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BlackRock's Business Model
What Does BlackRock Offer?
Equity Investments: Represents fees generated by BlackRock through its equity fund offerings to retail and institutional investors
Fixed Income Investments: Represents fees generated by BlackRock through its debt fund offerings to retail and institutional investors
Multi-Asset Class Investments: Fees from funds that employ a combination of equity, fixed income and alternative investments.
Alternate Investments: Represents fees generated by BlackRock through its alternative investment fund offerings (including currencies, commodities and real estate) to retail and institutional investors
Cash Management: Represents fees generated by BlackRock through its money market fund offerings to retail and institutional investors
Advisory Services: Fees from risk management, investment analytics, investment system and advisory services
Distribution Fee and Other Revenue: Fees from mutual funds for bringing in investments, sales commission, fund accounting services and transition management fees
Who Are The Clients?
BlackRock's provides Equity Investments, Fixed Income Investments, Multi-Asset Class Investments, Currencies & Other Alternative Investments, Advisory Services, Cash Management and Distribution Fees & Other Services to:
Retail InvestorsInstitutional Investors
What Are The Alternatives?
BlackRock faces stiff challenges and competition from offerings by its competitors such as:
JPMorganGoldman SachsBlackstoneState StreetWells Fargo
Although revenues have grown by 7% over the last three years (from $13.6 billion in 2017 to $14.5 billion in 2019), we expect it to grow 17% and cross $17 billion by 2021.
Total Revenues [=A+B+C+D+E+F+G]
YOY change in Total Revenues
Equity Investments revenues are expected to increase by 20% and cross $6.9 billion in 2021.
The segment revenues have grown by 1% over the last three years -- from $5.7 billion in 2017 to $5.8 billion in 2019.
We expect the growth in AuM to continue and improve the segment revenues by 20% over the next two years.
Equity Investments [A]
YOY change in Equity Investments
Fixed Income Investments would continue its growth momentum over coming years.
The segment revenues have grown by 14% from $2.9 billion in 2017 to $3.3 billion in 2019.
Revenues are expected to grow at an average annual rate of 7% and cross $3.8 billion by 2021.
This would be driven by strong growth in AuM across all categories, partially offset by decline in investment advisory fees.
Fixed Income Investments [B]
YOY change in Fixed Income Investments
Although Multi-Asset Class Investments have reduced over 2017-2019, we expect it to increase by 11% over the next two years.
The segment revenues are expected to grow by 11% over the next two years -- from $1.2 billion in 2019 to $1.3 billion by 2021, mainly driven by growth in segment AuM.
Multi-Asset Class Investments [C]
YOY change in Multi-Asset Class Investments
Alternative Investment revenues are expected to grow 23% over the next two years.
The segment revenues jumped by 26% in 2017 driven by 100% growth in performance fees as % of Alternative Investments. However, it remained at the same level in 2018 due to sluggish growth in segment AuM.
We expect the revenues to grow at an average annual rate of 11% and cross $1.7 billion by 2021, driven by investment advisory fees coupled with improvement in performance fees.
Alternative Investments [D]
YOY change in Alternate Investments
Cash Management revenues have grown by 11% from $558 million in 2017 to $618 million in 2019.
We expect the segment's assets under management to maintain its growth trajectory over the next two years.
This would translate into an increase of 11% over 2020/2021-- from $618 million in 2019 to $688 million by 2021.
Cash Management [E]
YOY change in Cash Management
Advisory Services revenues are expected to grow 29% from $1 billion in 2019 to $1.3 billion by 2021.
Although this segment doesn't have a significant impact on total revenues, it is one of the fastest growing segments of the company and is expected to grow at an average annual rate of 14% over the next two years.
Advisory Services [F]
YOY change in Advisory Services
Distribution Fee & Other revenues have nudged lower over recent years
We expect the segment revenues to increase from $1.3 billion in 2019 to $1.4 billion in 2021, due to improvement in market conditions.
Note: The jump in revenues for 2017 was the result of an accounting change, which also resulted in an equal increase in operating expenses
Distribution Fee and Other Revenue [G]
YOY change in Distribution Fee and Other Revenue
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