“We think we can confidently and consistently deliver 6% to 7% growth from our structural growth segments, with higher outcomes when markets are especially supportive or when clients rotate into higher-fee segments in any quarter.”

In context

“for Europe to have a Capital Markets Union. We are having conversations across Japan and the Middle East and other regions. I was in Mexico last week talking about that role and opportunity. We are involved in these conversations at the government level and at the institutional level, and our platform also speaks to the wealth platforms worldwide. Martin? Martin S. Small: Larry captures the client perspective well. Alex, I would note that March 2026 was the worst month for broad markets since September 2022. In September 2022, broad stocks were down 10% and broad bonds were down 4% to 5%. In March 2026, stocks were down 7% to 10% and broad bonds traded down 2% to 3%. BlackRock, Inc. is getting better through market environments at taking share and delivering more sustained organic growth. We think we can confidently and consistently deliver 6% to 7% growth from our structural growth segments, with higher outcomes when markets are especially supportive or when clients rotate into higher-fee segments in any quarter. There are two broad vectors for this growth. First, structural growers—the all-weather growth products and services like ETFs, private markets, models, tax-aware strategies like Aperio and Spider Rock, and systematic. These are areas where we take disproportionate share as those structural trends advance. Second, whole-portfolio relationships. Clients want to consolidate business with fewer providers and are looking for more from the platforms they do business with. Share gains are a source of organic growth for scale players like BlackRock, Inc. If you look at industry flows for the last several years, the top five asset managers are 80%+ of flows. Yet this is still an extraordinarily fragmented business by assets and revenue. That ability to consolidate share is another avenue of sustai”