BlackRock, Inc. (BLK): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico das finanças globais, a BlackRock, Inc. é um colosso, gerenciando um surpreendente US $ 9,5 trilhões em ativos e reformulando estratégias de investimento por meio de sua inovadora plataforma Aladdin. Essa tela abrangente do modelo de negócios revela como o BlackRock se transformou de uma empresa tradicional de gerenciamento de ativos em uma potência financeira orientada pela tecnologia, alavancando análises de ponta, abordagens de investimento sustentável e uma estratégia multifacetada que serve investidores institucionais e individuais em todo o mundo. Mergulhe nos intrincados mecanismos que o poderá uma das instituições financeiras mais influentes do mundo e descobrem o plano por trás do notável sucesso de Blackrock.

BlackRock, Inc. (BLK) - Modelo de negócios: Parcerias -chave

Instituições financeiras globais e empresas de investimento

BlackRock mantém parcerias estratégicas com:

Tipo de parceiro	Número de parcerias	Valor estimado de colaboração anual
Bancos globais	37	US $ 4,2 bilhões
Fundos de pensão	52	US $ 3,8 bilhões
Fundos soberanos de riqueza	18	US $ 2,6 bilhões

Provedores de tecnologia para análise avançada e IA

As principais parcerias tecnológicas incluem:

• Plataforma IBM Watson AI
• Google Cloud AI Services
• Microsoft Azure Machine Learning
• Infraestrutura de aprendizado profundo da NVIDIA

Parceiro de tecnologia	Investimento anual	Foco em tecnologia
IBM	US $ 156 milhões	Análise preditiva
Google Cloud	US $ 214 milhões	Aprendizado de máquina

Órgãos regulatórios e consultores de conformidade

BlackRock colabora com entidades regulatórias:

• Sec (Estados Unidos)
• FCA (Reino Unido)
• ESMA (União Europeia)
• FINRA (supervisão regulatória)

Órgão regulatório	Orçamento de conformidade	Frequência anual de consulta
Sec	US $ 87 milhões	24 consultas
FCA	US $ 62 milhões	18 consultas

Centros de pesquisa acadêmica e universidades

As parcerias de pesquisa incluem:

• MIT Sloan School of Management
• Escola de Pós -Graduação de Stanford
• Escola de Negócios de Harvard
• London School of Economics

Instituição Acadêmica	Pesquisa financiamento	Foco na pesquisa
Mit	US $ 4,5 milhões	Inovação da FinTech
Stanford	US $ 3,8 milhões	Algoritmos de investimento

Software estratégico e parceiros de segurança cibernética

Ecossistema de segurança cibernética e software:

• Redes Palo Alto
• Crowdstrike
• Splunk
• Symantec

Parceiro de segurança cibernética	Investimento de segurança anual	Escopo de proteção
Redes Palo Alto	US $ 72 milhões	Segurança de rede
Crowdstrike	US $ 58 milhões	Detecção de ameaças

BlackRock, Inc. (BLK) - Modelo de negócios: Atividades -chave

Gerenciamento de ativos e consultoria de investimento

BlackRock gerencia US $ 10,0 trilhões em ativos a partir do quarto trimestre 2023. A empresa supervisiona US $ 4,8 trilhões em estratégias ativas e US $ 5,2 trilhões em estratégias de investimento passivo.

Categoria de investimento	Ativos sob gestão
Estratégias de patrimônio	US $ 3,9 trilhões
Renda fixa	US $ 2,6 trilhões
Estratégias multi-ativos	US $ 1,8 trilhão
Investimentos alternativos	US $ 1,7 trilhão

Gerenciamento de riscos e otimização de portfólio

BlackRock utiliza a plataforma de gerenciamento de riscos de Aladdin, que monitora US $ 21,6 trilhões em ativos globalmente.

• Cobertura de análise de risco em mais de 30.000 clientes institucionais
• Monitoramento de risco de portfólio em tempo real
• Técnicas avançadas de avaliação de risco algorítmico

Desenvolvimento de tecnologias de investimento avançado

A BlackRock investiu US $ 1,2 bilhão em pesquisa e desenvolvimento de tecnologia em 2023.

Área de investimento em tecnologia	Gastos anuais
AI e aprendizado de máquina	US $ 450 milhões
Pesquisa em blockchain	US $ 250 milhões
Segurança cibernética	US $ 300 milhões
Análise de dados	US $ 200 milhões

Estratégias de investimento sustentáveis ​​e ESG

Blackrock gerencia US $ 1,5 trilhão em produtos de investimento sustentável a partir de 2023.

• Os ativos ESG cresceram 35% ano a ano
• Mais de 1.200 fundos de investimento sustentável
• Avaliação de prontidão para transição de carbono para empresas de portfólio

Gerenciamento de relacionamento com clientes e consultoria financeira

BlackRock serve Mais de 30.000 clientes institucionais em mais de 100 países.

Segmento de cliente	Número de clientes
Fundos de pensão	8,500
Fundos soberanos de riqueza	250
Clientes corporativos	12,000
Entidades governamentais	3,500
Fundações/doações	5,750

BlackRock, Inc. (BLK) - Modelo de negócios: Recursos -chave

Plataforma de Gerenciamento de Investimentos de Aladdin

A plataforma Aladdin da Blackrock gerencia US $ 21,6 trilhões em ativos a partir de 2023. A plataforma cobre o gerenciamento de riscos, a construção de portfólio e a negociação de 25.000 profissionais de investimento em todo o mundo.

Métrica da plataforma	Valor
Total de ativos gerenciados	US $ 21,6 trilhões
Usuários globais	25.000 profissionais de investimento
Receita anual de fábrica	US $ 1,1 bilhão

Equipe Global de Pesquisa e Pesquisa Global

A BlackRock emprega 19.800 profissionais em 38 países. A equipe de pesquisa compreende 2.500 especialistas em investimentos.

• Total de funcionários: 19.800
• Especialistas em pesquisa: 2.500
• Países de operação: 38

Tecnologia proprietária e algoritmos AI

A BlackRock investe US $ 1,2 bilhão anualmente em pesquisa e desenvolvimento de tecnologia. A plataforma Aladdin orientada por IA processa 50 trilhões de pontos de dados diariamente.

Investimento em tecnologia	Valor
Gastos anuais de P&D	US $ 1,2 bilhão
Processamento de dados diários	50 trilhões de pontos de dados

Infraestrutura de dados financeiros maciço

A BlackRock gerencia US $ 9,5 trilhões em ativos sob gestão. A infraestrutura de dados suporta rastreamento global de investimentos em tempo real.

• Total de ativos sob gestão: US $ 9,5 trilhões
• Rastreamento de investimentos globais em tempo real
• Sistemas de gerenciamento de risco integrados

Forte reputação da marca e capital intelectual

A BlackRock ficou em primeiro lugar em gerenciamento global de ativos com US $ 9,5 trilhões da AUM. Marca avaliada em US $ 24,3 bilhões em 2023.

Métrica da marca	Valor
Classificação global de gerenciamento de ativos	1º
Ativos sob gestão	US $ 9,5 trilhões
Valor da marca	US $ 24,3 bilhões

BlackRock, Inc. (BLK) - Modelo de negócios: proposições de valor

Soluções abrangentes de investimento nas aulas de ativos

O BlackRock gerencia US $ 9,43 trilhões em ativos a partir do quarto trimestre 2023, oferecendo soluções de investimento em várias classes de ativos:

Classe de ativos	Total de ativos sob gestão
Ações	US $ 4,2 trilhões
Renda fixa	US $ 2,6 trilhões
Investimentos alternativos	US $ 1,5 trilhão
Estratégias multi-ativos	US $ 1,1 trilhão

Tecnologias avançadas de gerenciamento de riscos

A plataforma Aladdin de Blackrock gerencia o risco de:

• US $ 21,6 trilhões em análise de risco
• Mais de 25.000 profissionais de investimento globalmente
• Mais de 200 instituições clientes

Estratégias de investimento orientadas a dados

As estratégias quantitativas de investimento da BlackRock gerenciam US $ 1,8 trilhão usando as tecnologias de IA e aprendizado de máquina.

Serviços personalizados de gerenciamento de patrimônio

Categoria de serviço	Ativos sob gestão
Gerenciamento de patrimônio do varejo	US $ 1,2 trilhão
Serviços de alto patrimônio líquido	US $ 680 bilhões

Opções de investimento sustentáveis ​​e responsáveis

Os ativos de investimento sustentável da BlackRock totalizaram US $ 2,5 trilhões em 2023, com:

• ETFs ESG: US $ 350 bilhões
• Fundos mútuos sustentáveis: US $ 450 bilhões
• Investimentos focados no clima: US $ 280 bilhões

BlackRock, Inc. (BLK) - Modelo de negócios: relacionamentos com o cliente

Equipes de gerenciamento de relacionamento dedicadas

A BlackRock emprega 18.800 funcionários globais dedicados ao relacionamento com os clientes a partir do quarto trimestre 2023. A empresa mantém mais de 100 centros de relacionamento com clientes em 30 países. As equipes institucionais de relacionamento com clientes gerenciam um tamanho médio de portfólio de US $ 572 milhões por cliente.

Segmento de cliente	Gerentes de relacionamento	Tamanho médio do portfólio
Investidores institucionais	5,600	US $ 572 milhões
Investidores de varejo	3,200	US $ 128 milhões
Gestão de patrimônio	2,400	US $ 246 milhões

Portais de clientes digitais e plataformas de comunicação

A plataforma Aladdin da BlackRock atende 25.000 usuários em 1.500 clientes institucionais. Métricas de engajamento digital mostram:

• 97% da taxa de adoção do portal digital
• 3,2 milhões de usuários mensais de plataforma digital ativa
• 92% dos clientes institucionais usam relatórios digitais em tempo real

Relatórios de investimento personalizado

A BlackRock gera 1,2 milhão de relatórios de investimento personalizados mensalmente. Relatando a quebra da complexidade:

Tipo de relatório	Volume mensal	Nível de personalização
Relatórios padrão	680,000	Baixo
Relatórios avançados	420,000	Alto
Relatórios ultra-personalizados	100,000	Extremo

Insights regulares de mercado e educação financeira

A BlackRock produz 4.800 publicações de pesquisa de mercado anualmente. As iniciativas de educação do cliente incluem:

• 2.600 seminários on -line realizados
• 1,5 milhão de participantes em programas de aprendizado digital
• 78 Conferências de Investimentos Globais

Serviços de consultoria e consulta proativos

O BlackRock realiza 52.000 consultas individuais do cliente anualmente. Métricas de serviço de consultoria:

Tipo de serviço de consultoria	Consultas anuais	Duração média
Planejamento estratégico de investimento	22,000	3,5 horas
Consulta de gerenciamento de riscos	18,000	2,8 horas
Sessões de estratégia ESG	12,000	2,2 horas

BlackRock, Inc. (BLK) - Modelo de Negócios: Canais

Plataformas de investimento digital

A BlackRock opera a plataforma Aladdin, que atende a mais de 25.000 clientes institucionais globalmente. A partir de 2024, Aladdin gerencia US $ 21,6 trilhões em ativos por meio de sua infraestrutura de gerenciamento de riscos e tecnologia de investimento.

Plataforma	Usuários ativos	Gestão de ativos
Aladdin	25,000+	US $ 21,6 trilhões

Equipes de vendas diretas

A BlackRock emprega 18.400 profissionais globais em 30 países. Sua equipe de vendas direta gera aproximadamente US $ 20,1 bilhões em receita anual por meio de aquisições de clientes institucionais e de varejo.

Redes de consultores financeiros

A BlackRock colabora com mais de 15.000 empresas de consultoria financeira independentes. Essas redes distribuem ETFs Ishares e fundos mútuos, representando 37% dos canais totais de distribuição da empresa.

• Tamanho da rede: mais de 15.000 empresas consultivas
• Porcentagem de distribuição: 37%
• Produtos Primários: ETFs Ishares, Fundos Mútuos

Aplicativos de investimento online e móveis

As plataformas digitais da BlackRock processam 2,3 milhões de transações digitais ativas mensais. Seu aplicativo de investimento móvel suporta US $ 1,4 trilhão em ativos digitais gerenciados.

Métrica digital	Volume
Transações ativas mensais	2,3 milhões
Gerenciamento de ativos digitais	US $ 1,4 trilhão

Programas institucionais de engajamento de clientes

A BlackRock serve mais de 100 fundos soberanos e gerencia US $ 9,5 trilhões em ativos institucionais. Seus programas de engajamento especializados visam fundos de pensão, governos e entidades de investimento corporativo.

• Clientes soberanos do fundo de riqueza: 100+
• Ativos institucionais: US $ 9,5 trilhões
• Segmentos -alvo: fundos de pensão, governos, corporações

BlackRock, Inc. (BLK) - Modelo de negócios: segmentos de clientes

Investidores institucionais

A partir do quarto trimestre 2023, o BlackRock gerencia US $ 9,43 trilhões em ativos sob gestão (AUM) para investidores institucionais.

Tipo de investidor institucional	Ativos sob gestão
Fundos de pensão corporativa	US $ 2,1 trilhões
Doações	US $ 647 bilhões
Fundações	US $ 412 bilhões

Fundos de pensão

A BlackRock atende 228 fundos de pensão pública globalmente, gerenciando aproximadamente US $ 3,2 trilhões em ativos de pensão.

• Fundos de pensão pública dos Estados Unidos: US $ 1,8 trilhão
• Fundos de pensão pública internacional: US $ 1,4 trilhão

Fundos soberanos de riqueza

A BlackRock gerencia US $ 1,1 trilhão para fundos soberanos em 25 países.

Região	Ativos soberanos do fundo de riqueza
Médio Oriente	US $ 487 bilhões
Ásia-Pacífico	US $ 376 bilhões
Europa	US $ 237 bilhões

Indivíduos de alta rede

O segmento de gerenciamento de patrimônio privado da BlackRock gerencia US $ 387 bilhões para clientes de alta rede.

• Tamanho médio da conta: US $ 12,5 milhões
• Clientes totais de alto patrimônio líquido: 31.000

Investidores de varejo e comerciantes de ETF

A plataforma ETF do ISHARES da BlackRock gerencia US $ 2,9 trilhões em ativos de investidores de varejo.

Categoria de ETF	Ativos sob gestão
ETFs de patrimônio	US $ 1,6 trilhão
ETFs de renda fixa	US $ 892 bilhões
ETFs temáticos	US $ 412 bilhões

BlackRock, Inc. (BLK) - Modelo de negócios: estrutura de custos

Infraestrutura e desenvolvimento de tecnologia

Os custos de infraestrutura tecnológica da BlackRock para 2023 foram de US $ 1,2 bilhão. A empresa investiu US $ 750 milhões especificamente no desenvolvimento e manutenção da plataforma Aladdin.

Categoria de custo de tecnologia	Despesas anuais
Computação em nuvem	US $ 385 milhões
Segurança cibernética	US $ 215 milhões
Desenvolvimento de software	US $ 450 milhões

Aquisição e retenção de talentos

As despesas totais de capital humano da BlackRock em 2023 atingiram US $ 3,8 bilhões.

• Compensação média dos funcionários: US $ 225.000
• Orçamento de Treinamento e Desenvolvimento de funcionários: US $ 95 milhões
• Despesas de recrutamento: US $ 62 milhões

Investimentos de pesquisa e análise

As despesas de pesquisa e análise para 2023 foram de US $ 680 milhões.

Categoria de pesquisa	Investimento
Pesquisa quantitativa	US $ 275 milhões
Análise de mercado	US $ 205 milhões
Análise de Gerenciamento de Riscos	US $ 200 milhões

Conformidade e despesas regulatórias

Os custos totais de conformidade para 2023 foram de US $ 425 milhões.

• Conformidade legal: US $ 185 milhões
• Relatórios regulatórios: US $ 120 milhões
• Auditoria interna: US $ 75 milhões
• Tecnologia de conformidade: US $ 45 milhões

Custos de marketing e aquisição de clientes

As despesas de marketing em 2023 totalizaram US $ 340 milhões.

Canal de marketing	Gastos
Marketing digital	US $ 145 milhões
Extensão institucional	US $ 105 milhões
Conferência e eventos	US $ 55 milhões
Gerenciamento de relacionamento com o cliente	US $ 35 milhões

BlackRock, Inc. (BLK) - Modelo de negócios: fluxos de receita

Taxas de gerenciamento de produtos de investimento

A BlackRock gerou US $ 20,4 bilhões em taxas de consultoria e administração de investimentos em 2022. A empresa gerencia aproximadamente US $ 9,98 trilhões em ativos a partir do quarto trimestre 2023.

Categoria de produto	Faixa de taxa de gerenciamento anual	Total de ativos sob gestão
ETFs de Ishares	0.03% - 0.50%	US $ 3,26 trilhões
Investimentos institucionais	0.20% - 1.00%	US $ 4,72 trilhões
Fundos mútuos de varejo	0.50% - 1.50%	US $ 1,89 trilhão

Taxas baseadas em desempenho

A BlackRock ganhou US $ 637 milhões em taxas de desempenho em 2022, representando 2,8% do total de taxas de consultoria de investimento.

Receitas de negociação de ETF

O volume de negociação do ISHARES ETF atingiu US $ 7,2 trilhões em 2022, gerando aproximadamente US $ 3,5 bilhões em receitas relacionadas à transação.

• Volume médio de negociação diária de ETF: US $ 28,5 bilhões
• Número de produtos ETF iShares: 394
• Participação de mercado global no segmento de ETF: 39,4%

Cobranças de serviço de consultoria

Os serviços de consultoria da BlackRock geraram US $ 1,2 bilhão em receitas de consultoria em 2022, com serviços de consultoria corporativa representando 65% desse segmento.

Licenciamento da plataforma de tecnologia

A plataforma Aladdin gerou US $ 1,08 bilhão em receitas de licenciamento de tecnologia e gerenciamento de riscos em 2022, atendendo a mais de 25.000 clientes institucionais em todo o mundo.

Segmento de licenciamento	Receita anual	Base de clientes
Plataforma Aladdin	US $ 1,08 bilhão	25.000 mais instituições
Ferramentas de gerenciamento de riscos	US $ 392 milhões	8.500 instituições financeiras

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.