BlackRock Announces Agreement to Acquire Global Infrastructure Partners (“GIP”) – Creating a World Leading Infrastructure Investment Platform

NEW YORK–(BUSINESS WIRE)–BlackRock, Inc. (NYSE: BLK) today reported financial results for the three months and year ended December 31, 2023.

BlackRock’s acquisition of GIP will create a combined infrastructure platform of over $150 billion*, well positioned to meet fast-growing investor demand

$10 trillion in AUM following $289 billion of full year net inflows, including $96 billion in the fourth quarter

Flat full year revenue primarily driven by the negative impact of markets on average AUM, partially offset by higher technology services revenue

Restructuring charge of $61 million from initiative to reorganize specific platforms, primarily Aladdin and illiquid alternative investments, to stay ahead of client needs, excluded from as adjusted results

2% decrease in full year operating income

7% increase in full year diluted EPS also reflects significantly higher nonoperating income, partially offset by a higher effective tax rate in the current year

$4.5 billion returned to shareholders in 2023, including $1.5 billion of share repurchases

2% increase in quarterly cash dividend to $5.10 per share approved by Board of Directors

Laurence D. Fink, Chairman and CEO:

“BlackRock delivered differentiated organic growth and operating margin through historically challenging market and industry conditions in 2022 and 2023. As we’ve seen before, when investors were ready to put money back to work, they did it with BlackRock. Clients entrusted us with $289 billion of net inflows in 2023, including $96 billion in the fourth quarter. We enter 2024 with strong momentum – $10 trillion in AUM, accelerating flows, and an organization positioned for the future.

“Today, we are announcing two transformational changes in anticipation of the evolution we see ahead for asset management and the capital markets. The strategic re-architecture of our organization will simplify and improve how we work and deliver for clients. And our acquisition of GIP will propel our leadership in the fast-growing market for hard-asset infrastructure.

“Our clients’ needs have been our compass. Listening to them and applying that to our vision for the future of our industry drove our innovation in Aladdin, and how we led a revolution that made iShares ETFs ubiquitous.

“We always viewed ETFs as a technology, a technology that facilitated investing. And just as our Aladdin technology has become core to asset management, so too have ETFs. That’s why we believe embedding our ETF and Index business across the entire firm will accelerate the growth of iShares and every investment strategy at BlackRock.

“The combination of BlackRock infrastructure with GIP will make us the second largest private markets infrastructure manager with over $150 billion in total AUM, providing clients – especially those saving for retirement – with the high-coupon, inflation-protected, long-duration investments they need.

“We are incredibly excited about this next chapter in BlackRock’s history. This ambitious transformation of our firm positions us better than ever. Our clients, shareholders and employees will be its biggest beneficiaries.”

FINANCIAL RESULTS													NET FLOW HIGHLIGHTS⁽¹⁾
(in millions,	Q4			Q4			Full Year									Q4			Full Year
except per share data)	2023			2022			2023			2022			(in billions)			2023			2023
AUM	$	10,008,995		$	8,594,485		$	10,008,995		$	8,594,485		Long-term net flows:			$	63		$	209
% change		16	%					16	%
Average AUM	$	9,384,929		$	8,417,215		$	9,220,700		$	8,948,570		By region:
% change		11	%					3	%					Americas		$	54		$	138
Total net flows	$	95,647		$	113,725		$	288,695		$	306,570			EMEA			8			27
														APAC			1			44
GAAP basis:
Revenue	$	4,631		$	4,337		$	17,859		$	17,873		By client type:
% change		7	%					–	%
Operating income	$	1,585		$	1,427		$	6,275		$	6,385			*Retail:*		$	(9	)	$	(8
% change		11	%					(2	)%						US		(6	)		(5
Operating margin		34.2	%		32.9	%		35.1	%		35.7	%			International		(3	)		(4
Net income⁽¹⁾	$	1,375		$	1,259		$	5,502		$	5,178
% change		9	%					6	%					*ETFs:*		$	88		$	186
Diluted EPS	$	9.15		$	8.29		$	36.51		$	33.97				Core equity		32			83
% change		10	%					7	%						Strategic		28			104
Weighted-average diluted shares		150.2			151.8			150.7			152.4				Precision		28			(1
% change		(1	)%					(1	)%
														*Institutional:*		$	(16	)	$	32
As Adjusted⁽²⁾:															Active		8			87
Operating income	$	1,716		$	1,577		$	6,593		$	6,711				Index		(24	)		(55
% change		9	%					(2	)%
Operating margin		41.6	%		41.2	%		41.7	%		42.8	%
Net income⁽¹⁾	$	1,451		$	1,356		$	5,692		$	5,391		Cash management net flows			$	33		$	79
% change		7	%					6	%
Diluted EPS	$	9.66		$	8.93		$	37.77		$	35.36
% change		8	%					7	%				Total net flows			$	96		$	289
_________________________													_________________________
⁽¹⁾ Net income represents net income attributable to BlackRock, Inc. ⁽²⁾ See pages 10 through 12 for the reconciliation to GAAP and notes (1) through (3) to the condensed consolidated statements of income and supplemental information for more information on as adjusted items.													⁽¹⁾ Totals may not add due to rounding.

* Combined infrastructure platform represents client assets (AUM and non-fee paying committed capital) of BlackRock and GIP as of December 31, 2023 and September 30, 2023, respectively.

BUSINESS RESULTS

											Q4 2023
						Q4 2023					Base fees⁽¹⁾
						Base fees⁽¹⁾		December 31, 2023			and securities
	Q4 2023			December 31, 2023		and securities		AUM			lending revenue
(in millions), (unaudited)	Net flows			AUM		lending revenue		% of Total			% of Total
RESULTS BY CLIENT TYPE
Retail	$	(8,959	)	$	929,697	$	993		9	%		28	%
ETFs		87,721			3,499,299		1,458		35	%		40	%
Institutional:
Active		7,511			1,912,673		691		19	%		19	%
Index		(23,576	)		2,902,489		223		29	%		6	%
Total institutional		(16,065	)		4,815,162		914		48	%		25	%
Long-term		62,697			9,244,158		3,365		92	%		93	%
Cash management		32,950			764,837		240		8	%		7	%
Total	$	95,647		$	10,008,995	$	3,605		100	%		100	%

RESULTS BY INVESTMENT STYLE
Active	$	(5,762	)	$	2,621,178	$	1,631		26	%		45	%
Index and ETFs		68,459			6,622,980		1,734		66	%		48	%
Long-term		62,697			9,244,158		3,365		92	%		93	%
Cash management		32,950			764,837		240		8	%		7	%
Total	$	95,647		$	10,008,995	$	3,605		100	%		100	%

RESULTS BY PRODUCT TYPE
Equity	$	34,086		$	5,293,344	$	1,769		52	%		49	%
Fixed income		32,180			2,804,026		864		28	%		24	%
Multi-asset		(1,051	)		870,804		299		9	%		8	%
Alternatives:
Illiquid alternatives		3,561			136,909		251		1	%		7	%
Liquid alternatives		(3,289	)		74,233		138		1	%		4	%
Currency and commodities		(2,790	)		64,842		44		1	%		1	%
Total Alternatives		(2,518	)		275,984		433		3	%		12	%
Long-term		62,697			9,244,158		3,365		92	%		93	%
Cash management		32,950			764,837		240		8	%		7	%
Total	$	95,647		$	10,008,995	$	3,605		100	%		100	%

Base fees include investment advisory and administration fees.

INVESTMENT PERFORMANCE AT DECEMBER 31, 2023⁽¹⁾

	One-year period		Three-year period		Five-year period
Fixed income:
Actively managed AUM above benchmark or peer median
Taxable	84	%	78	%	92	%
Tax-exempt	75	%	61	%	45	%
Index AUM within or above applicable tolerance	98	%	97	%	97	%
Equity:
Actively managed AUM above benchmark or peer median
Fundamental	69	%	47	%	87	%
Systematic	87	%	83	%	89	%
Index AUM within or above applicable tolerance	96	%	99	%	100	%

Past performance is not indicative of future results. The performance information shown is based on preliminary available data. Please refer to page 14 for performance disclosure detail.

CAPITAL MANAGEMENT

BlackRock’s Board of Directors approved a 2% increase in the quarterly cash dividend to $5.10 per share, payable March 22, 2024, to shareholders of record at the close of business on March 7, 2024.

TELECONFERENCE, WEBCAST AND PRESENTATION INFORMATION

Chairman and Chief Executive Officer, Laurence D. Fink, President, Robert S. Kapito, and Chief Financial Officer, Martin S. Small, will host a teleconference call for investors and analysts on Friday, January 12, 2024 at 7:30 a.m. (Eastern Time). Members of the public who are interested in participating in the teleconference should dial, from the United States, (313) 209-4913, or from outside the United States, (866) 400-0049, shortly before 7:30 a.m. and reference the BlackRock Conference Call (ID Number 3392098). A live, listen-only webcast will also be available via the investor relations section of www.blackrock.com.

The webcast will be available for replay by 10:30 a.m. (Eastern Time) on Friday, January 12, 2024. To access the replay of the webcast, please visit the investor relations section of www.blackrock.com.

ABOUT BLACKROCK

BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION
*(in millions, except per share data), (unaudited)*

											Three Months
	Three Months Ended										Ended
	December 31,										September 30,
	2023			2022			Change				2023			Change
Revenue
Investment advisory, administration fees and securities lending revenue:
Investment advisory and administration fees	$	3,448		$	3,260		$	188			$	3,514		$	(66	)
Securities lending revenue		157			139			18				167			(10	)
Total investment advisory, administration fees and securities lending revenue		3,605			3,399			206				3,681			(76	)
Investment advisory performance fees		311			228			83				70			241
Technology services revenue		379			353			26				407			(28	)
Distribution fees		303			314			(11	)			321			(18	)
Advisory and other revenue		33			43			(10	)			43			(10	)
Total revenue		4,631			4,337			294				4,522			109

Expense
Employee compensation and benefits		1,503			1,430			73				1,420			83
Distribution and servicing costs		502			497			5				526			(24	)
Direct fund expense		318			275			43				354			(36	)
General and administration expense		624			580			44				546			78
Restructuring charge		61			91			(30	)			–			61
Amortization of intangible assets		38			37			1				39			(1	)
Total expense		3,046			2,910			136				2,885			161

Operating income		1,585			1,427			158				1,637			(52	)

Nonoperating income (expense)
Net gain (loss) on investments		265			207			58				114			151
Interest and dividend income		159			72			87				139			20
Interest expense		(82	)		(54	)		(28	)			(82	)		–
Total nonoperating income (expense)		342			225			117				171			171

Income before income taxes		1,927			1,652			275				1,808			119
Income tax expense		438			345			93				213			225
Net income		1,489			1,307			182				1,595			(106	)
Less:
Net income (loss) attributable to noncontrolling interests		114			48			66				(9	)		123
Net income attributable to BlackRock, Inc.	$	1,375		$	1,259		$	116			$	1,604		$	(229	)

Weighted-average common shares outstanding
Basic		148.7			150.0			(1.4	)			149.2			(0.5	)
Diluted		150.2			151.8			(1.6	)			150.5			(0.3	)
Earnings per share attributable to BlackRock, Inc. common stockholders
Basic	$	9.25		$	8.39		$	0.86			$	10.75		$	(1.50	)
Diluted	$	9.15		$	8.29		$	0.86			$	10.66		$	(1.51	)
Cash dividends declared and paid per share	$	5.00		$	4.88		$	0.12			$	5.00		$	–

Supplemental information:

AUM (end of period)	$	10,008,995		$	8,594,485		$	1,414,510			$	9,100,825		$	908,170
Shares outstanding (end of period)		148.5			149.8			(1.3	)			148.9			(0.4	)
GAAP:
Operating margin		34.2	%		32.9	%		130		bps		36.2	%		(200	)	bps
Effective tax rate		24.2	%		21.5	%		270		bps		11.7	%		1,250		bps
As adjusted:
Operating income (1)	$	1,716		$	1,577		$	139			$	1,691		$	25
Operating margin (1)		41.6	%		41.2	%		40		bps		42.3	%		(70	)	bps
Nonoperating income (expense), less net income (loss) attributable to noncontrolling interests (2)	$	199		$	177		$	22			$	184		$	15
Net income attributable to BlackRock, Inc. (3)	$	1,451		$	1,356		$	95			$	1,642		$	(191	)
Diluted earnings attributable to BlackRock, Inc. common stockholders per share (3)	$	9.66		$	8.93		$	0.73			$	10.91		$	(1.25	)
Effective tax rate		24.2	%		22.7	%		150		bps		12.4	%		1,180		bps

See pages 10 through 12 for the reconciliation to accounting principles generally accepted in the United States (‘GAAP”) and notes (1) through (3) to the condensed consolidated statements of income and supplemental information for more information on as adjusted items.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SUPPLEMENTAL INFORMATION
*(in millions, except per share data), (unaudited)*

	Year Ended
	December 31,
	2023			2022			Change
Revenue
Investment advisory, administration fees and securities lending revenue:
Investment advisory and administration fees	$	13,724		$	13,852		$	(128	)
Securities lending revenue		675			599			76
Total investment advisory, administration fees and securities lending revenue		14,399			14,451			(52	)
Investment advisory performance fees		554			514			40
Technology services revenue		1,485			1,364			121
Distribution fees		1,262			1,381			(119	)
Advisory and other revenue		159			163			(4	)
Total revenue		17,859			17,873			(14	)

Expense
Employee compensation and benefits		5,779			5,681			98
Distribution and servicing costs		2,051			2,179			(128	)
Direct fund expense		1,331			1,226			105
General and administration expense		2,211			2,160			51
Restructuring charge		61			91			(30	)
Amortization of intangible assets		151			151			–
Total expense		11,584			11,488			96

Operating income		6,275			6,385			(110	)

Nonoperating income (expense)
Net gain (loss) on investments		699			(35	)		734
Interest and dividend income		473			152			321
Interest expense		(292	)		(212	)		(80	)
Total nonoperating income (expense)		880			(95	)		975

Income before income taxes		7,155			6,290			865
Income tax expense		1,479			1,296			183
Net income		5,676			4,994			682
Less:
Net income (loss) attributable to noncontrolling interests		174			(184	)		358
Net income attributable to BlackRock, Inc.	$	5,502		$	5,178		$	324

Weighted-average common shares outstanding
Basic		149.3			150.9			(1.6	)
Diluted		150.7			152.4			(1.7	)
Earnings per share attributable to BlackRock, Inc. common stockholders
Basic	$	36.85		$	34.31		$	2.54
Diluted	$	36.51		$	33.97		$	2.54
Cash dividends declared and paid per share	$	20.00		$	19.52		$	0.48

Supplemental information:

AUM (end of period)	$	10,008,995		$	8,594,485		$	1,414,510
Shares outstanding (end of period)		148.5			149.8			(1.3	)
GAAP:
Operating margin		35.1	%		35.7	%		(60	)	bps
Effective tax rate		21.2	%		20.0	%		120		bps
As adjusted:
Operating income (1)	$	6,593		$	6,711		$	(118	)
Operating margin (1)		41.7	%		42.8	%		(110	)	bps
Nonoperating income (expense), less net income (loss) attributable to noncontrolling interests (2)	$	648		$	89		$	559
Net income attributable to BlackRock, Inc. (3)	$	5,692		$	5,391		$	301
Diluted earnings attributable to BlackRock, Inc. common stockholders per share (3)	$	37.77		$	35.36		$	2.41
Effective tax rate		21.4	%		20.7	%		70		bps

See pages 10 through 12 for the reconciliation to GAAP and notes (1) through (3) to the condensed consolidated statements of income and supplemental information for more information on as adjusted items.

ASSETS UNDER MANAGEMENT
(in millions), (unaudited)
Current Quarter Component Changes by Client Type and Product Type
			Net
	September 30,		inflows			Market					December 31,
	2023		(outflows)			change			FX impact⁽¹⁾		2023		Average AUM⁽²⁾
Retail:
Equity	$	396,030	$	(370	)	$	36,080		$	3,994	$	435,734	$	407,368
Fixed income		300,232		(6,552	)		16,437			2,682		312,799		303,171
Multi-asset		129,177		(33	)		9,904			489		139,537		131,663
Alternatives		43,001		(2,004	)		303			327		41,627		42,041
Retail subtotal		868,440		(8,959	)		62,724			7,492		929,697		884,243
ETFs:
Equity		2,234,275		58,211			230,034			10,111		2,532,631		2,329,035
Fixed income		818,744		31,225			43,359			5,075		898,403		849,776
Multi-asset		7,716		746			614			64		9,140		8,251
Alternatives		57,674		(2,461	)		3,829			83		59,125		59,058
ETFs subtotal		3,118,409		87,721			277,836			15,333		3,499,299		3,246,120
Institutional:
Active:
Equity		167,917		704			14,966			3,101		186,688		174,135
Fixed income		771,581		6,012			52,739			6,491		836,823		792,981
Multi-asset		646,993		(1,244	)		62,463			8,970		717,182		667,841
Alternatives		166,771		2,039			1,239			1,931		171,980		168,608
Active subtotal		1,753,262		7,511			131,407			20,493		1,912,673		1,803,565
Index:
Equity		1,943,069		(24,459	)		190,759			28,922		2,138,291		1,998,882
Fixed income		685,648		1,495			46,049			22,809		756,001		709,186
Multi-asset		4,986		(520	)		437			42		4,945		4,747
Alternatives		3,330		(92	)		(15	)		29		3,252		3,307
Index subtotal		2,637,033		(23,576	)		237,230			51,802		2,902,489		2,716,122
Institutional subtotal		4,390,295		(16,065	)		368,637			72,295		4,815,162		4,519,687
Long-term		8,377,144		62,697			709,197			95,120		9,244,158		8,650,050
Cash management		723,681		32,950			2,770			5,436		764,837		734,879
Total	$	9,100,825	$	95,647		$	711,967		$	100,556	$	10,008,995	$	9,384,929
Current Quarter Component Changes by Investment Style and Product Type (Long-Term)
			Net
	September 30,		inflows			Market					December 31,
	2023		(outflows)			change			FX impact⁽¹⁾		2023		Average AUM⁽²⁾
Active:
Equity	$	393,690	$	(5,489	)	$	34,238		$	5,009	$	427,448	$	402,817
Fixed income		1,046,705		970			67,480			8,267		1,123,422		1,070,626
Multi-asset		776,158		(1,278	)		72,367			9,458		856,705		799,493
Alternatives		209,769		35			1,542			2,257		213,603		210,648
Active subtotal		2,426,322		(5,762	)		175,627			24,991		2,621,178		2,483,584
Index and ETFs:
ETFs:
Equity		2,234,275		58,211			230,034			10,111		2,532,631		2,329,035
Fixed income		818,744		31,225			43,359			5,075		898,403		849,776
Multi-asset		7,716		746			614			64		9,140		8,251
Alternatives		57,674		(2,461	)		3,829			83		59,125		59,058
ETFs subtotal		3,118,409		87,721			277,836			15,333		3,499,299		3,246,120
Non-ETF Index:
Equity		2,113,326		(18,636	)		207,567			31,008		2,333,265		2,177,568
Fixed income		710,756		(15	)		47,745			23,715		782,201		734,712
Multi-asset		4,998		(519	)		437			43		4,959		4,758
Alternatives		3,333		(92	)		(15	)		30		3,256		3,308
Non-ETF Index subtotal		2,832,413		(19,262	)		255,734			54,796		3,123,681		2,920,346
Index and ETFs subtotal		5,950,822		68,459			533,570			70,129		6,622,980		6,166,466
Long-term	$	8,377,144	$	62,697		$	709,197		$	95,120	$	9,244,158	$	8,650,050
Current Quarter Component Changes by Product Type (Long-Term)
			Net
	September 30,		inflows			Market					December 31,
	2023		(outflows)			change			FX impact⁽¹⁾		2023		Average AUM⁽²⁾
Equity	$	4,741,291	$	34,086		$	471,839		$	46,128	$	5,293,344	$	4,909,420
Fixed income		2,576,205		32,180			158,584			37,057		2,804,026		2,655,114
Multi-asset		788,872		(1,051	)		73,418			9,565		870,804		812,502
Alternatives:
Illiquid alternatives		131,937		3,561			(205	)		1,616		136,909		133,889
Liquid alternatives		75,139		(3,289	)		1,805			578		74,233		74,188
Currency and commodities⁽³⁾		63,700		(2,790	)		3,756			176		64,842		64,937
Alternatives subtotal		270,776		(2,518	)		5,356			2,370		275,984		273,014
Long-term	$	8,377,144	$	62,697		$	709,197		$	95,120	$	9,244,158	$	8,650,050

Foreign exchange reflects the impact of translating non-US dollar denominated AUM into US dollars for reporting purposes.
Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing four months.
Amounts include commodity ETFs.

ASSETS UNDER MANAGEMENT
(in millions), (unaudited)
Year-over-Year Component Changes by Client Type and Product Type
			Net
	December 31,		inflows					Market						December 31,
	2022		(outflows)			Acquisition⁽¹⁾		change			FX impact⁽²⁾			2023		Average AUM⁽³⁾
Retail:
Equity	$	370,612	$	2,810		$	–	$	58,248		$	4,064		$	435,734	$	403,530
Fixed income		299,114		(2,471	)		–		11,821			4,335			312,799		306,232
Multi-asset		125,168		(236	)		–		14,022			583			139,537		131,236
Alternatives		48,581		(8,576	)		–		1,286			336			41,627		45,319
Retail subtotal		843,475		(8,473	)		–		85,377			9,318			929,697		886,317
ETFs:
Equity		2,081,742		81,223			–		362,885			6,781			2,532,631		2,262,361
Fixed income		758,093		111,956			–		24,544			3,810			898,403		824,832
Multi-asset		8,875		(746	)		–		949			62			9,140		8,024
Alternatives		60,900		(6,491	)		–		4,626			90			59,125		61,439
ETFs subtotal		2,909,610		185,942			–		393,004			10,743			3,499,299		3,156,656
Institutional:
Active:
Equity		168,734		(13,301	)		–		29,088			2,167			186,688		174,967
Fixed income		774,955		4,714			–		53,538			3,616			836,823		798,832
Multi-asset		544,469		85,665			–		79,644			7,404			717,182		642,051
Alternatives		153,433		10,028			2,177		4,925			1,417			171,980		162,871
Active subtotal		1,641,591		87,106			2,177		167,195			14,604			1,912,673		1,778,721
Index:
Equity		1,814,266		(82,222	)		–		401,047			5,200			2,138,291		1,979,704
Fixed income		704,661		28,888			–		17,774			4,678			756,001		713,802
Multi-asset		6,392		(1,896	)		–		559			(110	)		4,945		5,882
Alternatives		3,296		105			–		(138	)		(11	)		3,252		3,263
Index subtotal		2,528,615		(55,125	)		–		419,242			9,757			2,902,489		2,702,651
Institutional subtotal		4,170,206		31,981			2,177		586,437			24,361			4,815,162		4,481,372
Long-term		7,923,291		209,450			2,177		1,064,818			44,422			9,244,158		8,524,345
Cash management		671,194		79,245			–		8,732			5,666			764,837		696,355
Total	$	8,594,485	$	288,695		$	2,177	$	1,073,550		$	50,088		$	10,008,995	$	9,220,700
Year-over-Year Component Changes by Investment Style and Product Type (Long-Term)
			Net
	December 31,		inflows					Market						December 31,
	2022		(outflows)			Acquisition⁽¹⁾		change			FX impact⁽²⁾			2023		Average AUM⁽³⁾
Active:
Equity	$	392,836	$	(26,772	)	$	–	$	57,431		$	3,953		$	427,448	$	409,687
Fixed income		1,053,083		(882	)		–		64,203			7,018			1,123,422		1,080,917
Multi-asset		669,629		85,424			–		93,665			7,987			856,705		773,278
Alternatives		202,012		1,451			2,177		6,210			1,753			213,603		208,189
Active subtotal		2,317,560		59,221			2,177		221,509			20,711			2,621,178		2,472,071
Index and ETFs:
ETFs:
Equity		2,081,742		81,223			–		362,885			6,781			2,532,631		2,262,361
Fixed income		758,093		111,956			–		24,544			3,810			898,403		824,832
Multi-asset		8,875		(746	)		–		949			62			9,140		8,024
Alternatives		60,900		(6,491	)		–		4,626			90			59,125		61,439
ETFs subtotal		2,909,610		185,942			–		393,004			10,743			3,499,299		3,156,656
Non-ETF Index:
Equity		1,960,776		(65,941	)		–		430,952			7,478			2,333,265		2,148,514
Fixed income		725,647		32,013			–		18,930			5,611			782,201		737,949
Multi-asset		6,400		(1,891	)		–		560			(110	)		4,959		5,891
Alternatives		3,298		106			–		(137	)		(11	)		3,256		3,264
Non-ETF Index subtotal		2,696,121		(35,713	)		–		450,305			12,968			3,123,681		2,895,618
Index and ETFs subtotal		5,605,731		150,229			–		843,309			23,711			6,622,980		6,052,274
Long-term	$	7,923,291	$	209,450		$	2,177	$	1,064,818		$	44,422		$	9,244,158	$	8,524,345
Year-over-Year Component Changes by Product Type (Long-Term)
			Net
	December 31,		inflows					Market						December 31,
	2022		(outflows)			Acquisition⁽¹⁾		change			FX impact⁽²⁾			2023		Average AUM⁽³⁾
Equity	$	4,435,354	$	(11,490	)	$	–	$	851,268		$	18,212		$	5,293,344	$	4,820,562
Fixed income		2,536,823		143,087			–		107,677			16,439			2,804,026		2,643,698
Multi-asset		684,904		82,787			–		95,174			7,939			870,804		787,193
Alternatives:
Illiquid alternatives		117,751		13,665			2,177		1,885			1,431			136,909		127,655
Liquid alternatives		80,654		(11,370	)		–		4,548			401			74,233		77,595
Currency and commodities⁽⁴⁾		67,805		(7,229	)		–		4,266			–			64,842		67,642
Alternatives subtotal		266,210		(4,934	)		2,177		10,699			1,832			275,984		272,892
Long-term	$	7,923,291	$	209,450		$	2,177	$	1,064,818		$	44,422		$	9,244,158	$	8,524,345