Investing to Deliver Shareholder Value
IRH1221U/M-1946957-1/20
G&A investments support our growth engines and reflect
our operational excellence
G&A expense, as adjusted / Net revenue¹
Core G&A drivers
13.7%
13.1%
13.1%
13.0%
1.3%
Tech, data and other portfolio services
• Aladdin cloud migration
Non-core G&A² 0.9%
1.9%
•
2.5%
Tech, data and
Market data for investment processes,
including sustainability
other portfolio
4.0%
4.3%
•
services³
4.7%
5.1%
Other core G&A³
8.2%
8.1%
6.5%
5.5%
10.6%
(160 bps
reduction)
•
Tech investments to enhance
productivity
Portfolio services expense linked to
growth in our Outsourced CIO business
("gross-up" in revenue)
Other Core G&A
•
Marketing & promo (incl. T&E)
• Office-related
2018
2019
2020
9/30/21
YTD
•
Professional fees
Memo:
OCIO subadvisory
0.4%
0.3%
0.3%
0.6%
pass-through
Note: G&A expense, as adjusted and Net Revenue are non-GAAP measures. For further information and reconciliation between GAAP and as adjusted operating margin, see the previously filed Form 10-Ks, 10-
Qs, 8-Ks and the presentation appendix on slides 17-18. For footnoted information, refer to slides 14-15.
BlackRock
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