“we'd also expect a mid- to high single-digit percentage increase in 2023 core G&A expense.”

In context

“rly revenue. Although markets have improved since the end of 2022, we will continue to be disciplined in prioritizing our hiring and overall investments with the aim of delivering organic growth and a differentiated operating margin. The diversification and the resilience of our platform allow us to pursue critical investments while maintaining focus on expenses in our margin. BlackRock's industry-leading organic growth is a direct result of the disciplined investments we've consistently made through market cycles. Our business is well positioned to take advantage of the opportunities before us, and we remain committed to optimizing organic growth in the most efficient way possible. In line with our guidance in January, at present, we'd expect our headcount to be broadly flat in 2023, and we'd also expect a mid- to high single-digit percentage increase in 2023 core G&A expense. Our capital management strategy remains, first, to invest in our business and then to return excess cash to shareholders through a combination of dividends and share repurchases. We continue to invest through a prudent use of our balance sheet to best position BlackRock for continued success. This is primarily through seed and co-investments to support organic growth. We will make inorganic investments where we see an opportunity to accelerate growth and support our strategic initiatives. BlackRock's stable and differentiated business model enables us to invest and remain opportunistic. Our acquisition philosophy focuses on extending our product capabilities and our distribution reach. Prior examples of this strategy are the acquisitions of eFront to extend Aladdin's whole portfolio cover”