Report
Greggory Warren, CFA
EUR 147.86 For Business Accounts Only

Less Volatile Markets and Improved Flows Lift BlackRock's Third-Quarter AUM; Fair Value Intact

There was little in wide-moat rated BlackRock's third-quarter earnings that would alter our long-term view of the firm, and we are maintaining our $385 per share fair value estimate. BlackRock closed out the September quarter with a record $5.117 trillion in managed assets (which was $102 billion higher than our own forecast for the period with most of the difference due to better market performance on both the equity and fixed income side of the business). This represented a 4.6% sequential (an...
Underlying
BLACKROCK INC.

BlackRock is an investment management firm. The company provides a range of investment and technology services to institutional and retail clients worldwide. Products are provided directly and through intermediaries in a variety of vehicles, including open-end and closed-end mutual funds, iShares? exchange-traded funds, separate accounts, collective investment trusts and other pooled investment vehicles. The company also provides technology services, including the investment and risk management technology platform, Aladdin?, Aladdin Wealth, eFront, Cachematrix and FutureAdvisor, as well as advisory services and solutions to a base of institutional and wealth management clients.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Greggory Warren, CFA

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