The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Alex Blostein - Goldman Sachs & Company, Inc. - Analyst
: Hey, good morning, Larry. Hello, everybody. So lots of optimism on the firm's trajectory for organic growth, and I heard you guys
obviously echoing maybe some of the comments from last quarter around strong pipeline and Martin's comments around premium
organic growth. So maybe help contextualize this a little bit more. What does the pipelines look like today? What kind of the timing
of some of these conversions that you anticipate, what asset classes and ultimately, what that means for the firm's organic base fee
growth for the back half of '24? Thanks.
Question: Craig Siegenthaler - BofA Gobal Research (US) - Analyst
: Hey, good morning, Larry. So our question is on the outlook for technology services revenue growth. With tech ACV growth at 10%,
which is the low end of your long-term target range, we want to see if you have visibility into the future trajectory, given the timing
of larger contract wins within your existing pipeline in conversations with clients? And now that you have Preqin, then how will that
also impact the 10% to 15% target 2025 after the deal closes?
Question: Michael Cyprys - Morgan Stanley & Co. LLC - Analyst
: Hey, good morning, Larry. Hey, just a question on the alts business and GIP. With the deal expected to close in the third quarter, can
you just talk about your expectations for flows there in the infrastructure space? What strategies are you in the market raising or
could be in the market raising over the next 12 months? And maybe talk about some of the steps that you may be able to take to
bring some new products to the marketplace, including extending into the private wealth channel?
Question: Bill Katz - TD Cowen (Research) - Analyst
: Good morning, everybody. Thank you for opening comments. Just coming back to the opportunity for Preqin and you think through
the evolution of the private markets, how do you see the product evolution? And is there a pathway here for ETFs given the underlying
illiquid nature of the investments? Thank you.
Question: Dan Fannon - Jefferies LLC - Analyst
: Thanks. Good morning. Wanted to follow-up, you talked about a lot of momentum across the business. Fixed income has been a
topic for some time, flows have been a bit more mixed here year-to-date. I guess in the conversations you're having, do you still see
that as one of the big areas of incremental growth as the interest rate environment evolves?
Question: Ken Worthington - J.P. Morgan Securities LLC - Analyst
: Hi, good morning. Thanks for taking the question. Cash management had a strong quarter. To what extent are you seeing or still
seeing different and additional institutional clients migrating out of banks to money market funds to get higher yield? And where
would you say the global markets are in terms of this transition to higher-yielding forms of cash management?
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JULY 15, 2024 / 11:30AM, BLK.N - Q2 2024 BlackRock Inc Earnings Call
And then to the last question, you called out re-risking a couple of times. Are you seeing re-risking coming out of cash, or is re-risking
really a migration within other asset classes either extending duration or going out the risk curve in equities? What are you seeing
in terms of that re-risking?
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