Letter to shareholders

IT’S MORE THAN INDIVIDUAL PRODUCT

IT’S COMPREHENSIVE CLIENT SOLUTIONS

The diverse and global nature of our investment platform generates consistent financial results across market cycles, which allows us to continuously invest for future growth, while returning capital to shareholders.
AUM as of 12/31/16
By Style
Index & iShares®
63%
Active
29%
Cash 8%
By Asset Class
Equity
52%
Fixed Income
30%
Multi -Assett
8%
Alts 2%
Cash 8%
A LTERNATIVES HIGHER CONVICTION ALPHA INDEX MARKET EXPOSURES SMA RT BETA AND FACTORS CASH MU LTI-ASSET FIXE D INCOME EQUITY CLIEN T OUTCOMES
As the environment has changed, our clients’ needs have changed as well.
Rather than coming to BlackRock and asking for a single product designed to outperform a particular index, clients are seeking our advice and partnership to help them meet broader investment objectives or solve specific financial needs. This could be earning a targeted investment return, providing a consistent level of income, or defeasing an actuarial liability.
“Rich Kushel, Global Head of Multi-Asset Strategies”

Rich Kushel, Global Head of Multi-Asset Strategies

BlackRock offers clients one of the deepest, broadest investment platforms in the financial services industry, with
STRATEGIES ACROSS ASSET CLASSES, INVESTMENT STYLES AND REGIONS,
all backed by our industry leading technology, risk management and market insight. But it’s more than a diverse platform of individual products, it’s the ability to holistically evaluate a client’s needs and construct comprehensive client solutions. And we are able to do this in a way that ultimately increases the value proposition for both our clients and shareholders.
It is our priority to anticipate change in our industry and continue to broaden and deepen our investment platform. In 2017, we will continue to invest in areas such as ETFs, smart beta and factors, ESG and impact strategies, active strategies, illiquid alternatives, including infrastructure, and our technology offerings so that we can design and deliver robust solutions for our clients’ most complex financial goals.