de dollars

BlackRock, Inc. (BLK) - Modèle d'entreprise: Strots de revenus

Frais de gestion des produits d'investissement

BlackRock a généré 20,4 milliards de dollars de frais de conseil en investissement et d'administration en 2022. La société gère environ 9,98 billions de dollars d'actifs au quatrième trimestre 2023.

Catégorie de produits	Gamme de frais de gestion annuelle	Total des actifs sous gestion
ETF Ishares	0.03% - 0.50%	3,26 billions de dollars
Investissements institutionnels	0.20% - 1.00%	4,72 billions de dollars
Fonds communs de placement	0.50% - 1.50%	1,89 billion de dollars

Frais de performance

BlackRock a gagné 637 millions de dollars de frais de performance en 2022, ce qui représente 2,8% du total des frais de conseil en investissement.

ETF Trading Revenues

Le volume de négociation Ishares ETF a atteint 7,2 billions de dollars en 2022, générant environ 3,5 milliards de dollars de revenus liés aux transactions.

• Volume de trading quotidien moyen ETF: 28,5 milliards de dollars
• Nombre de produits ETF Ishares: 394
• Part de marché mondial dans le segment ETF: 39,4%

Frais de service consultatif

Les services consultatifs de BlackRock ont ​​généré 1,2 milliard de dollars de revenus de consultation en 2022, les services de conseil en entreprise représentant 65% de ce segment.

Licence de plate-forme technologique

La plate-forme Aladdin a généré 1,08 milliard de dollars de revenus de licence de technologie et de gestion des risques en 2022, desservant plus de 25 000 clients institutionnels dans le monde.

Segment des licences	Revenus annuels	Clientèle
Plate-forme Aladdin	1,08 milliard de dollars	Plus de 25 000 institutions
Outils de gestion des risques	392 millions de dollars	8 500 institutions financières

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.