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Analysis of BlackRock
FINA 4350 – Risk Management
Stephen Camili, Tifany Cantu, Mehdi Favre, Alexis Peltier, Shenel Rimando
University of St. Thomas
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Introduction
BlackRock, is the largest publicly owned financial asset management firm traded on the New
York Stock Exchange with $4.77 trillion of assets under management (BlackRock, 2014). Based
in New York City, BlackRock’s direct competitors are Legg Mason Inc., State Street
Corporation, and UBS Group AG (Yahoo, 2015). BlackRock’s 10-K for 2014 states, the
company has “employees in more than 30 countries who serve clients in over 100 countries
around the globe” (BlackRock, 2014).
History
BlackRock was founded in 1988 by - Larry Fink, Robert S. Kapito, Susan Wagner, Barbara
Novick, Ben Golub, Hugh Frater, Ralph Schlosstein, and Keith Anderson under The Blackstone
Group name (BlackRock, 2015). The founders developed innovations which led to the
development of the investment platform Aladdin, which “combines trading, risk management,
and client reporting” (BlackRock, 2015). The firm changed its name in 1992 to BlackRock and
reached $17 billion in assets under management by the end of that year. (BlackRock, 2015).
Due to the economic crisis, BlackRock’s profits plummeted by 84% in the fourth quarter of 2008
in comparison to fourth quarter results in 2007 (Mamudi, 2009). Unlike its competition,
BlackRock was able to hold off on major losses until the end of 2008 (Mamudi, 2009). Its
strongest weapon being the Aladdin platform which allowed the company to gain new business
in 2008 as the economy teetered.
BlackRock’s success began by offering ETFs and actively managing its portfolio. The company
was leader in mortgage-backed securities, but analyzed its risks based on each zip code. As a
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result, BlackRock was not only able to reduce its loss during the crisis but became an advisor to
the American government and others during the financial crisis of 2009 (Economist, 2013).
CEO Larry Fink was able to predict the potential growth for BlackRock through the demise of
many of its competitors. Mr. Fink stated in 2009, “"I am realistic about the fact that our industry
and our business are smaller solely by virtue of sharply lower asset values…but I believe that
industry consolidation will accelerate and that BlackRock will have meaningful strategic
opportunities” (Mamudi, 2009). As part of this consolidation from 2005 to 2009, BlackRock
acquired State Street Research, Merrill Lynch Investment Manager, Quellos Group, LLC, and
Barclays Global Investors (BlackRock, 2015).
Products
The products BlackRock offers are similar to many asset management companies including
mutual funds (U.S and internationally) ETFs, closed–end funds, alternative investments,
investment planning, college planning, and risk management. At the core of its products is the
Aladdin platform. This platform is sold to other investment companies or investment managers
and allows information to be shared within BlackRock and other Aladdin users. The so called
“collective intelligence” allows asset and portfolio managers to make decisions faster based on
the market and the information available on Aladdin. It is a unified system that combines trade
execution, risk management, and client information. The information within the platform also
allows them faster trades. Of the products offered, mutual funds, iShares ETF, and closed-end
funds have the most diverse subcategory product offerings.
The following list demonstrates the vast array of products offered by BlackRock.
Mutual Funds
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Global/International stocks
o Alternatives
Emerging markets long/short equity fund, Global long/short equity fund,
Commodity strategies fund
o Broad market - US Index fund, International Index Fund
o Dividend - Global Dividend fund, Emerging Markets Dividend Fund
o Emerging Markets - Emerging markets long/short equity fund, Emerging market
allocation fund, Emerging markets dividend fund, Latin America Fund, Emerging
Markets fund
o Global - Global Dividend Fund, Global long/short equity fund, Global
opportunities fund, Global SmallCap fund, Long-Horizon Equity fund
o International - Latin America Fund, ACWI ex-US Index Fund, International
opportunities fund, Pacific fund, EuroFund, International Index fund
o Regional - Emerging markets dividend fund, EuroFund, Latin America Fund,
Pacific Fund
U.S. Stocks
o Alternatives - Large Cap Core Plus fund
o Broad Market - Russell 1000 Index fund
o Dividend - Equity Dividend fund
o Multi cap - Flexible equity fund
o Large cap
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Capital Appreciation fund, Equity dividend fund, Basic value fund, Large
cap core plus fund, Focus growth fund, Large cap growth fund, Large cap
value fund, Russell 1000 Index fund, S&P 500 stock fund
o Mid cap - Mid-cap growth equity fund, Mid cap value opportunities fund, U.S.
Opportunities fund
o Small cap - Small cap growth equity fund, Small cap index fund, Small cap
growth fund II, Value opportunities fund, Disciplined small cap core fund
o Sector - Commodity strategies fund, Energy & resources fund, All-cap energy &
resources fund, Science & technology opportunities fund, Real estate securities
fund, National resources fund, Value opportunities fund, Heath sciences
opportunities fund
Global/international bonds - Global long/short credit fund, Emerging markets flexible
dynamic bond fund, World income fund
U.S. bonds - Global long/short credit fund, Strategic municipal opportunities fund,
Strategic income opportunities fund, Total return fund, U.S. mortgage fund, California
municipal opportunities fund, Core bond fund, Floating rate income fund, Emerging
markets flexible dynamic bond fund, GNMA Fund, High yield bond fund, High yield
municipal fund, U.S. government bond fund, Inflation protected bond fund, Low duration
bond fund, Investment grade bond fund, Secured credit fund, National municipal fund,
New Jersey municipal bond fund, New York municipal opportunities fund, Pennsylvania
municipal bond fund, Short-term municipal fund, World income fund, Bond index fund,
CoreAlpha Bond Fund
Multi-Asset - Asset allocation, Target date, Target risk
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Alternatives-Emerging markets long/short equity fund, Global long/short equity fund,
Real estate securities fund - Global long/short credit fund, Commodity strategies fund,
Strategic income opportunities fund, Strategic municipal opportunities fund, Multi-
manager alternatives strategies fund, Macro Themes fund
Specialty & Sector - Energy and resources fund, Health sciences opportunities fund, Real
estate securities fund
College Advantage 529 - Age-based, Single strategy, Target risk
iShares ETFs – managed by 50 team members globally including 7 PhDs and 14 CFAs
(BlackRock, 2015).
iShares Core, U.S. Stocks, Global/international stocks, U.S. Bonds, Global/international
bonds, Commodity & Specialty
Closed-End Funds - Municipal bonds, Taxable bonds, Stocks/income/sectors
Achieve your goals - Guard against rising rates, Find income, Seek growth, Manage equity
volatility, Minimize tax liability, Fight inflation
CoRI Funds – individuals who are 55 and older who want to plan for retirement.
Target date funds – Funds that are used to develop a retirement account for those younger than
55 years old. Takes into account longevity risk, inflation risk, and market risk.
BlackRock’s reputation in the financial industry is evident with Laurence “Larry” Fink’s recent
awareness around the “desperate search for yield” during a time when interest rates are low
(Grind, 2015). For the CEO of a company to have so much respect among financial analysts
demonstrates the strong reputation BlackRock has for taking risk management seriously.
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Interesting information
The Bank of Greece hired BlackRock to provide analysis on the Greek banking system in 2011.
A Wall Street article published on April 20th of this year stated that nine firms including
BlackRock, J.P. Morgan, T.Rowe Price, Bank of New York want to create a private trading
venue outside of the public view so that they can cut costs and weed out high-frequency traders,
who often have an unfair advantage (Grind, 2015). This relates to BlackRock’s mission to do
what is best for the company and their clients.
Industry Analysis:
BlackRock’s industry is often referred to as Asset Management or Investment Management. This
is the professional asset management of various securities and other assets in order to meet
specified investment goals for the benefit of the investors. These various securities consist of
shares, bonds, and other securities along with assets such as real estate. Investors are different
institutions that will provide money to companies such as BlackRock for investment. The
institutions typically consist of insurance companies, pension funds, corporations, charities, and
educational establishments. The U.S. asset management industry oversees the allocation of
approximately $53 trillion in financial assets. The industry is central to the allocation of
financial assets on behalf of investors. Discretionary asset management plays a key role in
capital formation and credit intermediation, while spreading any gains or losses across a diverse
population of market participants. The industry is marked by a high degree of innovation, with
new products and technologies frequently reshaping the competitive landscape and changing the
manner in which financial services are provided. Asset management firms and the funds that
they manage transact with other financial institutions to transfer risks, achieve price discovery,
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and invest capital globally through a variety of activities. Asset management activities include
allocating assets and selecting securities, using a variety of investment strategies in registered
and non-registered funds; enhancing returns with derivatives or leverage; and creating
customized investment solutions for larger clients, primarily through so-called separate accounts.
BlackRock, currently leads the industry and has been at the forefront for the last decade. The
company holds seven percent of the total assets under management making BlackRock the
market leader amongst its competition. According to the II300 (ranking of the 300 largest U.S.
money managers), BlackRock leads in every aspect. These top 300 money managers jumped
roughly from 38.7 trillion to 42.3 trillion from 2013 to 2014 as a group. BlackRock has been the
biggest gainer in dollar terms as well as the largest overseas investor in the industry. With such
growth there is some vulnerability in the industry several factors make the industry vulnerable to
financial shocks including (1) “reaching for yield” and herding behaviors; (2) redemption risk in
collective investment vehicles; (3) leverage, which can amplify asset price movements and
increase the potential for fire sales; and (4) firms as sources of risk. An extended low interest rate
investment climate, low market volatility, or competitive factors may lead some portfolio
managers to “reach for yield,” that is, seek higher returns by purchasing relatively riskier assets
than they would otherwise for a particular investment strategy. Some asset managers may also
crowd or “herd” into popular asset classes or securities regardless of the size or liquidity of those
asset classes or securities. These behaviors could contribute to increases in asset prices, as well
as magnify market volatility and distress if the markets, or particular market segments, face a
sudden shock. The asset management industry has many practices and regulatory restrictions that
can mitigate such risks. For example, fund- and firm-level investment risk management is
intended to ensure that investments conform to investment mandates and that credit quality, asset
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concentrations, volatility, leverage, and other issues are appropriately managed. Independent risk
managers can reduce the risk of overextending portfolio mandates when they are empowered to
challenge investment decisions.
At a time of great change, asset management CEOs arguably have a greater role to play than
ever. A mild recovery has lifted industry profitability since the financial crisis, yet challenges
abound. Undoubtedly, the global pool of assets under management will grow in the years to
come, but only those firms that adapt swiftly to the changing environment will benefit. The
industry’s mild resurgence has taken place against considerable headwinds. Nervous financial
markets, new regulatory frameworks, more demanding investors, and fierce competition for
talent are all conspiring to make profitable growth hard won. Making progress in this
environment takes considerable strategic foresight. While the industry has opportunities for
profitable growth, not all firms will succeed, given the magnitude of the change taking place.
The firms that do so will be those that grasp what’s happening and then engineer the
transformations that they need in order to adapt.
SWOT Analysis
Strengths
Black Rock has gained a strong brand name as one of the world’s largest asset manager.
The strong brand name will give Blackrock the ability to have higher prices on their products,
because its consumers place additional value to the brand. The company’s strong management
can help Blackrock attain its full potential by making use of its strengths and eliminating
weaknesses to preserve a strong brand name. Blackrock has diversified portfolios and services
that it can use to its advantage. Blackrock has professionally managed accounts that are designed
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to help its clients meet the challenges of generating income while managing for risk.
Blackrock’s portfolios and services are made up primarily of exchange-traded funds that search
for exposure to income opportunities in all market environments. In 2009, BlackRock acquired
Barclays Global Investors, giving the firm additional active, index and exchange traded fund
capabilities through iShares. During this period, BlackRock developed multi-asset solutions.
Blackrock became the market leader by acquiring and combining teams that provided a range of
client offerings into one unit, combining asset allocation and a multitude of product solutions
that extended asset classes. BlackRock is the leading global asset manager serving many of the
world's largest companies, pension funds, foundations, and public institutions as well as millions
of individual investors. Blackrock has clients in over 60 countries and over 10,200 employees
including a major presence in North America, Europe, Asia, and the Middle East.
Weaknesses
Blackrock’s business is subject to various laws and regulations in the numerous countries
in which Blackrock does business with. Therefore, Blackrock can be impacted by legal and
regulatory changes in US and international level. The impact can affect Blackrock in numerous
ways, including the submission of one of the companies. High turnover rates can also negatively
affect a company and its employees in many ways. With the constant need to hire and train new
employees, it is easy get discouraged from true mission and vision of the organization. By
retaining employees, companies can provide a higher workforce that positively affects the
bottom line. Operating margins are also important because they measure efficiency. The higher
the operating margin, the more profitable a company's core business is. If the competitor has a
higher margin, it has more profit and may be more successful than the company and can become
a threat. Therefore, Blackrock should not have weaker margins vs. key competitors like Goldman
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Sachs. Having A high debt burden is also a weakness because it increases the risk of Blackrock
going bankrupt if it makes a poor business decision. Increasing risks can also increase
Blackrock’s debt interest payments.
Opportunities
Blackrock can benefit from an emerging scope in Europe, Middle East and Africa.
Emerging markets are fast growing regions of the world that would enable Blackrock to quickly
expand. Emerging markets generally do not have the level of market efficiency and strict
standards in accounting and security regulations to be on par with advanced economies (such as
the United States), but emerging markets will typically have a physical financial infrastructure
including banks, a stock exchange and a unified currency.
Blackrock can also open new opportunities by increasing in short sales in America’s real
estate industry. A short sale is a sale of real estate in which the incomes from selling the property
will falls short of the balance of debts secured by liens (holds on property) against the property,
and the property owner cannot afford to repay the liens full amounts. Therefore the lien holders
agree to release their lien on the real estate and accept less than the amount owed on the debt. A
short sale is often used as an alternative to foreclosure, because it diminishes additional fees and
costs to both the creditor and borrower. However, they both often result in a negative credit
report for the property owner.
Blackrock can also increase growth opportunities through growth prospects and merger
opportunities. By combining business activities, performance will increase and costs will
decrease. A business will usually attempt to merge with another business’ that has
complementary strengths and weaknesses. Mergers give the bigger company an opportunity to
grow market share without having to really earn it by doing the work themselves. Therefore
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instead, they buy a competitor's business for a price. New Services can also help Blackrock
exceed in meeting their customer’s needs. These different services can expand Blackrock’s
business and diversify their customers.
Threats
Intense competition can lower Blackrock’s profits, because competitors can seduce consumers
away with superior products. A declining economy can also hurt Blackrock’s business by
decreasing the number of potential customers. Likewise, changes in government rules and
regulations can negatively affect Blackrock. Bank regulations can affect the administration and
operations of Blackrock. The 2008 global financial crisis, made a long-lasting impact on major
investment banks, and their investment banking business. Having Exposure to subprime
mortgage markets is also a threat to Blackrock. Borrowers with credit ratings under 600 will
often have subprime mortgages with higher interest rates. Most lending institutions often ask for
interest on subprime mortgages at a rate that is much higher than an ordinary mortgage in order
to compensate themselves for carrying more risk.
SEC 10-K Filing
From the annual 10-K Blackrock has filed, there is an obvious trend. For 2014, its total
revenue went up to $11,081 million, a 9% increase from $10,180 million in 2013, which also
was a 9% increase from 2012’s revenue of $9,337 million. Its revenue-related expenses
increased as well. In 2014, expenses were at $6,518 million, which was a 6% increase over 2013,
when expenses were $6,156 million, and this was a 7% increase from $5,763 million in 2012.
Revenues and expenses are going up by almost the exact same amount as the year before. This
shows Blackrock’s consistency, because there is not much variation in the amount of growth
over the few years. The company’s margin increased this year again, but at an even larger rate
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than the year before. In 2014, the operating margin was 42.90%, Blackrock was making almost a
43 cent profit on every dollar of revenue. This is significant as no other competitor has an
operating margin even close to matching that of Blackrock. BlackRock’s dividends have greatly
increased over the last few years. The company’s dividends increased from $6 to $6.72 to $7.72
between 2012 and 2014, taking a 12% and 14.9% jump, respectively. Assets under management
continue to be the most impressive numbers as no one else in the industry comes close to
comparing. Coming in at $4.77 trillion, there is no comparison between BlackRock and its
competitors. Assets under management continue to grow showing a 14% increase in 2013 and a
7.5% increase in 2014. One of the most impressive parts of the assets under management is their
organic growth. This means that the number we see in their assets under management is not from
acquisitions or other external factors. The growth comes from things like sales, which shows just
how much revenue they are bringing in and that they are doing it the right way.
Management Discussions
In the 10-K filing, the management of BlackRock discusses some of the reasons they
believe that the past year turned out the way that it did. The biggest reason management gave for
the improvement in the company over the past year was by putting customers before anything
else. Management believes that because they always have their client’s best interests in mind, the
company is more successful, and in turn, the clients are happier and continue to do business with
BlackRock. One of the taglines management uses often is A Divergent World, emphasizing the
rapidly changing financial world. Financial systems and financial questions are getting more
complicated, and also more risky, every year, and BlackRock believes it is best equipped to
handle those complications and risks, since their specialty is risk management. Of course,
Aladdin and iShares and improvements to those platforms are credited for bringing in a large
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amount of revenue. Management also said BlackRock had a higher amount of revenue from
client advising, in addition to simply charging higher base fees. The company leveled expenses
as revenue-related because although the expenses did increase, it was only by an amount
proportional to the revenue. Naturally, bringing in higher revenue usually comes at a cost. The
managers attribute those costs to having to compensate employees more, as well as the costs for
launching new ideas, and simply the cost of running programs and keeping them updated.
Forward-Looking Statements
BlackRock has a very interesting and different type of forward-looking statement as
compared to most other companies. Usually, a company will make predictions about the next
year or quarter to come and outline its plans for the future and the effect the plans and other
factors will have on the company. BlackRock takes a very different approach here. Instead, they
make no claims at all about the future. Listed are 16 independent factors that could have an effect
on the next year of BlackRock, all of which are outside of the company’s control, such as the
economy and consumer trends for the next year. The company specifically does not make
forward-looking statements and that the actual results that come about in the next year could
differ from. By not making any claims about the future nor sugar-coating anything, management
is covering its tracks from a risk perspective. If BlackRock were to make claims, that would put
them in a risky position because investors are expecting them to be right. However, it is
impossible that the claims that they did make could be wrong because all they said was that they
do not know what will happen in the future.
Philanthropy
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One of the more unique aspects of BlackRock is the philanthropy it takes part in.
Employees are very active in their communities by participating in programs that work for the
environment, education, helping the homeless, and cancer research. The company is so
committed to their philanthropy employees receive paid time off from work whenever they
volunteer, and also through a match program where BlackRock matches every dollar rasied for
charity. BlackRock claims that at least 1,900 non-profit organizations are being touched by its
philanthropic work. It is said that high school students in the U.S. that are touched by the
company’s CollegeSet program are seven times more likely to go to college, which shows the
kind of effect BlackRock has on the community. BlackRock is not just donating money to
charities, but actually doing the work in addition to funding programs that are actually reaching
the community and helping people.
Ratios
BlackRock’s main competitors are UBS, a Financial Investment firm and a Commercial Bank;
Legg Mason Incorporation an Asset Management firm that currently holds the least amount of
assets; and State Street Corporation an Asset Management firm and a custodian bank working
with derivatives and delivery dates of assets.
Financial ratios need to be understood in order to continue with the analysis and relation. The
profitability of a company measures how healthy it is in terms of its returns. Profit margin looks
at the revenues after it has been cut by the costs, determining how much a company has left for
more efficient use. The capital employed measures the amount of assets a company has invested.
The return on capital employed measures how much return is made on the investment, thus,
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determining a company’s efficiency at handling its assets. The operating profit is a more dug out
measure of the net profit; it measures how much money is left before taxes.
The liquidity ratios overall help us determine a company’s ability to turn assets into cash at the
right time to be able to pay its debts within one year. In the presentation the focus is on the
current ratio, hence why both the ratios are similar.
The stability ratios measure how healthy a company is in the long term. How much assets it
actually holds against how much assets is held by financial support, hence determining if a
company is stable or unstable.
Finally, we have the investor ratios which is mainly used by the investors to measure a
company’s performance and thus if it is worth the investment or not. The higher the more
interesting for them.
Now implementing all the ratios with the companies involved, having the recent days and the
latest financial crisis as two focal points. BlackRock leads the table with a profit margin of
29.73% in late 2014, with Legg Mason last with a 10.39%, mainly because it is the smallest out
of them all. During the financial depression, UBS’s profit margin plummeted downwards to an
incredible -550%. UBS, Legg Mason and State Street all fell in the negative profit margin during
the recession while BlackRock remained in the positives. Who is the more stable out of them all?
BlackRock.
There is a reason why UBS holds so many assets; it is because it doesn’t only work with asset
management, but also with mortgages, credit cards and private banking. It holds a significant
amount of products. Though it might hold the most capital employed with a 1 trillion amount of
assets employed, its return on that capital is merely a 0.90% against a strong 7.35% from Legg
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Mason. The numbers prove that although LM is a small company compared to the others, it is
able to efficiently invest its assets with a higher return. The reason why UBS’s return is not all
that high is because of its huge product portfolio, which results in a significant high cost. Which
is proved in its operating profit, which currently places at the last position with a 10.35%.
Meaning that all the revenue it earns, is deeply cut down by its costs.
The liquidity of both UBS and STT is immense with both 26.89 and 22.28 respectively,
compared to the 2.8 and the 2.592 from Black Rock and LM respectively. This may be because
one works as a custodian bank and the other also as a commercial bank? Usually, a stable current
ratio would be the ones Blackrock and LM currently hold. Usually a ratio higher than that would
be considered having too much capital, which could be allocated more efficiently elsewhere.
There is a main area that needs to be allayed here and this area is during the financial crisis,
where all three BlackRock, State Street and Legg Mason all had a stable/high current ratio.
While UBS held a low ratio, which meant that when the recession hit, it wasn’t able to repay its
debts at the right time it was highly illiquid. On top of that, not only did it have a low liquidity
ratio, it also had a humongous amount of leverage 16.04 against a ratio of 0.10 and 0.8 and 0.17.
This rendered the company incredibly unstable. Therefore, before the recession UBS was both
incredibly illiquid and unstable which resulted in its downward direction of the negative profits.
Usually a normal ratio would be below 30%, which means a company holds more assets itself
rather than the assets being held financially supported. A ratio higher than 50% is considered
unstable. So when we look at both STT and UBS we can imagine how high their leverage was
during the recession compared to the other two. But UBS was still on a whole other level. Which
could represent why both STT and UBS both learned from their mistakes and now hold a
significantly lower leverage and an extremely high liquidity ratio especially.
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Recently UBS’ market cab went down 0.75%, while the others are on a positive rate, with State
Street on a 1.77%. A decrease in market cap could be a reason of buying more shares, which is
possibly what UBS has done. BlackRock holds the most expensive stock price of 370 while UBS
holds the least expensive 19.80. A large market cap is usually represented as a slowly growing
company growth, but a more stable position. A small market cap is usually represented as a fast
growing company, but with a risky position. Therefore although UBS is one to avoid, if it wasn’t
on a negative rate, it would have been a really good choice for investors, with it providing a
cheap price for its stock with a stable position, and as of recently also interesting for investors
with its high dividend yield of 2.64%. Sadly it is not in the positive, therefore BlackRock
although charging high stock prices, would be a stable decision with still a high dividend yield of
2.35%.
Finally, we can see a trend in most of the financial ratios, this trend being that BlackRock proved
to be the most stable compared to its rivals. Its dividend yield was the highest until UBS recently
added more yield. Its leverage ratio was always stable even during the recession. It holds most of
its assets by itself. Its current ratio was always stable even during the recession, with it being
able to pay off its debts rapidly. Its operating profits were always at a higher rate compared to its
rivals. Its revenue never descended by a significant amount at any point during the last decade,
unlike the other rivals. And of course its profit margin similar to its operating margin was stable
for the last decade. Overall Black Rock leading in terms of stability.
Conclusion
With BlackRock’s current reputation, we foresee BlackRock continuing to be a leader in
the financial industry. If Laurence “Larry” Fink continues to be a part of the company, then
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BlackRock’s conservative approach to risk management will allow its clients success in portfolio
and/or asset management. It will be interesting to see how the “dark pool” of private investing
outside of the public view among nine investment firms will benefit BlackRock and the financial
industry. CEO Larry Fink does not make decisions lightly and future decisions will benefit the
company for the best.
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Sources:
BLK Competitors | BlackRock, Inc. Common Stock Stock - Yahoo! Finance. (n.d.). Retrieved
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Journal Retrieved from
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Grind, K. (2015, Jan 20). Money managers plan private 'dark pool' --- fidelity investments leads
charge on trading venue to include BlackRock, bank of new york mellon, J.P. morgan, others.
Wall Street Journal Retrieved from
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analysis-blackrock.html
