BlackRock Investor Conference Presentation Deck
G&A investments support our growth engines and reflect
our operational excellence
G&A expense, as adjusted / Net revenue ¹
13.1%
Non-core G&A² 0.9%
Tech, data and
other portfolio
services ³
Other core G&A³
Memo:
OCIO subadvisory
pass-through
4.0%
8.2%
2018
0.4%
13.7%
1.3%
4.3%
8.1%
2019
0.3%
13.1% 13.0%
1.9%
4.7%
6.5%
2020
0.3%
2.5%
5.1%
5.5%
9/30/21
YTD
0.6%
Core G&A drivers
10.6%
(160 bps
reduction)
Tech, data and other portfolio services
Aladdin cloud migration
Market data for investment processes,
including sustainability
• Tech investments to enhance
●
IRH1221U/M-1946957-1/20
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
Professional fees
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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