In anticipation of BlackRock's participation in the upcoming Merrill Lynch Banking and Financial Services conference and other investor meetings, BlackRock, Inc. (NYSE: BLK) today announced an update of assets under management.
As of July 31, 2001, assets under management were $220.5 billion, an increase of 3.7% over June 30, 2001 levels and 8.2% over assets under management at December 31, 2000. In particular, fixed income assets ended the month at $129 billion, up $6 billion since quarter-end. Liquidity and alternative investment assets were also up, closing the month at $66.9 and $4.7 billion, respectively. Equity assets were flat at $20 billion, with net new business offsetting market declines. In addition, the BlackRock Solutions product line continued its growth momentum, winning two new investment system mandates during the past month.
"BlackRock has delivered exceptional growth in a very challenging market environment, driven by approximately $14 billion in net new business year to date," said Laurence D. Fink, Chairman and Chief Executive Officer. "Based on our results through July and a solid pipeline of new business opportunities, I remain comfortable with consensus estimates for the third quarter and full year 2001."
About BlackRock. BlackRock is one of the largest publicly traded investment management firms in the United States with $220 billion of assets under management as of July 31, 2001. BlackRock manages assets on behalf of more than 3,300 institutions and 200,000 individuals worldwide through a variety of equity, fixed income, liquidity and alternative investment separate accounts and mutual funds, including BlackRock Funds and BlackRock Provident Institutional Funds. In addition, BlackRock provides risk management and investment system services to institutional investors under the BlackRock Solutions name. Clients are served from the Company's headquarters in New York City, as well as offices in Wilmington, DE, Edinburgh, Scotland, Tokyo, Japan and Hong Kong. BlackRock is a member of The PNC Financial Services Group (NYSE: PNC), one of the largest diversified financial services organizations in the United States, and is majority-owned by PNC and by BlackRock employees.
Forward-Looking Statements. The third paragraph of this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to the outlook for earnings and revenues, other future financial or business performance, strategies and expectations. Forward-looking statements are typically identified by words or phrases such as "believe," "expect," "anticipate," "intend," "estimate," "position," "target," "mission," "assume," "achievable," "potential," "strategy," "goal," "objective," "plan," "aspiration," "outlook," "outcome," "continue," "remain," "maintain," "strive," "trend," and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "may," or similar expressions.
BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.
In addition to factors previously disclosed in BlackRock's Securities and Exchange Commission (the "SEC") reports and those identified elsewhere in this report, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: (1) the introduction, withdrawal, success and timing of business initiatives and strategies; (2) changes in economic or industry conditions, the interest rate environment or financial and capital markets, which could result in reduced demand for products or services or reduced value of assets under management; (3) the investment performance of BlackRock's advised or sponsored investment products and separately managed accounts; (4) the impact of increased competition; (5) the impact of capital improvement projects; (6) the impact of future acquisitions; (7) the extent and timing of any share repurchases; (8) the impact, extent and timing of technological changes; and (9) the impact of legislative and regulatory actions and reforms.
Exhibit 99.1 to BlackRock's Annual Report on Form 10-K for the year ended December 31, 2000 and BlackRock's subsequent reports filed with the Securities and Exchange Commission, accessible on the SEC's website at http://www.sec.gov/, discuss these factors in more detail and identify additional factors that can affect forward-looking statements.
SOURCE: BlackRock, Inc.
Contact: Paul L. Audet of BlackRock, Inc., +1-212-409-3555, or
invrel@blackrock.com
Website: http://www.blackrock.com/
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