BlackRock Inc Q1 2025 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Michael Cyprys - Morgan Stanley - Analyst : Maybe just given so much going on around the world, maybe just starting off with the current backdrop. Curious in your conversations with clients, are you getting any sort of sense of how retail and institutional allocations may shift as we look forward from here? And how are clients approaching their decision-making in this current backdrop? Thank you.

Question: Craig Siegenthaler - BofA Global Research - Analyst : So there's a lot to talk about these days, but I wanted to come back to some comments that you made in your annual letter around private markets entering the retail channel. So given that BlackRock is one of the largest 401(k) managers and is the largest DCIO manager, where are you in the build-out of adding private into either existing target date funds or launching new target date funds that have a significant allocation of private And are you really just waiting on guidance or actual rulemaking from the Department of Labor before you move forward?

Question: Mike Brown - Wells Fargo Securities, LLC - Analyst : Lots of good color here on the international footprint and key strengths of the franchise there. But I just wanted to ask about the growing frictions between the US and other countries. Are you worried about the risk of some assets potentially moving away from the US in general? And is there any risk you think of any backlash to BlackRock, specifically as a US headquartered manager?

Question: Patrick Davitt - Autonomous Research - Analyst : Just a follow-up on the alts and 401(k) discussion on the demand side of things. Could you expand on what you're actually hearing from the plans in terms of demand for these products? So if we do get that legal Safe Harbor, could there be a quick uptake? Or do you think it will be a slower build once you get that green light?

Question: Dan Fannon - Jefferies - Analyst : So Martin, several moving parts on the exit fee rates. I was hoping you could discuss the outlook for your fee rate based on client demand trends and some of the growth. And also this quarter, Vanguard made some splashy news with cutting of fees. Can you talk about the competitive backdrop within the ETF market today and how you may or may not respond to those changes?