BlackRock Inc (BLK)

“We reiterated our low to mid-teens ACV target, from what we see in the pipeline and some of these external catalysts like regulatory and the markets, we think it's a great environment for Aladdin, Preqin and eFront.”

“At our Investor Day in 2025, we talked about how our investment performance, differentiated deal flow, client relationships, would support a target of $400 billion in gross fundraising from 2025 through 2030.”

“As I've said before, we've run the company at 47%, I don't see 45% or 46% as a ceiling.”

“I don't see this quarter's margin as a ceiling.”

“Our 2030 goal of reaching over 30% of revenue from private markets and technology that we laid out at Investor Day last year, that goal of 30% of revenue from private markets and technology is aimed to dampen that effect and power more steady double-digit EPS growth and margin expansion.”

“We continue to target a 45% or greater adjusted operating margin with our margin on recurring fee-related earnings running higher.”

“At present, based on our capital spending plans for the year and subject to market and other conditions, we anticipate repurchasing at least $550 million of shares per quarter going forward, higher than our previous guidance communicated in January.”

“We remain committed to low to mid-teens ACV growth over the long term.”

“As part of our 2030 plan, we're aiming to make this a $500 million revenue business at BlackRock.”

“Overall, fundraising is closed and notified about $22 billion. We expect that to continue to drive and accelerate.”

“We expect this to continue to accelerate, not just for obviously insurance companies, but throughout the world.”

“We'll see margin on the FRE side driving higher towards the levels of the best-in-class private markets names, north of 50%.”

“We expect two iShares ETFs to be available as investment options later this year.”

“Through our planned dividend and share repurchases, we expect to return over $5.7 billion to shareholders this year, which is a 16% increase over 2025.”

“After annualizing for the impact of HPS and Preqin, we continue to expect a mid-single-digit percentage increase in full-year G&A.”

“We continue to estimate that 25% is a reasonable projected tax run rate for the remainder of 2026.”

“Our 2030 strategy is to drive organic base fee growth at 5%+ through a broad public and private markets platform, and our track record shows we can more consistently generate 6% to 8%.”

“We have run the company at 47%, so I do not see 45% or 46% as a ceiling.”

“As I laid out at our 2025 Investor Day, we continue to target a 45% or greater adjusted operating margin, with our margin on recurring fee-related earnings running higher.”

“We think some of this shakeout in credit is good for our organic base fee growth profile, alongside the structural growers we are already confident in.”

“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.”

“We have visibility on strong future fundraising and deployment across multiple dimensions of our private credit platform.”

“We said that we believe that active ETFs can be a $500 million or greater revenue generator by 2030, and we are already more than halfway there.”

“We remain committed to low- to mid-teens ACV growth over the long term.”

“We continue to believe long-short direct indexing with options overlays is going to be a great growth area, and we aim to double or triple that business in the near term.”

“Two, with constructive markets, a higher fee rate on flows—which we have been driving—and strong organic growth, we can pull the fully burdened operating margin of the company up as well.”

“Over time, we see two things. One, the margin on recurring fee-related earnings can trend upwards toward the trajectory of best-in-class private markets names—north of 50%—driven by the acquired businesses and highly scaled franchises in ETFs, digital assets, and systematic equities.”

“We have product coming to market with our partners this year—we are going to be launching LifePath with privates—all to build a track record so plan sponsors can get more comfortable with these structures as the DOL rule hopefully takes hold towards the back half of the year and we get really running in 2027.”

“This will drive revenue growth as it is deployed over future quarters.”

“At present, based on our capital spending plans for the year, and subject to market and other conditions, we still anticipate repurchasing at least $450 million of shares per quarter for the balance of the year, consistent with our January guidance.”

“We continue to estimate that 25% is a reasonable projected tax run rate for the remainder of 2026.”

“I think that is one of the foundational reasons why we continue to believe that money market holdings will continue to be quite large.”

“We're in an upward trajectory in our margins on fee occurring -- recurring earnings as we continue to drive growth in private markets and scale businesses like ETFs and systematic equities.”

“So I think you'll see here in the near term, a real asset strategy coming to market in the U.S., European direct lending to European private wealth clients and following with triple net lease and other strategies in the U.S. later this year.”

“At our Investor Day we set out a goal to grow the private markets to wealth series of products to at least $60 billion of AUM by 2030.”

“And we expect that to continue over the coming years.”

“That implies future years are in the mid-single-digit percentage growth.”

“As I mentioned on my prepared remarks, after annualizing for the impact of HPS and Preqin, we'd expect a mid-single-digit percentage increase in G&A.”

“And as we set out in the Investor Day, we're targeting that 45% or higher greater adjusted operating margin.”

“So we think that over time, we'll see the margin on fee recurring earnings driving upwards toward the trajectories of the best-in-class private market names, so think north of 50%.”

“As we talked about at our Investor Day, we continue to target 45% or greater adjusted operating margin profile with our margin on recurring fee-related earnings running higher.”

“With more growth coming from our pipeline of private markets, systematic strategies, models, SMAs, digital assets, we think we can power organic base fee growth that's more consistently 6%, 7% or higher.”

“We plan to raise a cumulative $400 billion in private markets by 2030.”

“We're optimistic about our systematic platform, continued double-digit organic base fee growth potential and its position as a bright spot in the active equity industry.”

“Our initial target is to mobilize and deploy $30 billion of equity capital with the potential of reaching $100 billion, including debt.”

“We expect to launch our first LifePath Target Date fund with private markets later this year.”

“In private markets, our investments in infrastructure and private credit and alts to wealth underpin our ambitions to raise $400 billion in private markets by 2030.”

“That means we enter 2026 with base fees approaching $21 billion, 13% higher than 2025.”

“We're targeting $400 billion in gross private markets fundraising through 2030, powered by origination, strong investment performance and the depth of our client relationships.”

“Additionally, we would expect BlackRock's headcount to be broadly flat in 2026.”

“After annualizing for the impact of HPS and Preqin, we would expect a mid-single-digit percentage increase in G&A.”

“We currently estimate that 25% is a reasonable projected tax run rate for 2026.”

“We're working on building investable indices that we hope to bring to market here in the next few years.”

“So think of a $700 billion base migrating to $70 billion on order of that in private high grade.”

“We'd hope to start seeing deployments pull through, through the second half of 2026.”

“And for our shareholders, that shift represents new private markets AUM and potentially over $1 billion in new base fees.”

“We think these can all be $500 million revenue generators in the next 5 years.”

“I think the third quarter is a good starting point for modeling HPS management fees.”

“I think we'd expect slightly lower performance fees from HPS in the fourth quarter.”

“At present, based on our capital spending plans for the year and subject to market and other conditions, we still anticipate repurchasing at least $375 million worth of shares in the fourth quarter, consistent with our previous guidance.”

“In line with our guidance in July, we continue to expect a low teens percentage increase in 2025 core G&A expense.”

“We continue to estimate that 25% is a reasonable projected tax run rate for 2025.”

“With more growth coming from private markets, systematic strategies, and models, we think we should be able to power organic base fee growth. I think we're consistently at six, 7% or higher.”

“We're expecting to launch a proprietary LifePath with private's target date fund in 2026.”

“With a vision to go from probably what's about $30 billion of retail alts today a fully consolidated basis with all these capabilities to $60 billion plus across private markets for wealth by 2030. We think there's real upside in that number, and we'll be looking forward to working on that with the teams over the coming quarter and into 2026.”

“Those discussions are all ongoing. We're starting to see some wins pull through. And I expect you'll see a lot more of that in the numbers into 2026.”

“And when markets are supportive like this, with risk-on sentiment, think that can tilt even higher.”

“We're entering our seasonally strongest back half of the year with considerable momentum and a robust pipeline.”

“We are confident that we'll be able to raise the full $30 billion that we announced in equity.”

“We repurchased 375 million worth of common shares in the second quarter and expect to purchase at least 1.5 billion worth of shares for full year 2025, subject to market and other conditions.”

“We continue to target a dividend payout ratio between 40% to 50%.”

“So I think between now and the end of the year, we'll continue to execute on those targets, bringing us towards our $400 billion in gross fundraising out to 2030.”

“Our entry rate is 5% higher going into Q3. That's pre-HPS. With HPS, it's more like 10% higher in terms of the base fee jumping off point.”

“Ex HPS, G&A would remain in our mid- to high single-digit percentage increase range.”

“The transaction is expected to close in the third quarter of 2025, subject to regulatory approvals and customary closing conditions.”

“At present, based on our capital spending plans for the year and subject to market and other conditions, we still anticipate repurchasing at least 375 million of shares per quarter for the balance of the year, consistent with our January guidance.”

“In addition, we'd expect our adjusted compensation to net revenue ratio to be modestly higher due to compensation associated with performance-related revenues from HPS.”

“As a result of market and FX movements into the end of the quarter, we entered the third quarter with an estimated base fee run rate approximately 5% higher than our total base fees for the second quarter.”

“We continue to estimate that 25% is a reasonable projected tax run rate for the remainder of 2025.”

“We believe these engines will enable us to more consistently rise above 5% organic base fee growth.”

“Over the cycle, we see a very clear path to continue to target a 45% or greater margin profile.”

“But again, we think that the 2030 strategy that we discussed at Investor Day should translate into dividend growth at high single to low double-digit rates.”

“I'd say on dividends... our dividend payout ratio is intended to ensure that the growth in operating and net income under our 2030 strategy that we talked about at Investor Day, will translate into commensurate dividend growth at high single to low double-digit rates.”

“We'd expect more of a ramp-up to higher fundraising levels in the later years, call that 2028 through 2030.”

“At Investor Day, we talked about targeting $400 billion in gross private markets fundraising through -- from 2025 to 2030.”

“I think you can expect us to continue to be able to drive towards our 45% or greater margin profile.”

“We would expect to launch a proprietary LifePath with privates target date fund, I believe, sometime in 2026.”

“And once we then begin those projects, we'll have to raise another $100 billion in associated debt to finance those type of projects.”

“If all contingent consideration is achieved, all SubCo Units are exchanged for shares of common stock and all RSUs vest and are settled as common stock, we do not expect to issue more than approximately 13.8 million additional shares of common stock in aggregate.”

“We remain committed to low to mid-teens ACV growth over the long-term.”

“As I mentioned, we'd expect to see positive leverage to base fee revenue, average fee rates on organic growth over time as we grow our private markets business and we see really excellent velocity in private markets fundraising.”

“And later in 2025, we expect to add the fee rate accretive assets of HPS. So I expect you'll see much of the same effect you saw post the GIP transaction.”

“I think, as you know, GIP acquired all the airports in Malaysia. And so if anything, our footprint continues to grow. We are now in 30 different countries with offices. And I would say by year end, we maybe be as large as 34, 35 different countries.”

“In India, we expect our joint venture with Jio BlackRock to launch later this year, subject to regulatory approvals.”

“We expect to scale our private credit AUM to approximately $220 billion following our planned acquisition of HPS.”

“The partnership will meet the expected target of $30 billion in capital from investors, asset owners and corporations.”

“We continue to target mid-2025 at the closing of the HPS transaction, which remains subject to regulatory approvals and other customary closing conditions.”

“At present, based on our capital spending plans for the year and subject to market and other conditions, we still anticipate repurchasing at least $375 million of shares per quarter for the balance of the year, consistent with our January guidance.”

“In line with our January guidance, which excludes the impact of HPS and related transaction costs, at present, we continue to expect a mid to high-single digit percentage increase in 2025 core G&A expense.”

“We continue to estimate that 25% is a reasonable projected tax run rate for the remainder of 2025.”

“It gives us a lot of conviction about our 5% or better goal going forward, Alex.”

“We remain committed to low to mid-teens ACV growth over the long term.”

“We expect that the impact of positive markets on AUM and revenue through this budgeting approach would drive further margin expansion into 2025.”

“Looking into 2025, we continue to see strength in structural growers, a bigger private markets business, and BlackRock as a meaningful outperformer and re-risking periods.”

“We see those trends continuing into 2025.”

“For our shareholders, we believe the increased contribution from private markets and technology will drive higher and more resilient organic growth, differentiating financial performance and multiple re-rating.”

“At present, we expect to recognize approximately $5 billion of realizations in the first quarter from older GIP fund vintages executing on successful exits.”

“In addition and also subject to market and other conditions, we expect to seek Board approval later this month for an increase to our first-quarter 2025 dividend, consistent with our track record of continued dividend growth.”

“Most of the core G&A expense growth should come from consolidating the G&A expense of GIP and Preqin and continued investment in technology as we look to operate more efficiently and better serve our clients.”

“Additionally, excluding HPS, we would expect a mid-to-high single-digit percentage increase in 2025 core G&A expense.”

“Based on these closing timelines, we'd expect BlackRock's headcount to be higher in 2025.”

“Over time and with continued growth in infrastructure strategies and the successful closing of the HPS acquisition, we would expect to see positive leverage to base fee revenue, average fee rates, and organic growth as we grow private markets with clients.”

“We currently estimate that 25% is a reasonable projected tax run rate for 2025.”

“So we believe we can continue to invest to accelerate organic growth and deliver margin expansion using this financial rubric that we've laid out.”

“Our business tends to be seasonally strongest in the fourth quarter and we maintain line of sight into a broad global opportunity set of new asset management and technology mandates that should fuel organic growth.”

“We're also moving swiftly and aggressively to position our firm to continue to achieve or exceed our 5% organic base fee growth target over the long term.”

“As I noted, consolidation of the GIP portfolios into our business is expected to lift the fee rate by about a 0.5 to 1 full basis point.”

“Going into Q4 ex-GIP, we'd expect the entry rate to be flat.”

“We think if we are able to drive 5% organic growth, continue to execute on this financial rubric I laid out. We should be able to drive industry-leading margins and margin expansion and double-digit EPS growth.”

“Think about GIP adding, as we said on the call, annualized north of $400 million of earnings at sort of 50-ish percent margins.”

“So I'd model sort of a $1 billion of fees with an FRE margin north of 50% when we think about 2025 in terms of GIP.”

“We continue to grow our pipeline across the breadth of the Aladdin investment management mandates and we expect momentum to further build into year-end in 2025.”

“We continue to estimate that 25% is a reasonable projected tax run rate for the remainder of 2024.”

“At present, we expect our planned acquisition of Preqin to close around year-end 2024, subject to regulatory approvals and other customary closing conditions.”

“At present, based on our capital spending plans for the year and subject to market and other conditions, we still anticipate repurchasing at least $375 million of shares in the fourth quarter consistent with our previous guidance.”

“In line with this outlook, we would also expect Q4 core G&A to reflect execution of planned technology investment spend at levels more consistent with Q3 and seasonal increases in marketing spend.”

“And we would also expect a low to mid-single digit percentage increase in 2024 core G&A expense.”

“In line with our guidance in January and excluding the impact of Global Infrastructure Partners, Preqin and related transaction costs, at present we would expect our headcount to be broadly flat in 2024.”

“We expect these private market assets to positively impact BlackRock's overall effective fee rate by 0.5 to 1 full basis point.”

“As we grow our private markets business, we would expect to see positive leverage to base fee revenue. We'd expect to see positive leverage to average fee rates and organic growth over time.”

“So in the longer term, as we see a liquids and private markets as a bigger contributor to our business mix, we would expect that to have positive leverage on the fee rate.”

“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.”

“We have strong conviction we are on pace to reach our 5% organic base fee growth target.”

“Preqin is expected to accelerate our planned technology services ACV within our target range. It's going to increase current ACV dollars by about 15%. So, we'll continue to target low- to mid-teens growth in tech services ACV, and we'd expect bringing together Aladdin, eFront and Preqin to be the way that we can get there over the next few years.”

“We expect additional commitment plan sponsors to fund over future quarters and we have a very strong late-stage pipeline.”

“And the expected third quarter closing of GIP will add on to our organic base fee growth potential, doubling our private markets base fees and adding approximately $100 billion of AUM focused on infrastructure.”

“At present, we'd expect our planned acquisition of GIP to close in the third quarter of 2024, subject to regulatory approvals and other customary closing conditions.”

“At present, based on our capital spending plans for the year and subject to market conditions, we still anticipate repurchasing at least $375 million of shares per quarter for the balance of the year consistent with our previous guidance in January.”

“we would also expect a low- to mid-single digit percentage increase in 2024 core G&A expense.”

“In-line with our guidance in January and excluding the impact of Global Infrastructure Partners, Preqin and related transaction costs, at present, we would expect our headcount to be broadly flat in 2024”

“As markets improve, we expect execution on our financial rubric to drive profitable growth and operating leverage.”

“Preqin is expected to accelerate planned technology services ACV growth within our target range.”

“We continue to estimate that 25% is a reasonable projected tax run rate for the remainder of 2024.”

“Our business tends to be seasonally stronger in the back half of the year and we have line of sight into a broad global opportunity set of new asset management and technology mandates that should fuel premium organic growth.”

“We received a really important placement for BDEAT as a National Wirehouse, so we think that will be a strong accelerant for organic growth.”

“And we just see good fundraising momentum, which we think we can kick into next year with GIP.”

“And I think what Larry is getting at, we've been selected for a breadth of mandates across investment management and technology that we see supporting 5% organic growth and will fund over future quarters.”

“At present, based on our capital spending plans for the year and subject to market conditions, we still anticipate repurchasing at least $375 million of shares per quarter for the balance of the year consistent with our January guidance.”

“At present, we expect the transaction to close in the second quarter of this year, subject to customary closing conditions.”

“In line with our guidance in January and excluding the impact of global infrastructure partners and related transaction costs, at present, we would expect our headcount to be broadly flat in 2024 and we would also expect a low to mid-single-digits percentage increase in 2024 core G&A expense.”

“While one quarter's results can be impacted by timing of spend, we expect technology to be one of our primary areas of investment within G&A.”

“We continue to estimate that 25% is a reasonable projected tax run rate for the remainder of 2024, though the actual effective tax rate may differ because of non-recurring or discrete items or potential changes in tax legislation.”

“But I do think that we stand to bode very well once you see some changes in the yield curve.”

“We're committed to delivering a premium operating margin.”

“We remain committed to low to mid-teens ACV growth over the long term.”

“I'm not going to talk about fundraising or future funds, but we would expect those performance fees to come on in later years, not in the near term, given the trajectory for how vintages come on.”

“That, to me, suggests that we can trend towards our 5% through the cycle target as rates stabilize and the market is more constructive.”

“We expect the transaction to be modestly accretive to as-adjusted EPS and operating margin in the first full year post close, which will exclude transaction-related costs.”

“Also excluding the impact of GIP and related transaction costs, we'd expect a low to mid-single-digit percentage increase in 2024 core G&A expense.”

“Excluding the impact of the GIP transaction at present, we'd expect our headcount to be broadly flat in 2024.”

“As a result of accelerating organic growth and global equity and bond market appreciation toward the end of the quarter, we entered the first quarter with an estimated base fee run rate approximately 6% higher than our total base fees for the fourth quarter.”

“We currently estimate that 25% is a reasonable projected tax run rate for 2024, though the actual effective tax rate may differ because of nonrecurring or discrete items or potential changes in tax legislation.”

“It's generally unfolding as we described, with greater clarity on terminal rates in the fourth quarter we saw evidence of portfolio re-risking and we expect this trend to accelerate in 2024.”

“We expect our primary growth drivers, as I said, over the next three to five years to be infrastructure and credit private equity solutions, where we've built great franchises.”

“Given the structural growth trends of the private infrastructure market, and what we see as a best-in-class whole portfolio infrastructure investing capability, we believe the transaction will be accretive to long-term organic asset and base fee growth.”

“We continue to expect these categories to be our primary growth drivers in the coming years.”

“We believe in our 5% organic base fee growth target over the long-term, and we challenge ourselves to envision what it takes to rise above that target.”

“We remain committed to low- to mid-teens ACV growth over the long-term, driven by demand for Aladdin's broadening technology capabilities and the growing value proposition it presents for clients.”

“still accept to keep our headcount broadly flat for this year, as we've said in the last two quarters.”

“Our budget for 2024 is going to look to optimize organic growth in the most efficient way possible and expanding our premium margin over time.”

“So when? Well, once there's more certainty on a terminal rate and the shape of the yield curve, then we expect more deployment into fixed income.”

“At present, based on our capital spending plans for the year and subject to market conditions, we still anticipate repurchasing at least $375 million of shares in the fourth quarter, consistent with our previous guidance in January.”

“In line with this outlook, we would also expect fourth quarter core G&A to reflect seasonal increases in marketing spend and execution of planned technology investment spend.”

“At present, we expect full year 2023 core G&A to fall on the low end of our previously communicated guidance of a mid- to high-single-digit percentage increase.”

“As a result of continued global equity and bond market depreciation toward the end of the third quarter, including the impact of FX-related dollar appreciation, we entered the fourth quarter with an estimated base fee run rate, approximately 3% lower than our total base fees for the third quarter.”

“We continue to estimate that 25% is a reasonable projected tax run rate for the remainder of 2023.”

“We remain committed to low-to-mid-teens ACV growth over the long-term driven by demand for Aladdin's broadening technology capabilities and the growing value proposition it represents for clients.”

“We see great opportunities. We have no change in our expense guidance. We expect to finish the year, as I said, broadly flat in headcount and with G&A. up mid-to-high single-digits.”

“As markets recover, I think we expect to see our revenue growth outpace growth in discretionary expense items and be accretive to operating margin.”

“We expect to invest the proceeds of the offering at substantially the same rate as the cost of borrowing, effectively eliminating incremental cost of carrying additional debt in 2023.”

“At present, based on our capital spending plans for the year and subject to market conditions, we still anticipate repurchasing at least $375 million of shares per quarter for the balance of the year, consistent with our previous guidance in January.”

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

“In line with our guidance in January at present, we would expect our headcount to be broadly flat in 2023.”

“We continue to estimate that 25% is a reasonable projected tax run rate for the remainder of 2023.”

“This industry-leading net inflows was led by continued demand for iShares bond ETFs and we aim for our bond ETF AUM to more than triple to $2.5 trillion by 2030.”

“We remain committed to low to mid-teens ACV growth over the long term, especially as periods of market volatility have historically underscored the importance of Aladdin and generated increased demand.”

“And so I think over time, you'll continue to see good solid growth there.”

“At present, based on our capital spending plans for the year and subject to market conditions, we still anticipate repurchasing at least 375 million of shares per quarter for the balance of the year, consistent with our previous guidance in January.”

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

“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.”

“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.”

“We continue to estimate that 25% is a reasonable projected tax run rate for the remainder of 2023.”

“And as markets hopefully recover we are very confident to see -- to say that our revenue growth over the long term should meaningfully outpace our growth in any of these discretionary expense items and ultimately be accretive to our operating margin.”

“One is outsourcing, and we have seen this trend over the last several years. And our recent successes with significant sized mandates are going to position us well to execute on a strong 2023 pipeline.”

“But now to answer your question even more directly, we see a lot of tailwinds that I think are going to support our growth trajectory into 2023.”

“There will be more money moving around. And as investors recalibrate, we believe we will benefit as clients build portfolio with high-performing active investments alongside ETFs and, of course, private market strategies.”

“In an increasingly complex investment environment, we're seeing strong demand from clients looking to partner with BlackRock for outsourced solutions and expect this to continue in 2023.”

“At present, based on capital spending plans for the year and subject to market conditions, including the relative valuation of our stock price, we are targeting the repurchase of at least $1.5 billion of shares during 2023.”

“At present, we would expect our head count to be broadly flat in 2023.”

“We currently estimate that 25% is a reasonable projected tax run rate for 2023 primarily due to an increase in UK tax rates, though the actual effective tax rate may differ because of non-recurring or discrete items or potential changes in tax legislation.”

“But it’s looking basically on an average over these cycles, I think we feel very comfortable with 5%.”

“But we absolutely believe that, over time, we will be able to continue to maintain that growth.”

“We are continuing to pursue critical hires that support our near-term growth, but are pausing the balance of our hiring plans for the remainder of 2022.”

“At present, based on our capital spending plans for the year and subject to market conditions, including the relative valuation of our stock price, we will – we still anticipate repurchasing at least $375 million of shares in the fourth quarter consistent with our previous guidance.”

“While these steps will not materially impact our 2022 results, they will better position us going into 2023, should market headwinds persist.”

“We continue to estimate that 24% is a reasonable projected tax run rate for the remainder of 2022, but the actual effective tax rate may differ because of non-recurring or discrete items or potential changes in tax legislation.”

“And I do believe funds like SIO readers industry-leading fund will continue to have industry-leading inflows.”

“I think this is we are going to see an acceleration of OCIO mandates because we can provide our services cheaper than in-house.”

“We remain committed to low to mid-teens growth in ACV over the long-term, especially as periods of market volatility have historically underscored the importance of Aladdin and generated increased demand from clients.”

“I wouldn’t say that our estimated headcount growth for the year will be generally consistent with the earlier guidance we gave, but roughly 100% of that growth will be at the more junior levels of the organization and something like 40% or so of that growth will be in our iHub locations.”

“At present, based on our capital spending plans for the year and subject to market conditions, including the relative valuation of our stock price, we still anticipate repurchasing at least $375 million of shares per quarter for the balance of the year, consistent with previous guidance.”

“We continue to estimate that 24% is a reasonable projected tax run-rate for the remainder of 2022 though the actual effective tax rate may differ because of non-recurring or discrete items or potential changes in tax legislation.”

“We remain confident in our ability to continue delivering low-to-mid-teens ACV growth as we see strong demand for Aladdin’s end-to-end cloud-based SaaS capabilities.”

“We have over two dozen global client -- Aladdin Wealth clients and expect further growth to come from expansion into different wealth segments and in markets around the world.”

“At present, based on our capital spending plans for the year and subject to market conditions, including the relative valuation of our stock price, we still anticipate repurchasing at least $375 million of shares per quarter for the balance of the year consistence with our previous guidance in January.”

“We continue to estimate 24% as a reasonable projected tax run rate for the remainder of 2022, though the actual effective tax rate may differ because of nonrecurring or discrete items or potential changes in tax legislation.”

“And we are -- in our forecast for new growth in these areas, we’re forecasting the build-out of three large infrastructure funds to meet these needs.”

“We remain confident in our ability to continue delivering low to mid-teens ACV growth as demand for Aladdin’s end-to-end, cloud-based SaaS solution is stronger than ever.”

“And I believe this will continue to be driving flows in the coming years.”

“We are about two-thirds complete with our client migrations. That is ahead of our initial plan and we anticipate completing the remainder of those client migrations likely in the first half of 2022.”

“And so if anything, I think that momentum in active is going to accelerate going forward, especially in the OCIO area and whole portfolios.”

“At present, we would expect headcount to increase by as much as 10% with a continued focus on optimizing our talent pyramid for more junior roles and growing our footprint and iHub innovation centers.”

“Given the current prospects for higher rates in the near term, we now anticipate most of these waivers would cease shortly after the first 25 basis point increase in the Fed Funds rate, resulting in a one-half basis point increase to our annualized effective fee rate.”

“We currently estimate that 24% is a reasonable projected tax rate for 2022, though the actual effective tax rate may differ because of non-recurring or discrete items or potential changes in tax legislation.”

“We remain committed to low to mid-teams growth in ACV over the long term.”

“And obviously, if we're able to continue to deliver organic base fee growth well in excess of our 5% target, which we've done for the last 6 quarters in a row to 9% clip, 13% over the last 12 months, we're going to see some elevated expenses to be able to drive that success.”

“And we've built up alternatives platforms and raised another 100 billion of gross capital over the last five years and we expect to raise a 100 billion more in the next 3 years.”

“We have made no changes to the discretionary investment spending plans we have previously outlined and would expect a sequential increase in our fourth quarter core G&A spends to be generally consistent with previous years, reflecting seasonal increases in marketing spend, additional costs related to return to office planning, and ongoing technology costs associated with the latent cloud migrations.”

“Obviously, you will see that the spot rate entering the fourth quarter was moderately lower, but not a big deal in average assets for the third quarter. So I think we're probably about the same.”