CA - BlackRock Inc. (BLK) Q1 2024 Earnings Call Transcript
2024-04-12 11:16:04 ET
BlackRock, Inc. (BLK)
Q1 2024 Earnings Conference Call
April 12, 2024 07:30 AM ET
Company Participants
Chris Meade - General Counsel
Laurence Fink - Chairman and Chief Executive Officer
Martin Small - Chief Financial Officer
Robert Kapito - President
Conference Call Participants
Craig Siegenthaler - Bank of America
Michael Cyprys - Morgan Stanley
Kenneth Worthington - JP Morgan
Alexander Blostein - Goldman Sachs Group
Daniel Fannon - Jefferies
William Katz - TD Cowen
Brian Bedell - Deutsche Bank
Patrick Davitt - Autonomous Research
Presentation
Operator
Good morning. My name is Katie, and I will be your conference facilitator today. At this time, I'd like to welcome everyone to the BlackRock Incorporated First Quarter 2024 Earnings Teleconference. Our host for today's call will be Chairman and Chief Executive Officer, Laurence D. Fink; Chief Financial Officer, Martin S. Small; President, Robert S. Kapito; and General Counsel, Christopher J. Meade. All lines have been made on mute to prevent any background noise. [Operator Instructions]
Mr. Meade, you may begin your conference.
Chris Meade
Thank you. Good morning, everyone. I'm Chris Meade, the General Counsel of BlackRock. Before we begin, I'd like to remind you that during the course of this call, we may make a number of forward-looking statements. We call your attention to the fact that BlackRock's actual results may, of course, differ from these statements.
As you know, BlackRock has filed reports with the SEC, which lists some of the factors that may cause the results of BlackRock to differ materially from what we say today. BlackRock assumes no duty and does not undertake to update any forward-looking statements.
With that, I'll turn it over to Martin.
Martin Small
Thanks, Chris, and good morning, everyone. It's my pleasure to present results for the first quarter of 2024. Before I turn it over to Larry, I'll review our financial performance and business results. Our earnings release discloses both GAAP and as adjusted financial results, I'll be focusing primarily on our as adjusted results. BlackRock's first quarter results reflect sustained momentum across our entire platform. We ended the quarter with record AUM of nearly $10.5 trillion and one of the strongest opportunity sets ahead across multiple growth engines, including technology, outsource solutions and private markets. Momentum is accelerating and we have line of sight into a breadth of significant mandates in investment management and technology, spanning client channels and geographies.
Teams across BlackRock are energized and organized to execute on these opportunities and deliver BlackRock's platform to clients through world-class client service. We've built BlackRock to be a structural grower with industry leadership in secular growth areas like ETFs, private markets, model portfolios and technology. With supportive markets and more optimistic sentiment from clients, we're confident in our ability to both grow assets on behalf of clients and drive profitable growth for our shareholders....
BlackRock, Inc. (BLK) Q1 2024 Earnings Call Transcript