“that gives us a great deal of conviction about the path to 5% in the back half of '24 and also our longer-term ambition, I think, to be at 5% or better as we grow private markets and technology.”

In context

“ing to come from these strong structural growers, and those things grow even faster in supportive markets, ETFs, models, Aladdin, our expanding private markets business. We're closing in and growing our AUM by over $100 billion in private markets with our planned GIP acquisition, and we see that as a huge growth opportunity. So, we'd expect those engines to really capture additional growth that hits our targets, and even on the most modest growth assumptions, I think, for beta end markets to really drive significant differentiated durable earnings and multiple expansion. We look at this all the time as a team. We've achieved our premium organic base fee growth target of 5% on average over the last five years, and BlackRock has a lot of positive leverage to re-risking periods in the market that gives us a great deal of conviction about the path to 5% in the back half of '24 and also our longer-term ambition, I think, to be at 5% or better as we grow private markets and technology. Laurence D. Fink: Alex, let me just add a little more holistic texture. We have never had more dynamic conversations than we ever had now across the world, across products. I truly believe our positioning in iShares today has never been more robust. Our delivery now of active ETFs, our innovation in crypto, having more precision-type products when there is, I would say, more fragmentation going on in the world allows us to have more conversations with differentiated products for our clients. But the feedback now close -- over six months of feedback of our planned acquisition of GIP and the conversations we're having with some of the most sophisticated investors worldwide has never been more robust about how we could partner, how we could be trying to develop more things. And in my prepare”