Good morning, everyone. Thank you for joining us today. I'm Caroline Rodda, and I lead investor relations at BlackRock. 2023 marks the 10th anniversary of BlackRock's very first Investor Day back in 2013. I know many of you were with us for that very first one. I'm happy we have a much nicer venue. No one was forced to wear a tie to get in. In any case, we thank you for your long-standing support, and we know that some of you are newer to us today. We welcome you as well. A few house keeping items before we get started, Wi-Fi information is on the screens behind me. We've also posted a PDF of presentations on our investor relations website. Predicting the future is hard. We encourage you to take a look at our disclosures. Throughout the event, we may make a number of forward-looking statements. We call your attention to the fact that BlackRock's actual results may differ from these statements. BlackRock has filed reports with the SEC, which lists some of the factors that may cause the results of BlackRock to differ materially from what we say today. BlackRock assumes no duty and does not undertake to update any forward-looking statements. We're scheduled to take two 15-minute breaks around 9:25 A.M. and 10:25 A.M. Eastern Time, and then we'll host a live Q&A session immediately following the presentations around 11:15 A.M. You may also submit questions over the course of the day through the webcast or by emailing the invrel alias, which is up on the screen. Thank you again for joining us today. Now it's my pleasure to introduce Rob Kapito, BlackRock's President and Co-founder. Great. Good morning, everyone, thank you for joining BlackRock's 2023 Investor Day. Thank you for your continued interest and support. I speak for the entire management team that's sitting here today when I say we are very excited to present BlackRock to you again this year. It makes me very happy that so many of you are joining us again in person, and it's great to see so many familiar faces. A lot has changed since we started BlackRock 35 years ago, but one fundamental thing has not, and that is everything we do is on behalf of our clients. We listen to them, we learn from them, and we put their needs first. Over the last 3.5 decades, BlackRock has empowered millions of people to make their money work for them. Everything we have accomplished represents our commitment to understanding client needs and the outcome. Initially, when we began in 1988, we were focused on fixed income, but over time, as our clients' needs changed, we changed, and as a result, we added Aladdin, equities, target date funds, ETFs, advisory. Today, we are a whole portfolio advisor, providing end-to-end technology and investment portfolio servicing. We are a scale enabler that supports the growth and commercial agility of our clients' businesses. Clients are using BlackRock as a platform, a turnkey, one-stop solution for their whole investment management and financial technology needs. Here's the headline today. We are building the only platform strategy in the asset management industry, bringing together capabilities from investments, to advisory, to technology in a single service model to deliver better outcomes for clients. The results are clear. Thousands of clients, on behalf of millions of individuals around the globe, entrust us each and every day with $9 trillion of their own money, we have delivered a 40% total return to our shareholders over the past five years. Since our IPO in 1999, we have delivered a 7,500% total return, well in excess of our peers and broader equity markets. In good times and bad, whether adding or reducing risk, clients are consolidating more and more of their portfolios with BlackRock. Since our last Investor Day in 2021, a lot has transpired. War in Europe, historic inflation and interest rate hikes, a polarizing political landscape, record markets, both very positive one year and very negative the next. Yet, over that same time, in the last two years, clients have entrusted BlackRock with $785 million of net new assets, translating into over $1 billion of net new base fees. These results and our success over the last 35 years speak to the way every leader and employee at BlackRock have worked together to put clients first. As you listen to today's presentations, you will gain a deeper understanding of both the opportunities in front of BlackRock and of the people who are leading us forward. We will highlight the power of our integrated platform and how it enables us to deliver better outcomes for our clients, which in turn leads to differentiated growth for our shareholders. When I look ahead at what BlackRock can do, the things we will continue to build, the ideas we haven't even come up with yet, I am confident that the best of BlackRock is still ahead of us. With that, I'm going to happily turn this over to our CFO, Martin Small, to talk more about what we are hearing from clients and how that is informing our strategy and the evolution of our platform. Over to you, Martin. Thank you. Thanks very much, Rob. Good morning, everyone. Thanks for being here at BlackRock Investor Day. Platform. BlackRock is a scale enablement platform for clients. If you remember one thing about today's Investor Day, I want you to think of BlackRock as a platform, a turnkey bundle of efficient and high-performing products and services for clients. We report financial results through the lenses of clients and products. From 2019 to 2022, clients trusted BlackRock with $1.6 trillion in net new assets, we delivered 5% organic base fee growth. We want you to leave here seeing what we see underneath those numbers. It's clients using BlackRock as a platform, combining investment, technology, and portfolio servicing capabilities to meet specific business needs. That's what's driving our industry-leading growth. We're doing it globally and across wealth and institutional markets. We believe this platform moat is unique in asset management, that it's getting wider and deeper for BlackRock. Let's talk about the forces fueling our growth and our strategy. We always start with clients. Our strategy is to serve clients with excellence. We manage over $9 trillion and think of each dollar as a unit of trust, a measure of the faith that clients put in our firm. BlackRock serves nearly every corner of institutional and wealth portfolios and does so globally, which you'll hear from Rachel. We lead our industry in delivering accessibility, affordability, and innovation. We're trusted to manage the retirement assets of 35 million Americans. Our iShares platform is used by nearly 40 million people, as markets get more complex, clients need scale enablers like BlackRock's Aladdin platform. Through its dynamic ecosystem of over 130,000 users, Aladdin is a platform in a constant state of innovation and growing value proposition. Clients choose BlackRock for performance, I mean performance in the broadest sense. World-class investment performance, scale, market access, and agility outcomes beyond what clients could achieve of their own accord, and operational and cost efficiency outcomes. BlackRock is a platform for performance. Just a few proof points include durable active investment performance with 165 4-star and 5-star funds, helping clients unlock breadth in private markets and risk analytics, measured in thousands of deals and thousands of risk factors, of course, using our scale to drive cost savings for our clients. Platform. What do we really mean by platform? The closest parallel to what we're doing is cloud computing. Cloud computing, in its simplest form, is renting out scale to clients. It's replacing the CapEx of having on-premises servers and optimizing via outsourcing. It's about modularity, customization. It's about improving business agility. It's extending to parts of the market quickly. It's about enjoying positive network effects and gaining improved operational resilience and risk mitigation. Everything I just said about the cloud, you can also say about the way clients are using BlackRock platforms. Clients use Aladdin to consolidate a spaghetti patchwork of legacy technologies, and they gain greater business agility and resilience. Why staff a derivatives operations team to support total return swaps on emerging market stocks? You use iShares ETFs to simplify operations and reduce cost. Instead of devoting scarce resources to market analysis and asset allocation research, clients rent BlackRock's scale. They get bundled access to expertise in markets, asset allocation, trading through OCIO, model portfolios, and Aperio customization capabilities. In 2022, the worst route in our industry, clients placed approximately $300 billion of net new assets with BlackRock. We estimate this was more than 1/3 of industry market share. Although BlackRock reports financial results through product flows, what we see are platform use cases. Clients are getting something different from BlackRock than from product providers. It's about how we're bundling products and services geared around client needs. They always address investments, but increasingly, they support their business transformation goals. For example, financial advisors use model portfolios not just for investment IP. They use them to increase advisor productivity and to accelerate the metamorphosis from stock picking to financial planning. Salim Ramji will tell you about how this iShares platform use case benefits clients and grows BlackRock. You'll hear about it from Rich, too. Cloud spend is expected to eclipse traditional IT spend by 2025. Asset managers and asset owners have been running their businesses for 20 years, with markets supported by declining and ultra-low interest rates. That's over. Agility, cost management, operational resilience are must-have, and I just don't believe there's gonna be any beta subsidies for them. The organic builds for non-hyperscale players are risky, and they're cost prohibitive. Why not go with BlackRock's platform? We believe platform use cases will shine in this new market regime. They'll drive similar changes in spend by asset managers and asset owners around the world. As Rob Goldstein will tell you next, we're the only asset manager delivering platform as a service, and our clients need it now more than ever. BlackRock's strategy is to be there to serve these clients with excellence, to support their business transformations with a platform that bundles everything you see here on this bullseye. Delivering value for clients through alpha. By alpha, I mean performance, investment performance, operational performance, and client service performance. Building and growing platform businesses, private markets, Aladdin, ETFs, being the global leader in sustainable investing, and wrapping it all for clients by being the leading whole portfolio advisor. Our strategy is working. Since 2019, we've generated more than $400 billion in net new business from a number of whole portfolio mega mandates. You'll hear more from Stephen Cohen about outsourcing and from Mark Wiedman about how clients are doing more business with fewer providers. We've raised over $80 billion in private markets. Edwin Conway will take you deeper. Sudhir Nair will tell you that we've achieved a 12% three-year technology revenue CAGR. Dickon Pinner and Jessica will tell you about our $100 billion AUM platform for clients seeking returns by incubating and scaling low-carbon technologies, transition capital. We logged 8% three-year average organic asset growth in active strategies, truly differentiated growth relative to the industry's decay. You'll hear more from Rich Kushel and Rick Rieder on how and why. What's working? It's the platform approach. We bring the BlackRock platform strategy to life by organizing around access, expertise, and service. We provide access to clients to the totality of markets via our best-in-class, competitively priced investment strategy. Access that unlocks new markets, such as the circular economy, direct indexing or active ETFs. Access to the positive network effects from the community of thousands of investors via Aladdin to millions of investors via iShares, and access to our unique sourcing of differentiated investment opportunities across public and private markets. We deliver industry-best expertise at the intersection of economic policy, markets, and advanced portfolio construction, and expertise in business process design to create scale via Aladdin, or in wealth management practices via model portfolios and portfolio consulting. We aim for excellence in service, top-notch investment performance across investment strategies, and a best-in-class client experience from onboarding forward. Our market-leading organic asset growth is compelling evidence of the strength of our strategy and platform approach. BlackRock delivered positive organic revenue growth in the most challenging years, like 2016, 2018, and 2022. We see our 9.1 trillion units of trust as among the best opportunities to grow. Our existing relationships present chances to unlock value and significant future earnings. There's virtue in our size. It fuels future scale and an ecosystem of positive network effects that create value for clients and shareholders. Asset management is a fragmented industry by assets and revenue share. There's significant opportunity to grow even beyond our existing relationships. BlackRock has just 3% revenue share, and the top five have only 10%. In cloud computing, the top five have nearly 75%, we see ample opportunity to grow and our size and scale being a differentiated competitive advantage. We come to work every day at BlackRock for our clients, to deliver them a platform for performance, to enrich them with access, expertise, and service. It's the real joy of working at BlackRock, that we can do well for our clients, while we do well for our employees and shareholders. We look forward to this work, and I thank you for taking the time to study and understand the forces transforming our clients and how the BlackRock platform is there to meet their needs. I'll turn it over to my partner, Rob Goldstein, to further build on how we are executing our platform strategy. Thank you. Great, thank you, Martin Small, it is an absolute dream to be here with you today in this incredible space that we've been able to call home, really, since the start of the year. I'm Rob Goldstein, BlackRock's Chief Operating Officer, over the next 15 minutes, I'm gonna put more context around Rob Kapito's remarks, Martin Small's remarks, by going deeper on a few points. First, I'm gonna begin by walking you through what BlackRock looks like today and how all of those teams, many of which you'll be hearing about in more detail from my colleagues, partner together to deliver as one firm, one BlackRock. Second, I'm gonna introduce the concept of Platform-as-a-Service and how that takes shape across a number of different dimensions, growing relationships with clients, developing new products, and just working more efficiently. Lastly, I'm gonna wrap up by discussing why this platform strategy is driving clients to do more with fewer providers, and the great opportunity that creates for BlackRock. I am incredibly excited about the Platform-as-a-Service opportunity, the PaaS opportunity. It is what BlackRock has been built for over the past 35 years. It's what clients increasingly require, and it's a new approach to asset management. It's a solutions mindset, a technology mindset, but more and most importantly, an approach that's built through the lens of the client versus the provider. The asset management industry traditionally looked at most things through the lens of their products. Our approach is through the lens of the client and recognizing that everything we're doing, is to build a whole portfolio. There are lots of pieces to the puzzle, but the puzzle is the whole portfolio. The client value proposition of staying and expanding within the one BlackRock ecosystem and the network effects that creates, including Aladdin as the language of portfolios, represent the next chapter in the firm and something that we've been deliberately building towards for many, many years. I thought it would be helpful by starting to paint with a broad brush, a picture of what our firm looks like today. BlackRock has been designed with one simple goal, to meet our clients' needs. These needs have always started with investment performance, but over time, they've increasingly also include convenience, value, choice, content, advice, and importantly, operational excellence. We view it simply as our mission to provide unparalleled access, expertise, and service. Access, it starts with that whole portfolio mindset and client choice. Building portfolios is hard. We want to make it easy. Investors, asset owners throughout the world have their own opinions on how to build their own unique portfolio. We want to enable all of them to simply combine our puzzle pieces, our investment products and solutions, into strategies that solve unique client problems. A foundation of that is the ability to provide clients with investment strategies that span the global markets, spanning styles from index to alpha seeking, from fundamental to systematic, and across both the public and the private markets, and making them accessible for institutional and wealth clients. That is how we deliver choice. Our expertise is built through the close to 20,000 employees that we have in 30+ countries, in 60+ offices, who speak 100+ languages. Attracting and retaining the best talent in our industry globally is core to our ability to deliver our Platform-as-a-Service. This enables us to bring global insights and global investment strategies locally, and bring local insights and strategies globally. To be German in Germany, Japanese in Japan, Mexican in Mexico, but also to bring opportunities we see in Germany, Japan, and Mexico to our global client base. Importantly, you'll see that the largest food group of our employees, our experts, is in data and technology. Asset management is an information processing business, and that continued investment is at the heart of building the BlackRock platform and servicing clients at scale. From a service perspective, the foundation is one BlackRock. We are not an organization that operates in silos. Our value proposition is the network effect that we create for clients through bringing together the various pieces and developing investment insights to design unique client solutions and to create scale across our platform. We may have many different styles of investing we offer to clients, but we have one culture, one global markets and trading function, one operating platform, one client function, and importantly, one underlying technology platform, Aladdin. We believe this model creates significant scale, and those scale benefits are a core part of the value proposition to our shareholders, our clients, and our employees. Let me give you a few examples of what I mean by this. The concept of a Platform-as-a-Service is something that exists in other industries. It's prominent, for instance, in technology. What a Platform-as-a-Service enables is for clients to stay and expand within the platform. It's better, faster, cheaper through the lens of the client, and hopefully, this example helps bring the concept to life. This client was a new client in 2017. Like many new clients, they came to BlackRock for its ability to deliver an individual investment strategy, a puzzle piece. In this case, it was infrastructure debt, private credit. Most of their other assets at this time were managed internally. Getting them as a client naturally led to spending more and more time with them. As the client got to know us, the relationship expanded to include more components of the platform. We actually implemented their entire portfolio on Aladdin Risk. Aladdin started to become that language of their portfolio, and it's a language that we could easily converse with them in. We started working with the client in helping them think through their strategic asset allocation. We enabled them to leverage more and more BlackRock expertise. If you fast-forward to today, we manage $30+ billion in fixed income and private markets assets. The client is now using Aladdin Enterprise to manage the entire portfolio, and we provide strategic asset allocation advisory to wrap all of these pieces together, including what the client and other asset managers manage, to put everything together. Think about this. We provide most of the puzzle pieces, we help define what the puzzle is, and we provide the technology to do it all. I don't know of any other firm that could bring this combination of services together at this scale, and we are seeing more and more, both clients and forward opportunities just like this. This integrated platform relationship with firms they view as true partners, beyond purely a traditional asset management agreement, partners across asset management, technology, and advisory capabilities, this is our access, expertise, and service model in action. The Platform-as-a-Service model also enables innovation in all sorts of unique and interesting ways through combining capabilities that we have. I wanna share one example that I'm quite excited about, and that is bringing together the capabilities of our Private Equity Partners team and BlackRock Systematic Investing. Think of it as bringing together a Private Equity team with among the most technical, quantitative, data-driven investment teams at BlackRock. The thesis here is simple. There is more and more private markets data available, use it to quickly screen companies to help manage the funnel. What we're doing through this strategy is having our Systematic Investing team quantitatively model the universe of private companies, to then provide targeted lists to our Private Equity Partners team of companies that we expect to outperform over time. Where are the fish? It's a lot more complicated than my simple explanation, but the key thesis, what to take away, it's about connecting dots. It's about connecting capabilities to innovate to create alpha. We're bringing together our data, our quantitative capabilities in new ways to the private markets. From a COO lens, this is my dream. It's alpha creating, it's tech-enabled, and it generates operating leverage. We've built a fish finder, therefore, we don't need as many fishermen or women. From a technology angle, being both a user and provider of Aladdin has always generated a tremendous amount of operating leverage for BlackRock. Within our walls, we often use the term Aladdinizing to describe the goal of bringing all parts of our business, new processes, onto the Aladdin platform. One area that's been a newer addition has been alternatives. Aladdin was initially designed to support investments in the public markets. As BlackRock and the Aladdin community started to extend to the private markets, we noted that the scale vector in operating those businesses is just very different. There is much less data available, much less of a tech mindset, and a lot of the operating model, what would be considered best practices, are quite manual. As you know, in 2019, we acquired eFront, the Alts Technology platform, with the goal of integrating it with Aladdin to solve these private markets challenges, but more importantly, to ensure we could solve for that whole portfolio. The outcome, 40% of new Aladdin clients are leveraging eFront, and it's a true competitive advantage in the investment technology marketplace. We now have a data platform and business that covers 12,000 funds and more than 140,000 underlying assets, which is a significant portion of the private markets funds universe. BlackRock is one of the largest users of eFront, with 1,000+ users, over 2 million transactions booked, and we have our entire private markets deal pipeline running through it. The ability to invest in scale and operational excellence in running and operating BlackRock, and also leveraging those investments to accelerate technology revenue growth, it's a great case study of the power of Platform-as-a-Service. More and more asset owners are looking to simplify. They're looking to work with fewer providers, and they expect more from them. They expect a leveraged platform type of value proposition. From 2016 to 2022, our industry AUM grew by 44%, from $75 trillion to $108 trillion. Over that same time period, the market share of the top 5 providers, 1/2 of which comes from us, grew from 13% to 16%. Clients are doing more with fewer, and importantly, clients are doing even more with us, and we believe this is just getting started. There is a significant amount of growth opportunity. Whether you look at 24% of the top 5 through AUM or 10% of the top 5 through revenue, it seems like the asset management industry is still very early in this journey compared to other industries. Martin mentioned cloud computing, but pick an industry, banks, healthcare, credit cards. Let me stick with the credit card analogy for a second. If you think about it from the customer perspective, the reason why customers are consolidating is because of buying power. Using one credit card gets you more tangible economic benefits, points, and a better overall experience. It's just easier to manage personally with fewer bills, you get upgrades, lounge access, cashback, the list goes on. In our industry, we still believe this is very early days of a long-term shift towards clients consolidating their assets and moving to platforms that provide a leveraged value proposition. Why? It's very simple. It's better, faster, and cheaper from the client's perspective. Asset management's roots have been in delivering individual products, niche strategies or services built around the core skill set of the provider. No firm has been able to offer the whole portfolio, the Platform-as-a-Service. It's been too hard to build and too challenging to manage. Our client approach, our fiduciary approach, our technology approach, it's enabled us to do it. We don't believe the timing could be better. Everyone is focused on expenses, especially asset owners, the clients of asset managers. As they take a hard look at their expenses, they realize having dozens of distinct relationships with individual asset managers is inefficient, it's very expensive, and it often does not lead to the outcomes they expect. They increasingly see the value in the BlackRock model, a single, unified platform designed by client, designed for our clients, unmatched in breadth, powered by Aladdin, and built on trust. I don't think there's a better way of closing out this section than with a few last statistics to take away that really demonstrate our platform goal of making it better, faster, and cheaper for the client to stay and expand within the BlackRock ecosystem. First, in the last five years, 68% of our 25 largest clients have increased their share with us. Like the example I gave earlier, most are doing so by extending into different parts of our platform. Second, since 2019, we've won roughly 20 whole portfolio outsourcing mandates of at least $5 billion in AUM. Together, these assignments have contributed more than $400 billion in new assets to the firm. Now I'm gonna talk about outsourcing. It's the outsourcing of investment services to us, combined with greater use of technology, that is driving both our growth and that of our clients. As Rob mentioned, asset owners, investment, and wealth managers are increasingly looking to focus on core competencies and outsource more of the investment process. Generation pension reforms in Latin America, parts of Europe, such as Netherlands and Spain, and then in Asia, insurers are facing the transition to risk-based capital frameworks. Alongside this regulatory change is the competitive landscape, particularly for wealth managers and insurers, which is shifting dramatically. New entrants coming into the markets, using new technologies to engage and service end clients. Together, these forces are triggering more consolidation and more M&A. There's the investment outlook, the regime shift from a period of steady growth and low inflation to one of heightened macroeconomic volatility. For our clients, these trends lead them to ask themselves three critical questions. Firstly, in this new macroeconomic environment, how do I adapt my portfolio for the future? The new environment is changing the tools and expertise needed to generate investment returns for beneficiaries and end clients. For example, pension funds are having to consider the right balance of private and public investments and how to manage liquidity while generating sustainable long-term returns. They may find that as their schemes evolve, so do the skills and the capabilities needed to manage them in-house. As a result, many plans are now looking for new ways to manage risk, bridge funding gaps, and invest across a broader range of liquid and illiquid assets to meet those long-term liabilities. Secondly, if I'm a wealth manager or a family officer or an insurer, how do I achieve scalable growth? This is particularly the case in wealth management, given the increased competition and regulation that I mentioned earlier on. One answer to that is more centralization of portfolio construction within CIO teams and an increased use of models and discretionary portfolio management. For example, in EMEA, the assets under management in centralized propositions is expected to grow 2/3 by 2026, driving $3 trillion of money in motion. Similarly, we see the rise of model portfolios on platforms led here, but gaining traction around the world. Then there's digital. Much of the future growth in wealth depends on enabling digital investing, whether you are a new digital broker or an incumbent bank, including the need to customize portfolios at scale. With the renewed competition from cash, wealth managers need to differentiate those offerings. They need to blend more ETFs, more active funds, and they need to incorporate private markets. All of this requires a scaled investment and operating platform with up-to-date technology to manage that portfolio risk, meet those regulations, and power your advisors. Thirdly, what is my core strength? What is my real value proposition to my clients? That could be wealth managers doubling down on client acquisition or financial planning. It could be pension schemes and insurers reconsidering the in-house provision of all of those investment services and technology services they need. In answering those questions, clients of all types are increasingly reevaluating their operations, and they're deciding what to continue to focus on, what they no longer wish to do themselves, and ultimately then, what do they wish to outsource? It is impacting every client segment we serve. Insurance outsourcing has grown at 10% per annum since 2016, versus 5% growth in the wider market. In the U.S., a quarter of asset owners expect to use some sort of Outsourced CIO in some capacity over the next two years, according to a recent study by Cerulli. The U.K. defined benefit market. OCIO has grown by just over 70%, both in terms of number of schemes and assets under management over the last five years, and is expected to continue. There's the U.S. wealth market. Managed account platforms, which combine ETFs, mutual funds, SMAs, individual securities, growing twice as fast as brokerage. At BlackRock, we are uniquely positioned to win in this space. We bring a scaled global footprint that combines investment management and technology, a true differentiator in this market. The breadth of our investment platform allows us to serve as an extension of our clients' investment offices, supporting their decision-making with our deep bench of investment professionals. Whether it is risk management or helping to drive scale distribution, Aladdin's market-leading position gives clients the confidence to outsource to BlackRock, driving the adoption of Aladdin and Aladdin Wealth as increasingly core components of these new partnerships. Our local presence is key to our success, which Rachel will expand on. Led by our country managers, we operate in offices in over 30 countries and have clients based in over 100. We can combine that deep local expertise, such as the impact of regulatory performance tests in Australia, or the ability to build fund wrappers that can be sold cross-border in LATAM, APAC, Europe, with our global investment capabilities. Ultimately, we know that a decision to outsource is an incredibly significant decision for our clients. Our years of experience allow us to apply lessons learned and best practices from strategic firsts to new opportunities. For our clients, this trusted execution means that while the decision is big, the process doesn't feel difficult. For BlackRock, it means that we are not starting from scratch in every new mandate, allowing us to bring scale to these customized solutions. We're all immensely proud that clients across the globe have entrusted BlackRock with their portfolios. A U.S. pension plan covering more than 350,000 union workers and retirees. A U.K. insurer looking to enhance their investment and management capabilities and strengthen future performance for their beneficiaries. An Australian superannuation fund, for whom our out-in-source BlackRock CIO solution has delivered better returns to their pensioners. In all these cases, and many more, our ability to be a holistic partner, combined with our investment capabilities, our distribution reach, our deep understanding of their business and their growth, was central to them choosing to partner with us at BlackRock. Now, what does all this mean for BlackRock and our strategy that Martin referred to? It allows us to find new ways to bring together asset management and technology, serving as an engine to launch innovative products and services that can be replicated across businesses and across the regions around the world. It creates value for our clients and us together. Whilst every solution is unique to a client's needs, there are commonalities in the building blocks and the whole portfolio approach. Take the client service model we built for an outsourced U.K. pension scheme, which has now been replicated, not just for other U.K. pension mandates, but in solutions we're building around the world for wealth managers and insurers. It takes us into new markets. Providing a broad set of investment solutions via our managed accounts platform, has allowed us to capture share in the fast-growing offshore Latin American wealth market. In Africa, we're helping build South Africa's first global discretionary fund manager. Most importantly, we grow as our clients grow, because outsourcing is the start of long-term, enduring relationships. It's not just about existing assets; it's about creating a partnership to help them grow their business, in which we then benefit from their future asset growth. The U.K. wealth manager, whose mandate with us has grown 10x since signing the original contract in early 2020. We'll take one of our largest Dutch OCIO clients, with whom we've partnered for nearly 20 years. We're at the start, the start of an incredibly exciting long-term trend, one where we will drive investment and technology transformation for our clients and accelerated growth for BlackRock. Now to Sudhir, Global Head of Aladdin, to cover technology in more detail. Thank you, Steve. Good morning, everyone. My name is Sudhir Nair, I'm the Global Head of Aladdin here at BlackRock. As you'll hear throughout the day, technology is at the center of everything that we do. From our earliest days, we've had the view that managing client portfolios is all about data. With the right technology and the right business process, an investment manager can literally transform data into alpha. That concept, that idea, has never been more true than it is today. BlackRock sits at this intersection of finance and technology, and we've been on a 35-year mission to revolutionize the investment process using Aladdin. Today, Aladdin is interwoven into every aspect of our strategy. It supports our end-to-end investment process, from risk, to trading, to operations, to how we engage with our clients. It's our operating system that brings together over 19,000 employees, enables collaboration, and allows us to scale in support of trillions of dollars of client assets across active, passive, ETFs, private markets, and OCIO. It's also an industry-leading SaaS technology business and one of BlackRock's key growth engines. Last year, the Aladdin business generated $1.4 billion of revenue, with a 12% organic growth rate over the last three years. While there's one version of Aladdin, it's certainly not one size fits all. We take the same capabilities that we use internally here at BlackRock, and we make them available to our Aladdin clients in a way that's modular, flexible, and individually tailored to meet their needs. Today, our technology is used by over 1,000 organizations across institutional, alternatives, wealth management, and asset servicers. There's nearly 130,000 users located in 70 countries around the world. Every year, we invest in building new features, new capabilities at a level that very few firms could maintain. This commitment to continually enhancing Aladdin has kept it best in class and led to 98% client retention. From a macro perspective, we see a series of tailwinds that in support of Aladdin's continued growth. The investment management industry is going through a period of incredible change that begins with the end investor, people like you and me, who are increasingly looking for customized investment portfolios delivered at scale. The portfolio of the future is more holistic, it's more horizontal. It blends fixed income and equity, active and passive, public and private. It's tax efficient and sensitive to the individualized preferences around sustainability. It's customized and personalized. It's one size fits one. Don't get me wrong, this is a great outcome for investors, but it fundamentally breaks much of the technology and data infrastructure that our industry has been built upon. The portfolio of the future needs to be produced and managed at scale using technology. As a result, every firm is adapting and increasingly looking for partners to help them. Aladdin is bringing this portfolio of the future to life by providing the technology in a digitally enabled and customized way. Wealth managers and distributors need new tools to build portfolios for their clients. Investment managers need to think about the whole portfolio, bringing together those puzzle pieces of different strategies, mandates, and asset classes. We've all seen and are aware of what's happened to investment manager margins over the last year. At the same time that portfolio complexity is going up, so too is the pressure they're facing to operate more efficiently. This dynamic is creating an industry-wide sort of scale or die dynamic that's leading to a lot of change. That's where Aladdin comes in, by providing access to business agility, innovation, and cost efficiency, allowing asset and wealth managers to focus on their core competencies. Within a highly competitive landscape, we see Aladdin as uniquely positioned to solve for the needs of the industry. In many ways, we've been on a multi-decade journey to prepare for this moment by fostering a culture of innovation, backed by a high level of investment in our technology. BlackRock has over 4,500 engineers, financial modelers, and data professionals who are constantly updating Aladdin based on the feedback from our users and what we're seeing in the marketplace. Through this robust user-provider feedback loop, Aladdin has evolved significantly over the years, unlocking new opportunities and areas of business growth. First, we've expanded the suite of our capabilities, from our roots in risk management to tackling more and more of the end-to-end investment process, including trading, operations, and most recently, official accounting. Why are we building an official accounting capability? Because we see the unique value in bringing together the needs of the CIO and the CFO through one single set of data. We've expanded our asset class coverage, starting with fixed income, but moving into multi-asset with equities, currencies, and OTC derivatives. We continue to pioneer new analytics, leading the way in emerging fields such as climate risk. To give you a recent example, with the tragic fires happening in Canada as we speak, Aladdin clients can now use our climate risk models to understand the potential impact on the physical assets within their portfolio as a result of those fires. As we've built out these new capabilities, it has opened and created opportunities in new segments and channels. From U.S. to global, today, over 40% of our revenue comes from outside of the United States, including recent wins in South Africa and Uruguay. From public to private, with our 2019 acquisition of eFront, which has opened up a segment of private markets focused GPs and asset servicers, allowing us to solve for their whole portfolio. From institutional to wealth, through our launch of Aladdin Wealth, which today sits on the desktop of 77,000 financial advisors, bringing institutional quality portfolio analysis into the hands of retail and high net worth investors. Throughout this journey, Aladdin, too, has evolved from a system to a platform, and we've rearchitected significant components of the underlying technology to be more open and interoperable, with a series of deep integrations to a robust network of third-party partners. These partnerships take a variety of different forms. For example, by moving Aladdin to Microsoft Azure, we're unlocking new levels of scale and support around the globe. Our work with asset servicers through Aladdin Provider is creating a new operating model between asset managers and their largest partners. You heard Stephen talk about outsourcing and the rise of that. Well, we believe that as firms look to outsource more and more of their operational tasks to custodians and asset servicers, this deep integration that Aladdin Provider provides will make it easier for them to do so. Finally, we've made a series of strategic inorganic investments with partners that we believe will complement Aladdin's core offering. Today, I'm pleased to formally announce a new strategic relationship with Avaloq, a leading banking technology provider based in Switzerland. Avaloq's focus on cutting-edge banking solutions make them the ideal partner to integrate with Aladdin Wealth's portfolio management and risk technology. Together, BlackRock and Avaloq will bring to the market a differentiated set of comprehensive, integrated solutions for the wealth management industry. Which brings us to today, with Aladdin well positioned to support clients, not by replacing their systems, but through tech-enabled business transformation, powered by BlackRock's platform as a service. You can see from the chart how this continual evolution has fueled years of sustained growth. Aladdin's revenues have grown at a 15% CAGR over the last five years. Annual contract value, or ACV, makes up nearly 95% of our total revenue, highlighting the stable, recurring nature of our fees. In 2022, despite a challenging market environment, Aladdin had a record net sales year, including 17 new large Aladdin clients signed, each with an annual fee over $1 million. In addition to working with new clients, our existing clients are looking to do more with us as well. In fact, last year, in that record year, nearly 40% of our new ACV came from the expansion of existing relationships, indicative of the trust and confidence that our clients place in Aladdin. As we look ahead, we believe that the demand for tech-enabled transformation will remain high, and that Aladdin can continue to grow at low to mid-teen long-term growth rates well into the future. We estimate our addressable market at $12.5 billion, representing what the buy side spends on technology in support of the investment process. At $1.4 billion, we've captured roughly 11%, so we see a lot of room to grow by winning new clients, broadening this network of partners, and expanding Aladdin's capabilities that will expand our TAM into new areas, such as private markets and accounting. Beyond our immediate market, we see even further opportunity. As our ecosystem continues to converge and Aladdin does more, we see ourselves moving into other large adjacent revenue pools, such as data. I've framed the what. Let me talk a little bit about the how. Our growth is gonna come by continuing to execute on our multiyear strategy. First, by investing in the whole portfolio, enabling this portfolio of the future. This is gonna include building out more support for private credit, rolling out our official accounting capabilities, and building more tools to manage customized portfolios at scale. Second, by empowering our users through data, making it easier to organize, discover, and use. I think a great example of this is the work we're doing in private markets data through eFront. Rob mentioned it, but over the last four years, we have built a comprehensive database that today covers 75% of the private markets' active universe and is resetting a new standard for transparency in the industry for this asset class. Third, by continuing to open Aladdin, connecting the ecosystem as the platform of choice. In addition to the third-party partners that I spoke about, we're very focused on our citizen developers or users who are engineers, who want to build their own tools, create their own solutions by writing code integrated with and on top of Aladdin. Finally, by supporting our clients with sustainability. You'll hear about this more in a little bit from my colleagues, but we believe that Aladdin's capabilities, including Aladdin Climate, will set a new standard in helping people with the data, analytics, and risk models they need to build and prepare portfolios in a transitioning world. These four pillars, all of which are made possible by the culture of engineering and innovation. In order to attract the best talent, you need to be working with the latest technologies, which is one of the reasons why we're constantly writing and rewriting Aladdin to take advantage of what's new. Right now, clearly, the world is very focused on AI. For us, AI is not new. We've been using Artificial Intelligence, Machine Learning, and Large Language Models for many years, solving real-world problems, today's problems, enhancing our investment process, improving our data, and making our operations more efficient. At BlackRock, AI isn't a new fad. It's a great example of how we embrace new technology and how we're constantly evolving Aladdin for the future, innovating Aladdin and BlackRock. The industry evolves, we believe that these diversified set of capabilities, these flexible modular ways, allow us to meet clients at various stages of their transformation journey. As we execute on the strategy over the long term, we see a path for low to mid-teen organic growth rates. Thank you very much. I'll now hand it off to Salim to talk about indexing and ETFs. Thanks a lot, Sudhir. Hi, I'm Salim Ramji, it's a privilege to be back to represent our ETF and indexing platform. Now, you're not gonna be surprised to hear that I'm opt imistic, although the answer is right there in the title. It's all about the platform. Increasingly, that's how we think about ETFs and indexing, as something that cuts horizontally across clients, and products, and investments, and the markets ecosystem to provide access to an expanding world of investments. Now, our platform has evolved over the past few years to meaningfully increase access. Access for tens of millions of new investors, but also access to our most sophisticated clients, who use our ETF technology to access all kinds of markets more efficiently, more transparently, and more conveniently than ever before. In the process, we're expanding the boundaries of what our platform can do, with far greater customization, far more active use cases, and far more scale, often blurring the lines between us to raise more than $1 trillion over the past five years, and more organic revenues than our next three competitors combined. My optimism is not rooted in what we've done, but where we are going, especially from three opportunities in digital wealth, in managed models, and in fixed income, each representing another of the most standard market cap indices to highly customized direct indexing. We also run index funds and sub-advised clients' funds, like some of the ones that Stephen mentioned in the outsourcing examples. Today, I want to devote most of our time to our $3.1 trillion ETF business, which is half of our assets, but over 90% of our organic revenue growth. Over the past three years, our ETFs have grown assets by double digits and revenues at high single digits, rates that we expect to continue well into the future. What makes our platform different and special? It's really three things. It's our clients, it's our products, and it's our investment engine. First, we serve the largest and most diverse client base in the world. 40 million people around the world use iShares, which is more than double the levels that it was just five years ago. Our client base is incredibly diverse. We help first-time investors in Germany access markets through digital wealth. Product line different is that we are relentlessly looking for ways to unbundle sources of market return, wrap them in our transparent and ETF technology, and enabling clients to rebundle them in the combinations that they want to build the portfolios that are suited for their needs. At the heart of this is choice. We offer 1,300, enabling clients to access more and more parts of the bond market. We've been disciplined about this innovation, with twice as many of our recently launched products achieving $1 billion in assets as our next competitor. I'm not even including the two launches this week, which were the two largest ETF launches in the United States and in Japan around transition. Just one marker, we have twice as many Morningstar four and 5-Star funds, and twice as many gold and silver-rated Morningstar ETFs as our next competitor. Finally, central to our differentiation is our investment engine, which delivers customization, performance, and scale at levels quite unlike anything else in the industry. It's great to feel special, but the reason our differentiation matters to us and to our shareholders, is that it generates strong organic revenues over market cycles. iShares has generated over $1 billion of net new base fees. Recently, is driven by our strategic product segments, things like fixed income, and factors, and sustainable, and transition, and thematic ETFs. These account for 1/3 of our revenues, but nearly 2/3 of our revenue growth. In our core ETFs, which cater to more price-sensitive buy and hold investors, we deliver them incredible value. Most of our pricing investments have been in the core segments, and they've delivered both asset and revenue growth over time, with our most recent pricing investments paying back at a faster pace, something like three years or four years, than prior vintages. Finally, Precision is a segment that's unique to iShares, and we offer some of the most liquid ETFs that track slices of the market, that serve active managers and tactical asset allocators all over the world. Our growth in Precision will vary the most quarter to quarter, and it tends to be procyclical over the long term. Another way in which our differentiation matters is relative to competitors. Here, we've generated more organic growth than the next three ETF competitors, active or index, combined. With that as context about where we've been, let's turn to the future and the reasons behind my optimism. We believe that the ETF industry is gonna reach $15 trillion by 2025, and $25 trillion by 2030. The 2025 goal may look aggressive, we think it's very achievable. In every Bonds, ETFs, and as cash gets reinvested, we are incredibly optimistic that ETFs will be an even more important way to access markets. Our 2030 goal is very achievable, as client needs are shifting to ETFs as the vehicle of choice on digital wealth platforms and in model portfolios. I'm not sharing with you my hopes and dreams. These are initiatives that we catalyzed, that we're executing against, that we're making significant progress on, and we're seeing accelerated opportunity ahead. The first is on digital wealth platforms across the world, where we see opportunities to increase investor access and make iShares central to their needs. Let me touch on digital wealth first. It's our fastest-growing channel today, and it has opportunity for us to triple from $350 billion to $1 trillion. We're not a direct-to-consumer business, but what that means is that we can grow in partnerships with firms that are, and build our brands with ETF savings plans through digital wealth platforms grow from hundreds of thousands just a few years ago, to millions today. Digital wealth now generates a third of our European flows, we expect this to grow as tens of millions of Europeans invest for the first time through ETF savings plans, most of which are iShares ETF savings plans. In a more concentrated U.S. market, we have a long-standing partnership with Fidelity, and after the expansion of commission-free trading all across the industry, we've seen individual investor flows into iShares grow significantly as well. There's even more opportunity here to turn more traders into investors and bring an entirely new generation of people into investing for the first time. We're investing in our brand and specifically brand awareness amongst emerging affluent investors. We already have a strong brand amongst wealth advisors and amongst individual investors who use us. We score incredibly well on trust and loyalty and innovation. We just need more people to get to know who we are. We see opportunity to more than double our client base to 100 million people, mostly through the digital wealth channel. Our goal is to have more people using iShares than any other investment product in the world. The second opportunity is around fiduciary wealth. As fiduciary wealth becomes more predominant across the world, managed model portfolios are the main way in which wealth managers are looking to scale their practices and ensure a more consistent investment approach. We also like them because clients tend to hold the assets longer and buy in larger size than in individual products. We've also been making investing easier through our technologies, like Aladdin Wealth, that Sudhir mentioned, but also through our partnership with Envestnet, where we've seen our model assets grow 5x in five years. BlackRock has the leading models business that Rich will cover, but even more than that, it's a $4.2 trillion marketplace with multiple wealth management and asset management CIOs growing their models. Our platform is enabling all of these CIOs to build and customize their models with our ETFs. In our last Investor Day, I said our ambition was to grow flows from model portfolios in the U.S. from 1/3 to more than 1/2, a goal that we have now met in the United States, and we expect to meet globally as this trend expands. Even more important is that the proportion of our flows coming from third-party wealth and asset managers is increasing, which speaks to the network effects that our ETFs are having. We expect that total assets in managed models will more than double in the U.S. As they grow, we believe that ETFs will also grow well beyond the core. To give you just one sense of the opportunity, 6 of our 10 top inflowing U.S. iShares are coming from models year to date, all six of them are in strategic segments like fixed income and factors. Finally, on fixed income. First of all, you all know this is a big deal to us because we talked about this opportunity in I think each of our last 12 earnings calls. If you haven't heard enough, we can't let more than a month or two go by without publishing a new white paper or viewpoint or dataset, conveying our enthusiasm about the opportunity, and more importantly, about the modernizing effect that it's having on the bond market itself. I don't want to repeat all of these same themes that you've heard or read from us, I will dwell on a couple of the platform effects that bonds are having and our bond ETFs are having. These effects, which are bringing greater transparency, liquidity, and efficiency to a bond marketplace, which was long known for the opposite, illustrate some of the network effects. Let me just give you a couple of examples. We've more than doubled the choices we offer through our bond ETFs in the past five years to 500. This not only provides clients greater access to more parts of the market, it provides greater consistency to our flows. At our first Investor Day, when rates rose significantly, we were in outflow. Last year, when rates rose even more significantly than they had in decades, we were in record inflows, in part because of the much broader selection of choices for clients to deploy their money in fixed income. The blurring of the lines between active and index is happening fastest in fixed income. I'm not just talking about Rick's new active ETFs, but about how active managers and insurers use our ETFs, especially our most liquid ETFs, which are predominantly iShares, to better access the bond market. Rick and his team pioneered the use of fixed income ETFs many years ago, and the practice has now gone mainstream, with 9 of the 10 largest asset managers using iShares bond ETFs to generate better portfolio outcomes. 6 of the 10 largest U.S. insurers use our fixed income ETFs in their portfolio management process. Now that several of the largest insurance states, like New York and most recently, Iowa, have changed their regulatory treatment to levelize the playing field with individual bonds, we see tens of billions of dollars of opportunity. ETFs are catalyzing the bond market to move from analog to digital. We've increased our target for our bond ETFs to more than triple, to $2.5 trillion, not just because of the generational opportunity for fixed income, which Rick will discuss, but because ETFs are delivering benefits to clients at an accelerating pace. The heart of how we make this all happen is our investment engine, which delivers customization, performance, and scale in a unique combination. It's also critical to our innovation. It's akin to what Martin had talked about before. It is our cloud. I'll just give you a couple of examples. First, on customization. We manage more than 1,000 different benchmarks, including over $1 trillion in active risk-taking benchmarks in areas like factors or transitions or thematics. We've expanded from nearly nothing a few years ago to more than $150 billion in highly customized direct indices, about 2/3 of which is built for European pensions and endowments that are looking to do things like optimize their carbon footprint, and the other third is with Aperio, which is growing rapidly since with their customized tax manage offering for U.S. investors. We do all this with market-leading levels of performance and incredible scale. Just to give you a few examples of things that we've done, we've moved from a single provider servicing model to multiple provider ETF servicers, and we've moved from having just a few index providers to having a dozen, including BlackRock, to increase client choice, increase competition, and increase operating leverage for the firm. There's a whole host of innovations that this platform can deliver to us, from more and more expansion into active and outcome ETFs, things like buy-writes and buffers, more and more custom and direct indexing and tokenization. It's also enabling us to form deeper trading partnerships and test new ideas like crowdsourcing bonds into ETFs. With that, what I'd just say in conclusion is that we have a differentiated platform, and the differentiated platform enables us to deliver rates of asset and revenue growth for the long term at double digits and high single digits. Second, we are seizing $3 trillion unlocks in digital wealth, in model portfolios, and in fixed income. Third, our cloud or the secret of our success is really around our investment platform and the innovation that it's enabling us to bring to an expanding world of investments. ETFs and indexing are the usual way, usually the first way in which clients experience BlackRock, why don't I hand it over to Rachel, who'll talk about how clients experience the broader BlackRock platform in Germany, Japan, Australia, and a number of other countries all across the world. Thank you, Salim. Everyone, thank you for being here. Oh, this moves. I'm Rachel Lord, the Chair and Head of our Asia Pacific business. I'm actually here to talk about our international business overall today. You know, outside of the U.S., we've actually been growing rapidly over the last three years. We manage roughly $3.5 trillion for our clients outside America, and that makes us the largest asset management business internationally. These businesses have delivered around $8.3 billion of revenue in 2022, and over the last three years, our average organic asset growth rate is 7%, our average organic base fee growth rate is 6%, and we delivered just above $1 billion in net new base fees in that three-year period. Where are we in the world? Well, we're kind of everywhere. We have a very deep local presence. The majority of the workforce at BlackRock is actually based outside of the United States, and it roughly splits between around 6,000 people in our global platform centers or our iHubs, which are based in Europe and India. Excuse me, sorry, recovering from COVID. We have about 5,000 people in our commercial offices, also all across the regions. The way we manage these countries is in a regional and global matrix, similar to many big financial services firms. We do that to ensure we can deliver at speed everything that we're talking about here today. What we're really trying to do is create this network effect that some of my partners have been talking about this morning and leverage our platform. Our interconnectedness means that things we learn in one country can very quickly be assessed for viability and relevance in another country. Internationally, we're growing significantly far faster than the industry. For the three years ending in 2022, we grew the businesses by 6% versus the industry, so 50% higher growth rate. Many of the countries we operate in are actually at much earlier stages of professionally managed asset adoption than the United States. When we talk about fragmentation, and you think about that here in America, actually outside of America, that fragmentation is far deeper and far greater. The entire industry is less advanced. That's also true of the capital markets in many other countries. They're often less well established, as a means of raising equity or borrowing money, and banks are often the primary suppliers of credit in those markets. As these markets start to internationalize, start to become more like some of the Western markets, some of the things that Salim was talking about, particularly around fixed income, are some of the tailwinds that drive us in fixed income ETFs. How do we do this? Well, our strategy is predicated on an ambition that we grow the market wherever we operate. When we grow the market, we're also looking to take share. We take a blended approach of being deeply local, as well as powered by our global platform. We share insights and market knowledge from across the world with our clients, and we operate locally with global best practices. This actually sounds very simple, but we believe our ability to execute this at scale, in a disciplined manner, in multiple countries, differentiates us in our international business. Our relationship managers are all based locally, enabling us to understand in great depth the individual requirements and the changing needs of our clients as their markets evolve. Where locally situating investment teams gives us an edge, we put them on the ground as well. We deploy capital in the public and private markets in every country in which we operate and beyond, and we are obsessive about understanding what drives capital flows both within and between countries. Our local approach is very successful because of our country managers. They are outstanding leaders who understand their markets and BlackRock's platform inside and out. They and their leadership teams are experts in the client base, the investing landscape, and the state of the capital markets in their country. By investing in such a strong cohort of leaders, we're able to build and deliver the right BlackRock for each of the countries in which we operate. In effect, these leaders customize BlackRock and the BlackRock platform for their market. I've spent 10 years at BlackRock now, working across EMEA and APAC, and I've witnessed how the approach that we take to developing our local businesses is unique and is repeatedly successful. Every BlackRock country is a little bit different, because every country is a little bit different. That was a little abstract. Let's talk about some specifics. I'd like to start in, with three examples of the major countries in which we operate. We operate in all the major economies in the world, including some of the most developed, I've picked out Japan, Germany and Australia. In these three, we have actually well-established local asset management industries, and we have formidable domestic and global competitors, all operating at scale in these markets. Over the last three years, we've managed to grow these by between 10% and 15% annually, or between 2x and 4x the market. Our approach of how we deliver this global platform into a local market by listening to our clients, understanding their local needs, understanding regulation, this is how we're growing exponentially greater than the market. If I take them in turn, Germany, managed by Dirk Schmitz, we have a very strong retail mutual fund and ETF business, plus a fast-growing institutional business. I'd pick out to highlight our rapid growth in ETFs, as Salim has referred to, which is a function really of this self-directed investor market that we talked about earlier. One of the key ingredients here has been our domestic ETF platform. We actually have a German ETF platform, it's unique, which came to us as part of the BGI transaction all those years ago. We leveraged that unique platform in Germany to create some of the very earliest ETF savings plans in Europe, working with retail banks and some of the digital disruptors in the country. Our experience in doing that in Germany was something we then took, we took to across Europe, we could deliver this in other markets. It's a powerful factor in our ability to grow that retail market for ETFs across EMEA. If I turn to Japan, which is managed by our two heroes, Hiro Arita and Hiro Shimizu, you couldn't make that up, it's actually pretty cool. We have a robust institutional business serving Japanese pension schemes, banks and insurance companies, primarily for their global investment needs. Our Aladdin business is particularly strong in Japan. It's a very important part of our proposition there, and Tokyo actually serves as our base for Aladdin overall in the region, in the APAC region. If I think about future growth, I would like to highlight the wealth market, where we see a rapid transformation just beginning. With regulatory incentives and also the return of inflation for the first time in Japan for almost as long as I've been working, this is leading to a shift from savers traditionally, individuals have been investing in deposits and not in the markets, not in investment assets. The asset management industry for wealth is very, very small at the moment in Japan, relative to the size of the economy. We're also seeing the beginnings of digital distribution models there. What we're doing in Japan is we're taking all of our learnings from across the globe, from here in America, from Germany, from Europe, everywhere else, and we're figuring out how we deliver that in a way that is Japanese to what is going to become a very important growth market for us. Finally, in the big markets, I, you know, I wanted to talk about Australia, which is managed by Andrew Landman, who's been at the firm for many years. We have a full service business here with everything that you've heard about today and that you will hear about today, contributing to our market-leading position. I'd spotlight here our climate infrastructure investing as something we're incredibly proud of. The investments that we are making locally in climate infrastructure, such as Akaysha Energy, which is building the largest battery in the global south, or SolarZero in New Zealand, these are strategically important in both countries' search for energy resilience, and they're great investments for our clients. Away from developed markets, we're also building in what are very fast-growing local markets, I picked out four to talk about. In Mexico, which is managed by Sergio Mendez, we acquired Citibanamex Asset Management in 2018, this has given us an incredible local platform and has allowed us to really tap into the fast-growing retail investment market. We now have over 500 local and international ETFs and mutual funds available for sale in Mexico, a full coverage of banks and other distributors in the country, we're really growing our retail presence there. Saudi Arabia is a fascinating country. We've been serving Saudi Arabian institutional clients for decades. We only opened an office in 2019 in the Kingdom, we built out a local team led by Yazid Al Mubarak. In addition to serving those existing clients for their international asset management needs, we've also focused on setting up a local infrastructure platform. To date, we've deployed north of $15 billion into natural gas pipelines. We have a strong set of investment opportunities to come, and we see a lot of demand from our global clients for infrastructure investments in the Kingdom of Saudi Arabia. In India, we actually divested. We had a local asset management partnership business there, a joint venture, which we divested from a few years ago. Since then, we've been focused in that country on investing in public and private markets. It's actually an incredibly exciting country. I spent a lot of time there earlier this year. It's made great strides in recent years to create a digital infrastructure that leads the world. The UPI system, plus the ubiquity of smartphones and phenomenally low data costs, are actually transforming its economy. That's creating a great opportunity for investments in private markets because new businesses are evolving very rapidly there. Equally, its commitment to delivering renewable power and associated infrastructure at massive scale are offering investment opportunities for our infrastructure teams, for example, in the renewable power space. Finally, in China, led by Susan Chan, we have two startups, and we're primarily focused on the retirement market. We do this either through participating in retail pensions, savings pilots in our joint venture, or investing domestic institutional pension assets into the global markets. We're taking money from Chinese pensions and putting them to work globally. The retirement market is at a very early stage of a development, but, with all of the demographic challenges faced by the country, this is gonna grow over the next decade. Let me close with some industry trends, and some of this is really what you've heard earlier, but it's playing out very rapidly in these, in our two biggest regions of Asia and EMEA. We see huge demand in EMEA and APAC, really from clients, from governments, from societies in general, for more sustainable investments. In particular, what that means is, from the perspective of climate and energy resiliency and security. Corporates in all sectors of industry are retooling their businesses to respond to this need and this desire from their end clients, and that creates interesting investment opportunities. Transition investing in critical infrastructure and emerging decarbonization technologies is a powerful tailwind for asset management around the world. You're gonna hear more on this from Jessica and Dickon shortly. This is a very big trend in EMEA and APAC, it really is only just getting started. Stephen ran you through this earlier. We see upside in all client segments and in all countries across the world. Whether it's driven by the need for better technology, whether it's driven by cost pressures, regulatory changes, many of our clients are now consolidating their businesses with managers who can provide the greatest breadth of capabilities and service. Again, this platform approach we're talking about, this is something that really helps us lean into this trend all around the world. Finally, in wealth, the digital revolution that Salim talked about, we're seeing that very well advanced here in the U.S. We're seeing it really taking off in Europe, where there is a generational shift of individuals looking for easy and transparent access to investing products. Across active, index, and the whole portfolio, it's not just an ETF game. It's how do you deliver everything to clients digitally? That's a huge growth area. In EMEA, this is absolutely the fastest growing distribution channel in the region. In APAC, where I live at the moment, we're seeing the growth of wealth management generally. It's much further behind EMEA and much further behind the U.S. Really there, the story is about clients moving from savings or deposits into investments. As local wealth managers continue to professionalize and modernize what they do and internationalize their standards, their need for best-in-class asset management services and capabilities continues to rise. In summary, our disciplined and structured approach to each of the countries in which we operate and our ability to tap into all of the major trends driving asset management across the world, enables us to both grow the market in each of these countries and then to take share. I'm happy to tell you, we're now able to go to a 15-minute break or a 10-minute break. I'm not quite sure what it is. Thank you for listening, everyone, and enjoy the coffee. Our event will resume shortly. Please take your seats. Great. Thank you, everyone. We're going to get started again. We'll have another 15-minute break around 10:30. With that, I'm going to turn it over to Rich Kushel, Head of our Portfolio Management Group. Thank you. Good morning. Today, I'll be speaking about our active platform and how BlackRock is positioned to win by meeting changing client needs through asset allocation and portfolio construction. You'll also hear how we're delivering active management in innovative ways, such as through custom model portfolios, to generate better outcomes for our clients. Since our inception, BlackRock has always been an active solutions provider for our clients. On our last Investor Day in 2021, I spoke about how investors are turning to active strategies because of lower returns to beta, elevated volatility, and the increasing importance of bespoke investment opportunities. The new market regime that we're in has served to further amplify all those factors, increasing both the need and the demand for active management. Over the past several years, we've seen our clients' needs evolve and have positioned our active platform to deliver alpha for them in innovative ways. This ability to unlock new markets ensures that our active franchise remains a growth engine for the firm. If you look, active net new business over the past three years was $570 billion, representing 8% average organic asset growth. Net new base fees were $1.1 billion over the same period, representing 7% average organic base fee growth. Today, our active platform makes up about 27% of the firm's AUM, but nearly half of the firm's base fees. Our growth in active over the last several years is particularly true relative to the industry, with an average 6% organic asset growth premium over the past four years. While our active market share has increased each year since 2019, our market share remains low at 3.2%, and we have significant runway for growth in what remains a highly fragmented industry. Traditional active strategies have been, and will remain, a significant part of our platform. Investors continue to utilize them for diversification, to capitalize on dispersion, and to generate returns by investing throughout the corporate life cycle, harnessing the alpha generated to achieve their investment objectives in a low return environment. Our clients continue to trust us to manage their active portfolios because we've delivered strong, long-term performance. Across our fundamental equity, systematic equity, and taxable fixed income franchises, a large majority of our assets have consistently been above benchmark or peer medians for the last five years. Our durable long-term performance has led to a strong lineup of Morningstar four and five-star rated funds, and observed preference and destination for flows in key markets, such as U.S. retail. At the end of the first quarter, 68% of BlackRock's U.S. Active Mutual Fund AUM are in four and five-star rated funds, outpacing the industry average of 58%. As you know, asset gathering is increasingly weighted to these top-rated funds, and since 2019, four and five-star rated U.S. mutual funds gained over $500 billion of net inflows, notwithstanding the industry outflows in 2022. This performance is necessary foundation for us to be able to deliver our clients the investment outcomes they need to achieve their goals. Strong performance is one reason we've been able to consistently outpace the industry, our whole portfolio approach has really been a game changer in how we deliver our active strategies to our clients. By leveraging our breadth and reach to solve our clients' problems across their entire portfolio, we've unlocked new channels to deliver holistic, active solutions. Our assets under management have grown meaningfully, with compound annual growth rates from 2018 to present of 22% for our Outsourced CIO business and 33% for our model portfolio business. This growth is against the backdrop of surging demand for whole portfolio solutions across both institutional and wealth markets, with the industry growing at a 13% compound annual growth rate from 2017 to 2022. Earlier, you heard Stephen speak about BlackRock's success in executing on significant outsourcing mandates, and from Salim, on the increasing adoption of model portfolios. A model adoption, in particular, is accelerating, reaching over $4 trillion in assets with a potential addressable market of over $9 trillion. Now, growth in our own models franchise outpaced the industry by a factor of 4 between 2019 and 2021. To continue to drive growth, we know that we need to deliver more customization for our clients, and we're positioning our platform to deliver that at scale. In the U.S., traditional model buyer segments, like broker-dealers and home offices, are becoming increasingly saturated, but RIAs are just starting to embrace model portfolios. They're the segment with the fastest industry AUM growth, and we expect them to turn to model portfolios to continue to scale their practices. The way that we best deliver this to this growing segment of the market, is through our custom model solutions business, or what we call CMS. The majority of our CMS clients are the largest and fastest growing RIAs across the country, who've already achieved real success with their own in-house investment platform. They realize that the strategy that got them their first $500 million won't be the same strategy to get them to $5 billion. That's where we come in. We provide operational scale and time save to the RIA chief executive so that they can focus on their clients while partnering closely with the chief investment officer to develop investment solutions that pair with their existing books. Clients work with us because we bring them a defined and robust investment process that they can put their own fingerprint on, complete with marketing resources and advisor tech. CMS itself currently has $23 billion in AUM and has gathered nearly $8 billion in flows over the past five quarters, representing $15 million in base fee growth. Our current CMS capabilities allow us to reach about 1/3 of the typical RIA's firm's assets. When we add our expertise across the whole portfolio, such as through our active municipal bond capabilities, our Aperio tax-optimized equity SMAs, and our offerings in alternative investments, we can more than double our reach with our RIA clients, accessing more than 3/4 of their book of business. The strength of the BlackRock investment technology platform underpins our ability to deliver durable alpha for our clients at scale. Our integrated Aladdin platform provides flexible investment technology that extends from manager research to portfolio construction tools. In our models business, it helps us scale custom model delivery, rebalancing, and client reporting for thousands of customized models. We underwrite and manage complexity on behalf of our clients, allowing them to focus on building their business. Over the last several years, we've put a significant investment into our tech platform and operational infrastructure, providing us with what is truly a sustainable, competitive moat in this space. In addition to our technology, we pair active and index building blocks with our asset allocation expertise to provide a truly differentiated offering. We bring leading global active strategies across asset classes and styles of investing, which have a proven track record of delivering alpha for our clients over the long term, beyond the value add from our asset allocation. By leveraging the full capabilities of the investment platform to drive consistent and strong performance, construct better portfolios, and relentlessly manage risk, we can help our clients attain the investment outcomes that they're seeking. Our clients continue to turn to us as their investment partner of choice because we deliver fee-efficient asset allocation with strong performance results, leveraging BlackRock's investment IP and the breadth of our active solutions across our clients' whole portfolio. We're positioned to win because of our track record of active performance and our ability to deliver traditional active strategies in new and innovative ways. We combine that with our expertise in portfolio construction and asset allocation, and our ability to utilize technology to manage complexity and implement these solutions at scale. Our differentiated offering for active and whole portfolio solutions, as well as base fee growth for our shareholders. As most of you know, BlackRock got its start as an active fixed income shop. I know that many of our clients and shareholders are interested in the opportunities in bonds in today's rate environment. For that, there's no one better than Rick Rieder. Over to you. You want to call it Bob. I've learned that markets like, media likes one-syllable answers to things. Like, today, we're gonna hear from the FOMC, where they're gonna skip, pause, hike. I'm gonna talk about Bob. One thing I want to talk about fixed income, which I'm gonna conclude with. First thing I'll go to is I'll hit this first. Let's talk a little bit about the nature of the platform, and I'm gonna talk about scale. BlackRock Fixed Income is $2.7 trillion in fixed income. As Salim was talking about, $1.6 trillion in ETF and non-ETF index fixed income. The faster growth in fixed income is obviously coming through that side of the platform. $1.1 trillion active, getting it to $2.7 trillion total. $682 billion in cash management, $29 billion in private credit, $3.4 trillion in total active fixed income. I'm gonna talk about scale in a second, and particularly for the bond market, I actually think scale is a critical dynamic. We'll talk about that. You see the numbers in terms of growth of new business, of new base fees, active performance fees. One thing I want to say is, you talk about these numbers, and you talk about the growth. This was also during the period where the Fed was raising interest rates 500 basis points, and other central banks were jacking interest rates significant hundreds of basis points. Pretty significant growth. I'm gonna talk about the excitement that I have if we're getting, which I think we are getting to the other side of the coin in terms of where the central banks are. Not that they're gonna ease tomorrow, but I do think we're getting to the end of the hiking cycles. Let's talk a little bit about how do we differentiate ourselves, what are our competitive advantages? You know, I'd say there are four big component parts. First is insight. Big part of how we market our business, value add, preferred provider, research, data, analytics, technology. Insight's a big part of being a trusted partner with clients. Technology risk management, you heard from Sudhir, you heard from Rich. Aladdin is the core of what we do here. Aladdin, in terms of our largest calling card, allows us to promote the idea that I think hopefully we've succeeded at, in terms of consistent portfolio management that's predictable over time. Market access, breadth, and diversity of the platform. I'll talk about this on the next slide in terms of scale. Liquidity, core allocations, return, and income, big part of how we market our franchise. Let's talk about scale and why is scale so critical in fixed income? First one is proprietary deal sourcing. This is deal sourcing for unique, bespoke investment opportunities. I think this has become the critical dynamic today. You think about how the banking industry in the 1980s was 18,000 banks. It's now 4,200 banks. Fed keeps hiking, it's gonna go to 6 banks. Let's assume that's not gonna be the case, but the way that things like credit, real estate, structured product is gonna make its way into the capital markets over the next few years is profound. This, like 25% savings and execution, et cetera, scale is a big deal in the bond market, and it's becoming increasingly so. Let's talk about performance. This is one thing that I am super proud of in a couple of different regards. One is, you know, the thing that clients are looking for is: Can I count on consistent, long, consistent performance? I'm taking risk in other areas. I'm taking beta risk, equity risk, venture risk. Can I count on consistent performance? 90% of our funds have been above benchmark over the 3- year and 5-year period, 77% over what has been a difficult, certainly difficult 1-year period. The other things that I'm really proud of, and I want to highlight about 30% of the universe, to have all of our funds to be at 59%, is really good. The one I also wanted to highlight is gold medals. So Morningstar doesn't hand out gold medals like candy bars. It's 3.7% of the funds get gold medals, and they rate each fund independently. Are gold medals. So SIO Total Return, our global allocation funds, a bunch of our European Bond Funds, Sustainable Euro Bond Fund. Anyway, this is something really neat for us. By the way, they're not lifetime achievement awards, meaning you got to come in and work every day, and you got to keep the performance up, or you lose it. They're pretty aggressive about making sure your performance and your process and your people are consistent to keep those gold medals. Let's talk about, let's talk a little bit about market share. You know, this is something really cool, and I know Martin's talked about it. Market share, you know, in a world, and I'm talking about fixed income in the last couple of years, when the Fed hikes rates, people sit on their hands. When the ECB hikes rates, people sit on their hands. Can you garner share in an environment where it's just hard to get AUM in an industry that's not growing much? Look at in fixed income. If you look at 2019, 2020, 2021, and then 2022, obviously, no organic industry growth, but our growth was significant, capturing greater than 100% of share. Key is, can, in an industry that I'm going to talk about in a second, that I actually think is going to grow. I actually think fixed income, we'll talk about this in a second. You know, can you keep garnering market share while the pie grows? Let's talk about the pie. Let's talk about pyramids in my Egypt slide. I'm going to talk about pyramids. The, if you look at the upper, this is the size of the capital markets. Deposits and money market funds, $22 trillion, Treasuries, $18 trillion. Then you go down. By the way, it's just 1-3-year Treasuries. You go down the muni market, mortgages, and then the market gets pretty small as you get into commercial mortgages, and then you get to a big jump in terms of the equity market. Okay, hold that. Now look at the top, deposits have no volatility. This year, they did, but the volatility of deposits is pretty low. And then you go down the cap stack. Not surprisingly, vol grows as you go down the cap stack. You get to the bottom of the stack, the equity market has greater dispersion, you get higher vol down the stack. You go to the top right and say, Okay, for that vol, what are you getting return-wise? Not surprisingly, the return over a 20-year period. Not saying you can't have a down market, down in stocks, but returns are akin to what happens to vol. Not shocking. You look at this is 10 years ago, the bottom left, and this is the dynamic around where yields were 10 years ago. Not surprisingly, yields for the equity market, take PE and flip it and say, Okay, what's the yield of the equity market? That's what the pyramid should look like. It should be parallel to what is on the upper right. Return, vol, or the top middle, this is what it looks like on the bottom right now. That's not a pyramid, meaning you can get a ton of income without vol. Meaning, when the Fed stops bludgeoning the system, there is a ton of money coming in, because the yield you can capture at lower vol is extraordinary. I've been doing this 30, almost 30- Can't get the words out, a really long time, and the, I've never seen anything like that in terms of the cap stack today and where we are. Okay, let's build on this a bit. Okay, if you, if you look at the top left, this is fixed income yields today, the end of May, and this is what they were December 2021, coming in the beginning of last year. Not surprisingly, if you're in both investor-grade credit, if you're in mortgages, if you're in high yield, the yields are much higher. Look at the bottom left, this is when I talk about the opportunity in active management, the ability to have scale or the, or to utilize scale. The high yield market, people say, Should I buy high yield? Not buy high yield. Here's what high yield is. If you take that chart on the bottom, half the high yield market trades at tighter than 300 spread, and then, a big chunk of the index trades at wider than 460. You've got a Frankenstein market of the stuff that's dangerous and of the stuff that's really high quality, creating a yield. Your ability to get in between it, figure out what's going to default, where do you want to be in terms of high yield, is hugely important. This one chart that I think is really cool is on the bottom right. You think about the era of the last 10 years, QE, drop interest rates to zero, keep them roughly at zero or low interest rates for 10 years. Look at 2019, 2020. This is the returns from being in the, in the long, the best, versus the worst, which is short, the worst. Look at 2019 and 2020. It didn't matter what you owned. I mean, by assets, financial assets were like potatoes. They were a little different, but they're basically the same thing. Look at it today, and this is. That's 2022. It's the same thing in 2023. Think about commercial real estate, think about high yield, think about leverage loans. The ability to differentiate yourself over the next couple of years, vol's going to be higher, dispersion's going to be higher. It's a different era. If you came in this business excited about being in dynamic markets, 2019 wasn't a lot of fun, or 2020, if you like really looking at reading earnings reports, 'cause it didn't really matter. Now you're getting real dispersion, which I think is significant. Let me finish with one last thing about this. I'm going to just click through all of this. I try and put a bit of data on each page, I'm just going to throw this one out here. And wrap on this page. This should be pretty clear in the back of the room. I know, I just have, I'll talk through this. If you look at the upper left, this is three-month. The yield for sitting in three-month Treasuries is 5.24%. I want to sit in cash. I'm worried about debt ceiling. I'm worried about U.S. treasury relation. I'm going to sit in cash. You get 5.24%. The average for the last 10 years was 0.62 basis points, meaning cash was a zip. Now you're getting over 5%. 10 years, 3.74% or 3.89% today. You go down, it used to be 2.25%. It's cheaper, but it's not that cheap relative to commercial relative to Treasuries. By the way, commercial paper, which you can get 6% on, which is extraordinary, three-month commercial paper. You go European investment grade credit, 1 years-3 years, 6.35%. No credit risk, no interest rate risk. Really, no credit risk. You're getting, if you're a dollar investor, swap it back to dollars, you get over 6%. I've been doing this a long time ago. 6.35% for no credit risk, no interest rate risk. You know, high yield, you get 9%. If you want to buy European high yield, you get 8.5%. Mex and Brazil, you get 10% or 11%. This is the key to portfolio management, I think, today in fixed income. Look at the bottom left. We built a portfolio and said, We want to build a stable portfolio, get clients into, so you can take other risk, get them in the yield without a lot of vol. If you buy 25% treasury, six-month bills, you get 5.25%-ish. Commercial paper, you get, let's say, 5.75%, say 15%. 25% bills, 15% commercial paper, 40% in cash-like instruments. You go on and say, I'll take 10% mortgages, U.S. investment grade, 15%, maybe a sliver of emerging markets, 5%. Mex and Brazil, high quality. Your portfolio carry is 6.2%, but your vol, I don't know if you can see that number all the way in the bottom left, is 170 basis points. That's pure Sharpe ratio. 620 basis points of yield, 170 basis points. You have sitting in 40% front end of the curve, no risk. Look at what it was at the end of 2020. It was 3% yield and 330 basis points of vol, meaning I had to buy tons of high yield at 4% to get a yield, meaning it's a different era for fixed income. I just want to throw out one thing, which Larry talks about, which I think is quite real, and I'll finish on this, on this one slide. Our business, we invest across a full spectrum. We share insights globally. We see the full opportunity set, different, obviously, active, private credit, index, cash. What is the opportunity in fixed income? You know, it's one thing to look at those pyramid slides, or it's one thing to say, Well, gosh, you can build a portfolio at 620 basis points with 170 of vol, but it's just going to go away when the Fed starts easing. It's not true. The point I was making about what Larry talks about, there are three things, and I think we're going through three secular changes, three mega trends in the world, that are going to keep interest rates higher than they've been for the last 10 years, maybe the last 20 years, because inflation is going to stay stickier higher. I think it's coming down at the margin. What are the three things? Demographics. There's not enough humans for the jobs. You know, we'll hear Chair Powell today talk about wages being sticky high, is because we don't have enough humans for the jobs available until you get more immigration. That's going to be with us in the U.S., U.K., Germany, Japan, et cetera, for a long time. Demographics 1 and 2, de-globalization. Larry talks about it quite a bit. The era of I've got to reshore, I've got to build my infrastructure locally. I've got to vertically integrate locally. It's inflationary. Third point is the spend that we're going to see in the world. We're going to talk about clean energy transition. The spend you're going to see in the world on clean energy, on infrastructure, on Tech AI, et cetera, the numbers are huge. That spend has to be financed. There's a transition, there's a hump of inflation and things like tech and infrastructure. It goes like this. Then it starts to come down over time. In the near term, it's inflationary, meaning I think we've got a 2-3 year window, that I think those yields, because of stickier inflation, because the central banks are going to have to keep rates elevated, that I think there's a good window for the opportunity set. Again, I think the money comes in when the Fed starts, stops, I think we're getting close, and we're going to hear more about that today. With that, I will pass the baton to private markets, my partner, Edwin. Rick, thank you. Now I've got Bob embedded in my brain, so I love the acronym. Really nice to see you all. I'm Edwin Conway. I lead Equity Private Markets here at BlackRock. Actually, when we had the pleasure to converse about two years ago, I led the business as formerly called BAI or BlackRock Alternative Investors. As you've probably seen, over the past several months, we decided to realign several of our businesses with two primary purposes in mind. If you think about what we're doing here, is really to bring private markets to the forefront, because it's the fastest growing part of the alternative management industry. We believe not just that's the case from the past, but certainly will continue to be the case in the future. Secondarily, we're trying to align ourselves exactly to how our clients are thinking. The notion that alternatives continue to be alternative is no longer true. Actually, when you spend time talking with your clients, they're very much thinking holistically, and it's no longer about public versus private, it's one and the other. As you look at the business today, it comprises about $320 billion in assets. The illiquid part, the private markets part, continues to drive a tremendous amount of growth. I'm going to spend a lot of the time today really speaking about that. The reality is, we've enjoyed growth across all aspects of this business. Today, our clients are really asking for us to behave differently, I think, as an industry. Alternatives, again, not being alternative, but historically, I think the behaviors of an alternative asset manager has been selling blind pools. Walking in front of clients, talking about a fund structure that can solve their problem. The reality is, that doesn't work anymore. As a result, as we address this market, that will continue to grow, we have to think about aligning ourselves to that whole portfolio approach, and you'll certainly hear that throughout our presentation today. You can see the composition of where we are, $156 billion today in our private markets, and this is where I'll focus some of our time in our discussion. From infrastructure to private equity, to real estate, private credit, and multi alternatives, we've very much built a business that is designed to be comprehensive. We've put together a platform that really leads us to enable choice. By having choice and giving our clients the ability to choose with us how best to address the outcomes they need, we think we can deliver differentiated outcomes on their behalf. Yesterday's year of selling funds, today, it's about bringing together outcomes and solutions. Much of our business is a direct investing business, but we also do have solution businesses where we create very specific, bespoke, client-centric exposure. Becoming an increasingly part of the demands of the alternative industry, I would say watch multi-alternatives. You'll continue to see the pressure on this asset management industry to evolve to this approach, again, because one fund doesn't solve all of our clients' needs. We are putting our clients' interests first. Through this comprehensive platform, some of the things we've certainly enjoyed is growth. Our private markets platform, when you take a look at itself, we've enjoyed double-digit growth in assets and double-digit growth in revenues. In fact, assets have doubled since 2018, and revenues have more than 2.5x gone up since we really created focus on the private markets initiatives. Clients are doing more with us, and I think this is an interesting theme you've heard across each one of our speakers and my colleagues today. The average commitment size over this period of time to the private markets on behalf of our clients, has more than doubled. Another interesting fact is that clients with more than $100 million committed now account for 87% of our illiquid client assets today. The notion that clients are concentrating and doing more with fewer is absolutely true. These are complex assets. These are asset classes that are truly global in nature, the way we address those needs is by removing the complexity, being able to de-develop and build on behalf of those clients. We're gonna continue to see this aggregation with one or fewer managers, as opposed to the many. 'Cause in fact, when you look at many of our clients who've developed programs over the years, they're investing with hundreds, if not now, thousands of funds. It's unmanageable. The concentration is happening, the consolidation is real, and it's a big part of our going-forward story. How are we positioned for the future? What do we think about growth, given the environment that we're in? Actually, we expect to continue to grow. It's really driven by many structural dynamics that are afoot. You'll hear from my colleagues in a few moments, but Dickon and Jes, with regard to how we're taking advantage of the transition. Transition Capital is alive and well, and you think about the stimulus that's now being created around the world because of the necessity to transition across geographies, industries, and sectors. Many of you heard Larry talk about the IRA, the Inflation Reduction Act. Think about that $369 billion of stimulus. This is liquidity that's been injected into the system to allow for the investments, particularly in infrastructure assets, in which we're leaning into as an organization, to deliver a much better outcome for our clients. In fact, we don't have time today, I'd love to walk you through many instances for investments that we've made today as a result of that stimulus and tax credits that amount to about 30%, lifts the investment outcome by 400 basis points-500 basis points of incremental return. The Europeans are now responding. What you're starting to see is about EUR 1 trillion of response in public and private capital being brought to bear. Watch the rest of the world take hold. The rest of the world won't allow the U.S. have the advantage when it comes to the energy transition. More to come there, but what I will say, it makes these assets ever more attractive, hence we're leading into this space. You've heard about private credit. Rich mentioned it, as did Rick. You've seen a banking crisis very recently. What's that allowing us to do, is reimagine regulation, and what you're seeing is capital markets. Asset managers actually continue to be the lender of choice. You're starting to see all of this take afoot. Why am I feeling confident about the future? Is because of that. Today, we sit on about $33 billion of dry powder. As we invest that'll unlock another $260 million of base fees. With some of the investments we're making, and I'll touch on performance in a moment, performance for us is very strong. In fact, performance today is table stakes, and given the table stakes that we've set, we do believe, as you add carrying performance onto this, no different than you've experienced here from 2019 to Q1 2023, a 40% CAGR in carried interest. As a result of the products we're building, the solutions we're developing, the returns we're providing. All of this is wrapped in technology and a support network and muscle that BlackRock gives us. As a result of all of this, we're firm believers that actually we will double our revenue in the next five years. Why do we believe that? You know, the industry in itself is sending us a message. When you talk to our clients, as we do, they're telling us, again, this is core, this essential, they need to do more. In fact, many of you have seen our research at the start of this year, when we specifically interviewed some of our most strategic investors and clients around the world, actually sitting in 22 countries. Those clients represented $15 trillion of investable capital. With great uniformity, they said they're looking to increase their alternative allocation today, specifically private markets. When you look underneath the hood, within each one of those clients, their private market allocation today stands at 24%. When you talk about what the future looks like, it's moving more closely to 30%. Again, not alternative, it's essential, it's core, and it's a critical growth engine to us and what we do for our clients. The wealth in my mind, new frontier. It's a $70+ trillion marketplace. When you talk to our RIAs, private banks, wirehouses, generally speaking, their clients invested 2%-5% in alternatives. Short-term target allocation, 10%. Long-term ambition, 20%. Very much in line with what we've said to you as well. We believe in the 50/30/20 portfolio. You'll have heard that from Martin in the past. Equities, bonds, and alternatives, really changing in a very demonstrable way within the client portfolios. As we're structuring new capabilities, new wrappers, new access points, now it's '40 Act funds we're bringing to market to give you and deliver private equity, infrastructure. ELTIFs in Europe, European long-term investment funds. We're starting to lean into that engine. That growth engine, we believe, will be big for us. What you will see on the right, whether it's real estate, private equity, private credit, or infrastructure, all of these asset classes are expected to grow, and we believe that to be true. Fundraising. When I stood here and we talked two years ago, we said we'd accelerate fundraising for private markets. What we used to do in five years, we'd do in three years, raise $100 billion. We're very closely hitting that target, so as we close on this year, we'd expect to do that and some. It's really on the back of building, I believe, differentiated investment performance and vintage over vintage, proving to our clients that this engine that is BlackRock can deliver for. If you look at our diversified infrastructure, our climate infrastructure capabilities, independent of the very difficult fundraising environment that we're in today, by having differentiated deal flow, going from fund 1, approximately in both cases, $8 billion to fund 2 and 3, respectively, to 5, and then now what we're in market today, an aggregate with an excess of $14 billion of capital we would expect to raise for our infrastructure capabilities. I think if you point forward to what fund 5s will be, again, it'll be a multiple of that, but it's built on the back of delivering excellent investment performance and making sure it's repeatable. How do we do it? You know, it's interesting, when you speak to the universe of clients today, you have tens of thousands of alternative asset managers, it's really important that we can define our value proposition. Part of that value proposition, given the seat that we sit in, is a very differentiated deal flow. There's a tremendous amount of fatigue about the mass syndication that has existed in our industry. The future, even based on our survey, the number one thing our clients are looking for today, as they select a manager, proprietary, differentiated deal flow. How do we take the advantage that we have here, given the brand that we have, the footprint, our relationships, and our flexible, adaptable capital? I've spent time talking with many of the CEOs of the companies in which we've made investments on behalf of our clients. Why us? Debt and equity capital. We invest early, we invest through the cycles, and by the way, should the desired outcome be a public offering, likely at some stage, we'll be your largest shareholder. The understanding that we play in each and every geography, we own and understand the sectors, we participate in all these industries, and we have this flexible pool of capital now across private markets, makes us a very interesting partner, and hence, we get this access to differentiated deal flow. These companies want to work with BlackRock. We looked at 9,000 deals over the last year. We could have looked at very so many more. We invested about 5%. Maybe I'll point to one, because we'll be out of time. Gigapower, a storied organization, AT&T, a joint venture we created with them because we're huge believers in the digitization of the economies. With Gigapower, in partnership with AT&T, we're going to bring fiber to homes that just don't have it today. It's a shocking thing to say, the percentage of U.S. households that are not internet-enabled, it's a huge number. By doing this with them, we believe we'll be enabling commerce and all sorts of activities that many of us enjoy here in New York, but actually, as you roam around North America, today, net of fees, this capability is delivered for our clients, 31.6% net. We are capitalists. We are laser-focused on investment returns. This is about alpha creation, but also about resilience in your portfolio and diversification. I think as you look to the left and you think about long-term private capital, we feel very enthused, not just about what we've built today, but our access to the opportunities of tomorrow. We spoke about diversified infrastructure a moment ago and climate infrastructure. Both net of fees, these are delivering at target, are actually slightly above. Again, we do believe the investment ideas and flow that we're seeing will allow us to continue to deliver this type of advantage. To maybe end, I must say, I'm really proud of what the team have accomplished. It's an incredible platform. I really believe it's built for delivering for our clients, outperformance with true partnership. It's about whole portfolios, so public and private assets together, working in concert. I think this is where we distinctly have this advantage, 'cause as you heard from Rob Goldstein earlier, and Sudhir, when we harness big data and break it down into digestible, bite-sized pieces of information, you couple that with great technology, we have more informed fundamental investors, and we can continue to deliver investment performance for our clients. This will enable and be the engine of our growth for the future. Great people with great tech, with great data, we believe deliver better investment outcomes. Nobody, I believe, has this toolkit that we have. Then this access, as I mentioned, to this deal flow, these investment opportunities, our corporate relationships across the world, absolutely unparalleled. We are leaning into this advantage, and we're hopefully going to continue to deliver this for our client. I believe we have a investment performance that's excellent on a relative and an absolute basis. I'm really enthused about what the future certainly brings, albeit with lots of change within this industry. With that, I mentioned the transition and the importance thereof. I'd love to hand it over to my partner, Dickon Pinner, and Jessica as well. Well, thank you, Edwin. We're very excited to talk to you today about the transition to a low carbon economy, which we see truly as a once in a generation investment opportunity for our clients. Today, we're gonna highlight two things. First, why the transition to a lower carbon economy matters for our clients, what we're seeing take shape in the real economy, and how this is creating both investment risks, but importantly, significant investment opportunities. Second, what BlackRock is doing to help our clients invest in this transition. How, through the breadth of our global platform and the depth of our expertise and research-based insights, we can offer something to our clients that others simply cannot replicate. A whole portfolio approach for an opportunity that touches every part of the portfolio, every sector, every region. This is a market, we've talked about this in various aspects before, this is a market where scale of global reach, corporate access, and research analytics really matters. Through this approach, we are helping clients achieve their targeted investment outcomes in alignment with their objectives and preferences. This transition really represents a full-scale rewiring of the global economy, we see three drivers. T echnology innovation, growing consumer and investor preferences for lower carbon products, and shifts in government policies, which Edwin just described. These drivers actually all reinforce in each other. As technologies develop and become more advanced, they become cheaper, this leads to more demand as lower carbon alternatives become more affordable. In turn, governments create incentives, which we talked about, for lower carbon technologies, which lowers the costs even further, it continues. Alongside these drivers, critically, corporates, we think, will play a primary role. Large incumbents will be particularly important, as they own most of today's customers, most of today's supply chains, infrastructure, and engineering expertise. It's interesting to note that we have typically over 17,000 C-suite interactions with corporates a year, an indication of how deep our relationships with corporates really are. As these companies work through this transition, they will present a unique source of investment opportunities for our clients. Whether it's growing new businesses, like we are doing with a Canadian waste management business, or outsourcing critical infrastructure, and Rachel alluded to this, like we're doing with gas pipelines in the Middle East, or decarbonizing a company's assets, we believe that even the most cash-rich companies will need a financing partner. These trends are also reshaping production and consumption globally and spurring massive capital investment. The past few years have seen an increase in capital investment being made in the energy system and the transition. Indeed, the IEA recently estimated that such investment, covering everything from power plants, oil and gas facilities, to cooling systems and cars, has increased to around $2.8 trillion in 2023, which is up from about $2.3 trillion per year over the last decade. We see that investment continuing to grow as the transition unfolds, averaging probably around $3.5 trillion-$4 trillion a year. That equates to an increase of more than $1 trillion of CapEx a year. If you include the capital reallocation and the new capital combined between now and mid-century, that's about a $100 trillion investment opportunity. Our research also shows that continued investment is needed in both low carbon and importantly, high carbon portions of the energy system, to help match supply and demand as the transition unfolds at different speeds and to create resiliency. All this will require replacing today's operating expenses with new capital expenditures, which requires massive upfront financing. We believe that these capital flows can represent investment opportunities across asset classes, where these shifts have not yet been fully priced in by the markets. Now, make no mistake, this transition will be a complex and difficult process, characterized by a lot of volatility. As new profit pools emerge and existing ones shift between sectors, players, and regions, and the successful investors of the next decade will be those who can navigate that complexity and the significant cost and price discovery that still lie ahead of us. Now, let's talk about cost and price discovery. For that to happen, financial capital needs to be connected to the transition opportunities. We believe BlackRock is uniquely positioned to help our clients, if you like, the sources of capital, connect with investment opportunities, which is the uses of capital across the corporate life cycle. In this way, we think BlackRock will become the capital flywheel for the transition. BlackRock has uniquely strong relationships across this ecosystem, and we can help our clients invest in the transition to give them those, you know, access to those unique deals and opportunities. As you heard from Edwin and Rick earlier, our deal sourcing capabilities are one of our key differentiators in delivering for our clients. By working closely with an ecosystem of companies, we can also mitigate the risk in new investments. This is not just about sourcing, but this is also about providing the offtake to reduce the risk of infrastructure investments or providing, you know, reducing input commodity risks. It's also important to note that the transition to a low-carbon economy is about and not all, because the asset base of the economy turns over actually at very different rates. What does that mean? That means we need renewables and fossil fuels. We need electrons and molecules. We need metals and fuels. Given this complexity, clients have been clear that they want to work with BlackRock as their partner of choice, to help them invest across the whole capital stack and across all stages of the corporate life cycle, which you see listed on this page. Each of these stages presents different opportunities, and our clients want access to all of them. We're helping our clients invest in many of these opportunities today from an early-stage, sustainable fabrics company to establish high-speed electric charging businesses and so on. With that, I'll turn it over to Jessica to talk about how we are activating the BlackRock platform. Great. Thank you. Understanding our clients' needs, helping them manage risk. This is what inspired BlackRock's founding 35 years ago, and it's what we've been doing ever since. As Dickon laid out, this transition to a low-carbon economy creates a series of opportunities and risks throughout various sectors and regions, and our clients are asking for help. In our recent survey of 200 global institutional investors, 56% told us they expect to increase their allocations to transition strategies over the next 1-3 years. As with other megatrends we've studied, whether it's demographics, digitalization, or the rewiring of the overall supply chains, our job is to help our clients understand how this transition will affect their portfolios. As a fiduciary, we provide choice to meet our clients' needs. We deliver the best risk-adjusted returns within the mandates clients give us, and we underpin everything we do with research, with data, and with analytics. Now I'll elaborate on how this applies to our transition investing platform, hig hlighting how scale powers our growth. Today, our transition investing platform has over $100 billion of offerings across index, liquid, active, and private markets. This breadth of our platform offers our clients with the choice to access this transition in line with their specific investment objectives and across the whole portfolio. We're especially proud that we continue to develop new products, often in partnership with our clients. Now, what differentiates these individual building blocks is the power of the platform, bringing this all together. Take our whole portfolio advisory practice. Through the Aladdin platform that Sudhir talked about earlier, we can analyze our clients' portfolios and then recommend adjustments, including custom strategies, to meet their decarbonization goals. That platform brings together our Aladdin technology, so financial modelers, the risk management platform, with macroeconomic researchers, climate scientists, as well as investors who have fundamental views on companies, projects, cost curves. Lastly, Edwin, Rick, Dickon just talked about our corporate network and sourcing. Our global reach and real economy expertise, power our deal flow and help us understand how value chains and ecosystems will be reshaped. This connectivity gives us insights into the biggest challenges and opportunities facing companies, which in turn means the biggest investment opportunities for our clients. What brings all of this together is the connectivity we have across the platform. It's our ability to deliver as one BlackRock at scale. Clients want to access this transition in different ways. It could mean investing in an index product that seeks to provide sector-neutral exposure, but overweights companies better prepared for the transition to a low-carbon economy. It could mean targeting exposure to specific transition themes like clean tech or critical minerals like copper, which is used in many infrastructure projects, or lithium, a critical component of batteries. For example, last week, as we mentioned this, we launched two transition-focused ETFs. This launch secured enough seed capital to be the largest global launch in ETF history, with an initial investment of $2.9 billion globally. It's a great example of the power of our platform and connectivity with clients. Clients are also interested in accessing the transition through active strategies, using our fundamental or systematic approaches to uncover alpha and to figure out which effects of this transition are or are not currently priced in the current market. As Edwin just spoke about, we also have a diversified a market-leading suite of private market transition capabilities. Each of these strategies on this page are led by investors with decades-long track records. To focus on what Edwin just said, our growing success and scale in our infrastructure franchise. Today, capital is needed to scale renewable power and strengthen grid reliability. Soon, infrastructure for low carbon transport will be a big opportunity, and further down the line, advances in clean hydrogen, carbon capture, and low carbon aviation fuels may be the next major breakthroughs. Investing in this transition requires global reach and expertise. You need to understand the nuances, risks, and opportunities in every market and sector, and you need a platform to execute. That's what we've built. We're doing a lot, and there's more to come, and I just want to highlight a few examples. In the U.S., we're building a 1,500 mi pipeline system for carbon capture. As Rachel mentioned earlier, in Australia, we're building what will be the world's largest and most powerful battery. We've invested in the largest onshore wind farm in Africa, which will provide about 12% of Kenya's electricity supply. As Rachel said earlier, these investments are raising our profile in local markets around the world. As Martin and Rob mentioned in their presentations, we deliver our whole portfolio platform with service, access, and expertise. Service, in everything we do at BlackRock, we start by listening to our clients' needs. It's no different with helping clients navigate the risks and opportunities associated with this transition. Access, we're building an industry-leading transition investing capability by bringing together insights across clients, corporates, and the real economy. Expertise, we're delivering BlackRock's investment expertise to help our clients meet their investment objectives across the whole portfolio, powered by research and analytical tools. All of this is possible by executing as one unified team, as one BlackRock. Thank you very much for your time, and now we invite you to take a short break. Our event will resume shortly. Please take your seats. Thanks again for joining us. I'm going to talk about how everything we've heard today connects to clients, putting it all together for our clients. I'm gonna make three points, and then Martin's gonna bring us home before Larry closes us. My three points are, first, that in every segment of the world, our clients, big institutions, advisors, everything in between, are looking for closer, more intimate relationships with asset managers, and especially BlackRock. Second, the trick, which we've been prefiguring all of this session, is bringing the global and the local together. 80% of what our clients are looking for are global. Global strengths, expertise, scale, operating efficiency, investment talent. It's the last 20%, which Rachel noted, is where the magic happens. It's where you bring it alive in a particular client setting, anywhere in the world. The third part is I'm gonna close with some arithmetic. The arithmetic is pretty simple. If you take two premises, that the capital markets and asset management will continue to grow, and that this tendency toward more and more with fewer and fewer asset managers continues, I'd actually argue it's strengthening, but just if it continues, then the path to our 5% growth target is clear. This is what we talked about today. It's a lot. It's actually, when you put it like that, a bit overwhelming. How do we deliver it to all of our clients around the world? We've got digital brokers in Berlin. We've got insurance companies in Texas. We have sovereign wealth funds in Asia. We've got asset managers in Toronto. We've got financial advisors everywhere. Let's look a little deeper as to what they're really looking for, because most of what they want is actually pretty much the same. They all want investment help. We have a set of regime changes in our clients' portfolios and what they're asking us about, that are, start with the rate shock, a 40-year rate shock, the unwinding of the U.S.-Chinese global WTO system, the rise of industrial policy, the transition to a low-carbon economy, inflation, recession, et cetera. Those questions are global questions, and we get them everywhere. If you dig deeper, beneath what those questions are and what else is on a client's mind, and sometimes primarily what's on a client's mind, it's forces that are changing their business models, their industries. I'm gonna go through a few of these, and the point is, all of it leads to one urge, which is, as a client, as Steve said, Let's focus on our core strengths, and then let's use BlackRock as an extension of our business model. Oops, back. Portfolio over product is first, and I would argue, the biggest change in our industry in the last 5 years-10 years. Our industry used to be, still is, organized around product. That is still how our clients pay us. The vast majority of our revenues come from individual products. Clients want product and more. They want help on their overall portfolio. They want portfolio advice. It could be the custom, managed solutions that we heard Rich talk about earlier, or it could be a strategic asset allocation study for a giant sovereign wealth fund in Asia. It could be the outsourcing that Stephen laid out, which is the battle space of asset management in 2023. Second, is professionalization and institutionalization of investing within our clients, especially in wealth. What you're seeing around the world, in every client segment, is deeper and deeper institutionalization of how money is managed. It means models for financial advisors, so not a cottage industry, but going to industrial scale. It means within RIA and financial advisor teams in the U.S., the designation of a CIO within the team so that the 50 or 100 other advisors can focus on clients. It can be the growth of discretionary portfolio management in Europe, or it can be, tying back to outsourcing, a big bank in New Zealand or Australia or the Netherlands saying, "Asset manager, please come over and take over our entire portfolio construction for our clients." All of that is about professionalization. The third part is customization at scale. We talked earlier about Aperio, about the growth everywhere of clients seeking individualized portfolios that meet their needs, whether it be factor risk, tax management, or some form of values orientation. It's also in the $70 billion in the last two years that we've converted and won in Europe, to go from standard benchmarks off the shelf, to customized portfolios that meet that client's specific investment objective, most commonly oriented toward the transition to a low carbon economy. That intimacy, that customization at scale. Margins and price. It's the undercurrent in our whole industry. It's actually been at the forefront of how we work with our clients, that they are under margin pressure. They are desperately looking for operating efficiency. As one client said to me last week, We used to have 5 J-curve bets. We're down to 1 J-curve bet. When they want a deeper, more intimate relationship, they're looking for discounts on volume. What's the upshot? Clients want to do more with fewer. They want a more intimate relationship with their asset manager, with BlackRock. That's our mission. We want investors everywhere to say, If I've got a problem, I want to hear what BlackRock has to say. If there's anyone I trust to solve my problem, I want it to be BlackRock. Tomorrow, we're hosting a conference of CEOs in the wealth industry to talk about what's happening in their industry, what's happening in their businesses. Rich talked about helping an RIA get to $5 billion by giving them custom models. Last week, I was in a meeting in Europe with a client who said we manage half of this client's portfolio, and we asked, Look, what else can we do better? Is there something we can do to help? The client says, Yeah, there actually is. We'd really like to do a strategy session, a skull session with you to sit down and help us figure out how to go from $5 billion to $100 billion." That is business co-creation. To do that, and we've heard this from Rachel, we've heard it throughout the day, we need to bring the best of our firm to our clients. 80% of that value is brand, investment teams, knowledge of the industry, operating scale, it's all global. Where it all comes together is what Rob talked about being Japanese in Japan. I'd actually say it's being an Iowan in Cedar Rapids. It is working with neobanks in Europe, who didn't even exist five years ago, and are now becoming a fastest growing segment in wealth management, helping them to take the learning we have from the U.S. and bring it to Europe to work with them so they can grow their investment propositions faster than anyone else. It's working with a firm like AIG, as it actually goes through a corporate restructuring and decides to focus on what it's really good at, which is liability underwriting, and actually hand the asset management over to us. A Finnish fund that decides that it actually wants to move a significant amount of capital, almost $3 billion, into strategies that lean into the transition and jointly executes a launch in both Tokyo and New York, in the biggest ETF launch ever. It's launching Decarbonization Partners with Temasek, a client, a joint venture partner. It's all together. What's our true competitive advantage when you pull all this together? It's that when, as a firm, we unite, when we get focused on a client need, we are the best in financial services at bringing it all together. How does it all come and convert into revenue growth? Basic arithmetic, and Martin's gonna talk about what all this means for shareholders, but let me just talk about what client trust means for revenue growth. Two premises I mentioned upfront. The first is that we have to believe that the capital markets and asset management will continue to grow. Sorry, Rick mentioned with the relative decline of banks and bank intermediation relative to the capital markets, the flip side being the rise of private credit. We have the deepening that Rachel talked about that is yet to come, still coming around the world of capital markets and professional money management. The first thing is, the industry continues to grow. You can see we've taken a fairly conservative projection of what happened in the last few years. We've said that clients keep favoring the integrated firm, which, again, my own view is, and everything we see everywhere, is that clients want to do more and more with fewer and fewer, intensely so, versus even three, four years ago. Let's just take the last few years as actually the trend. Put all that together, that 5% organic growth rate is within our grasp. Our share, and this is really important to understand, 'cause people think we're big, but we're not. Our share is only 2.7% today. If all this happens, we hit our objectives, we'll only have a share of 3.1% in 2027. There is so much further for us to go. Now Martin is going to turn to what this all means for our shareholders. Thank you. Thanks, Mark. The vision that my colleagues paint of the future, it's exciting. It's a new era of opportunity for BlackRock, and you heard about how we're innovating for clients. Let's examine how we use our excellence in serving clients to drive value for BlackRock shareholders. 10 years ago, this month, we held our first BlackRock Investor Day. Prior to that, BlackRock stock was 80% held by three large institutions. Larry and Rob could literally make three phone calls and connect with the vast majority of our investor base. Today, we're proud to have thousands of owners of BlackRock. BlackRock was a different firm then. Our AUM was less than half of what it is today, and Aladdin proudly served 50 clients. We used that event to launch our roadmap for shareholder value. After 10 years, over $5 trillion of AUM, and 1,000 Aladdin and eFront clients later, our roadmap's consistent. We know markets will fluctuate. We focus on generating organic growth, driving operating leverage, and returning excess capital to our shareholders. In the last five years, we've executed on each element of our framework. On average, we've generated 5% organic asset and 5% organic base fee growth, meeting our target across the market cycle. In some markets, we'll exceed this target, but even during significant dislocation in 2022, we generated positive organic base fee growth. We continue to drive operating leverage via our scale. We're regularly studying where we can do things better, faster, more efficiently. We're leveraging our innovation hubs to generate more fixed cost scale. We're making more concentrated investments for future growth. From 2017 to 2021, we expanded our as-adjusted operating margin by 270 basis points. Beta is still our highest margin item, and our results in 2022 reflect the immediate impact of falling markets on our AUM and revenue. Finally, we've delivered a predictable capital management policy and strategy. Over the last five years, our dividend has grown at a compound annual growth rate of 10%. We also returned $7.9 billion to shareholders through open market repurchases of our stock at an average price of $524 per share. Assuming stable markets, we anticipate continued execution of this framework to deliver consistent growth in operating cash flow and EPS. You heard today about our platform strategy and our various growth drivers. The strategy's working. We've logged durable, consistent organic growth, significantly in excess to the peer group over the last five years. We don't strive to be the fastest grower in any given month, or quarter, or year. Over the long term, we've delivered higher and more consistent organic asset growth than peers. We continue to target 5% organic base fee growth for the long term and across market cycles. In the last three years, we've exceeded our target, delivering 7% organic base fee growth. Over this time, we've seen both record highs and historic declines in markets. We've seen and adapted to changing client risk preferences all along the way. There have been periods when growth was more concentrated in a particular category. BlackRock's not reliant on any one strategy or asset class. As you can see, all of our businesses have delivered organic base fee growth over the last three years. It's this diversification of our investment and technology platform, it's a distinct competitive advantage for us. It positions us to deliver for all stakeholders in a variety of market environments. Our track record, our platform strategy, our whole portfolio approach, they give us confidence about our organic base fee growth targets. Achieving this aspirational goal on average in the next three years, represents adding over $1.8 billion in net new base fees. That's meaningful upside to our revenue. Markets fluctuate and may lift or lower our revenues, we focus on delivering the BlackRock platform to clients. That's access to unique opportunities, expertise, and world-class client service. Our focus has fueled consistent organic asset growth, even in tough markets. Over the last 10 years, we've generated nearly $3 trillion of AUM growth. Some years, markets went up, some down, some flat, BlackRock won client mind share and share of wallet throughout. When clients entrust assets with BlackRock, we do well for them. They tend to stay with BlackRock. They often increase their use of BlackRock capabilities, as Rob Goldstein showed you. I spoke earlier about how BlackRock has changed since our first Investor Day. You can see it here. From 2012 until the end of 2021, we saw over $2.5 trillion of net inflows. This organic growth alone is larger than many of our competitors' entire businesses, we did it in fewer than 10 years. Even with market moves impacting our 2022 results, BlackRock delivered over $300 billion of net inflows, while the rest of the industry was in outflows. We've also expanded our margin since then. Through the end of 2021, we expanded our as-adjusted margin by approximately 640 basis points. Again, our 2022 margin primarily reflected historic market declines and foreign exchange headwinds. Our as-adjusted margin also reflected ongoing strategic investments in better, more efficient technology to generate long-term operating leverage, and of course, investments to recruit and retain the best talent in our industry. We've always been selective in our investments and management of an operating model to support delivery of a premium operating margin. We believe a new market regime, marked by rising and higher interest rates, requires the same or greater investment in management acumen to grow profitably. We'll aim to make more concentrated allocations of capital and people against capabilities that can deliver the highest levels of organic growth or improve operating efficiency. We'll look to find more opportunities to variabilize expenses. We'll aim to generate more fixed cost scale through technology and automation, including Generative AI applications. We'll continue to build on our success in strategically footprinting scale generation activities in our innovation hubs around the world. Our capital management strategy remains consistent. We invest first in the business, either to scale important growth initiatives or to drive operational efficiency, and then return excess cash to shareholders. Our priority remains to invest organically in the business, but we also use inorganic investments to expand our capabilities and growth opportunities. Over the last 5 years, after investing for future growth, we've returned an average of more than 80% of our earnings to shareholders, including a record $4.9 billion last year. Our businesses are largely fee-based, generating strong recurring cash flow from operations. BlackRock's credit metrics and ratings reflect our strong business profile and prudent approach to balance sheet management. We're rated Aa3 by Moody's and Aa- by S&P. Last month, we capitalized on improved conditions for debt issuance and pre-refunded our March 2024 debt maturity through the issuance of $1.25 billion of 10-year debt at a coupon of 4.75%. Our scale, consistent cash flow, and asset-light business model allow us to invest organically by seeding or co-investing in products with our clients. This provides a distinct competitive advantage by reducing time to market for critical product initiatives. It also supports the fundraising of larger amounts of client capital seeking to align interests. During 2022, we allocated over $400 million to these investments. Our seed and co-investment portfolio, including unfunded commitments, totals approximately $4.9 billion. 2022 revenues attributable to our seed and co-investment strategy were $2.6 billion. This includes potential future annual base fees on the committed capital in our liquid alternatives business that Edwin referenced earlier. Seed and co-investment are attractive uses of our capital. Our estimated internal rates of return on these activities are 25% or higher. While exercising prudent risk management and financial discipline, we'll continue to look for new opportunities to use our stable cash flow to seed and co-invest in new products, especially in private markets. As you heard from Edwin, our private markets franchise has delivered double-digit growth in client assets and revenue. We've raised over $80 billion since our last investor day. Last year, we realized $263 million in carry revenue, which represented over 50% of BlackRock's overall performance fees. At the same time, our gross carried interest balance continues to grow and represents a significant source of future revenue. We're targeting to double revenue in our private markets franchise over the next five years. We expect to invest in growing this business by using our financial strength to bridge successor funds, to facilitate growing co-investment activity, and seeding new fund launches. These investments can unlock future revenue and earnings potential for our shareholders. Turning to inorganic investments. Our acquisition philosophy continues to focus on broadening our technology capabilities, expanding our global distribution reach, and scaling our private markets franchise. We won't make acquisitions that dilute our future organic growth and have no interest in consolidating businesses simply to cut costs. In certain circumstances, where control transactions are simply not possible or opportune, we'll also pursue strategic minority investments. The primary purpose of these minority investments is to drive incremental revenue for BlackRock products, to incubate future capabilities, or to otherwise create value or convenience for our clients. Since our last Investor Day, we've made investments in emerging disruptors in digital wealth, investments in option strategies, capabilities, and in retirement. Just this month, we announced our acquisition of Kreos Capital, adding venture debt capabilities and further strengthening BlackRock's global credit platform. As Sudhir mentioned, we announced our technology partnership with Avaloq to link Aladdin Wealth with Avaloq's core banking system. This will ultimately scale both businesses and better serve joint clients. We expect this new market regime, this hard pivot of a tightening cycle, will present compelling inorganic opportunities. Historically, especially in periods of dislocation, our willingness to reimagine our business, be nimble, and seize on emerging opportunities, it's bolstered our growth and generated differentiated value for our shareholders. We recognize that dividend income is an important part of many of your portfolios. We continue to target a dividend payout ratio in the 40%-50% range. Once again, we believe that the diversification of our business model, leading to a more consistent and stable cash flow profile, supports a dividend payout ratio at the high end of our peer group. BlackRock first paid a dividend 20 years ago in 2003, since that, we've steadily increased it. Over that time, our dividend per share has grown at 17% compound annual growth rate. Share repurchases are another key element of our capital management strategy. After using our cash to grow the business and satisfying our commitment to the dividend, we will return the balance of capital to shareholders through share repurchases. Share repurchase is therefore an output of, rather than an input into, our capital management policy. Since the end of 2012, we've repurchased over $13 billion of shares at an average price of $428. This has reduced our share count by 13%, repurchases more than offset share issuances associated with deferred comp plans. Importantly, we also generated a 15% compound annual return for our shareholders. As we mentioned on our January earnings call, we intend to repurchase at least $1.5 billion of shares during 2023, subject to market conditions. We'll remain opportunistic to repurchase additional shares if we see attractive relative valuation opportunities. Since we set out our shareholder value framework at that first Investor Day, 10 years ago, we've achieved or exceeded our 5% organic base fee target in 7 of those years and remained positive in each of the other 3. More importantly, we've achieved our 5% organic base fee growth target on average over the last decade. When everything's firing, we've shown we can rise above that target, and when the market legs down, we've proven we can stay positive even as the industry turns negative. In addition, we've expanded our adjusted margin in 7 out of the last 10 years. Despite a 400 basis point decline in 2022, on the back of historically challenging markets, we've expanded our margin by 240 basis points over the last 10 years. Our differentiated growth helped us deliver significant total return for our shareholders, over 300% in the last 10 years. That's well above both the S&P 500 and our large cap peers. While past performance is no guarantee of future results, we remain committed to delivering attractive returns to our shareholders over time. I'll conclude where I started. Our ambition is to be the cloud of investment management and technology. We believe our platform strategy, combined with the access we provide, the industry best expertise we deliver for our clients, and our constant aim for excellence in client service, means we will deliver differentiated organic growth and operating leverage over time. We've historically been at our best in taking market share and consolidating our position with clients through and following market regime changes just like this one. We view our strategy as sound and our financial position as a source of strength to invest prudently in service of our clients and our shareholders. I want to thank you again for joining our Investor Day today, and I'm going to pass it over to Larry Fink for some closing thoughts. Hi, everyone. Hopefully, everybody is enjoying our new facilities, our new auditorium. It really does connect all of us together. It is a great connector and culture builder for BlackRock. Welcome, everybody, and thank you for joining BlackRock's 2023 Investor Day. I want to go focus on things like how we grew, where we are. Now for 35 years, BlackRock has led by listening to our clients, and hopefully, you all heard that from all the different presentations. We've been evolving the company to helping our clients achieve their long-term outcomes and solutions. That commitment has resonated with them and has been behind everything we've done as a firm. Whether it's unlocking new markets through iShares, or pioneering whole portfolio advisory, or launching Aladdin on the desktops of investors, and so much more. Clients have been on the foundation of our growth strategy, informing the investments we make across all our businesses. Our focus on delivering clients' outcomes has been the defining factor of BlackRock's differentiated and industry leadership. As you heard from Martin, we are building the sole platform strategy in asset management that brings together product services and technology to solve our clients' investment and technology needs. We envision BlackRock to be the investment manager cloud for asset managers and asset owners. In the same way that organizations across industries move from paying for their own servers and support staff to cloud providers. Clients are traditioning their investment management and financial technology requirements to BlackRock. Clients are coming to BlackRock as a scale enabler, using our platform as a service to streamline and support the growth and commercial agility of their own business. The unique combination of our technology, of our advisory, alongside our ETFs and active and private market capabilities, enables BlackRock to deliver a better client experience, leading to clients consolidating more of their portfolio with BlackRock or engaging with us for full portfolio outsourcing solutions. This, in turn, continues to differentiate our organic growth, I believe it will continue to differentiate our organic growth into the future. I commit we will always start with the clients. I'm committing to all of you that our strategies will be proven to be resilient. Over the last five years, clients have entrusted BlackRock with over $1.8 trillion of net new assets, translating to nearly $3 billion of net new base fees. BlackRock has never been afraid to make big investments and big bets. Our willingness to disrupt ourselves and the industry to deliver better outcomes to clients, created the foundation of what BlackRock is today and will be driving our growth into the future. We made a bet on taking our proprietary internal Aladdin technology and offering it into the external clients. As you heard from Sudhir Nair, it's a $1.4 billion financial technology business used by 1,000 organizations with 130,000 users. We're not only growing Aladdin's capabilities, we're making a bigger addressable market by extending into adjacent offerings. We made big bets, real big bets, in our transformational acquisitions of MLIM and BGI to build a multi-asset, multi-channel investment platform and to bring active and index under one roof. That was at a time when most people never believed that active and passive could be under one roof. In between Milliman and BGI, we made another bet during the financial crisis, launching our financial markets advisory practice, which provides critical insights to our clients and builds businesses for BlackRock. They were also transformational. In every presentation today, our leaders spoke about how clients are demanding whole portfolios, outcome-oriented services, and seamlessly combining public and private market investments. BlackRock is the only company that can offer both whole portfolio investments and technology through eFront and Aladdin. You also heard in multiple sessions how the portfolio of the future is blended and blended across the horizontal. It's personalized, it's customized, and our acquisition of Aperio is helping us build and bring the personalized portfolios of the future at scale to our clients. What made all of the acquisitions so successful, and I would want to really underscore this, was our steadfast commitment to integrate. I want to underscore, integrate the organizations into one BlackRock, totally connected to our clients under one platform, under one culture, using one technology. As a result, BlackRock is greater than the sum of any one part, and that drives, and I can believe it will continue to drive our differentiating growth. This willingness to reimagine our business and to seize opportunities has accelerated our growth and generated value for you, our shareholders. Our leadership team is focused on challenging ourselves to think, what opportunities will this environment create for BlackRock and our clients, and what can we do to meet and anticipate our clients' needs? How can we evolve our organization, our operating structure, our investment capabilities, and our service model, in doing so, leading the industry? Our ability to adapt, to transform, to evolve, to take risks and grow, has generated a total return of 7,500% for our shareholders since our IPO in 1999. Which is well in excess of the broader equity markets and representing a business model serving every one of our stakeholders. I spend a lot of time with clients, and in fact, I just got back from a week of meetings with clients in Japan and Australia. I always come back from these client visits feeling more energized, more enthusiastic about our model and our positioning with our clients. On this trip, I was especially struck by how much our partnerships and profile is resonating around the world. You heard about the exciting investments for connecting clients into the private markets, including one related to the transitional low carbon economy. Our connectivity across the real economy is bringing benefits to both clients and to the communities in which these projects are operating. I'm very proud of the partnership with AT&T on the Gigapower JV in the U.S. Our investments in Akaysha Energy in Australia and many more. Our growing profile from these investments is leading more and more investment opportunities, which will be delivering growth for BlackRock and our shareholders. As I speak with our clients, I hear how their expectations of asset managers are completely changing. Clients are seeking a broader range of advice, they're looking for help to help them achieve their needed and desired outcomes. This includes understanding everything from the changing market environment to evolving regulatory requirements. Today, conversations are rarely about one product or a product, but more often they're about portfolios, increasing, they're about our platform. We are organized around our clients, not products, not silos, on delivering one BlackRock through one platform. That evolution from product to portfolio to platform creates enormous growth potential for BlackRock. As you heard throughout this morning, clients are looking to do more with fewer. They want just a few partners who they can really build a deep and trusted relationship, sometimes they're looking just for one single partner to help them invest across whole portfolios, to provide insight, to help them manage risk and capture new opportunities, to deliver technology to power and visualize their investment process so they can be more assured they're achieving their necessary responsibilities and goals. Clients are choosing BlackRock because of our unique platform, connecting index, connecting active and private market capabilities together with advisory, with research, and with technology. I'm more confident than ever that we're delivering one BlackRock to clients more often with cohesive, horizontal connectivity and a set of integrated services to reach their necessary and targeted outcomes. Let me state very clearly, this is the future of investing, and we will continue to be at that forefront. Our leadership in outsourcing is a clear example of how BlackRock is bringing together the full resources of our firm to help our clients and to deliver for our clients. On the back of regulatory changes, on competitive pressures and broader macro dynamics, clients are choosing to outsource more and more of their whole portfolios. They're choosing BlackRock because of our broad investment capabilities, our market-leading technology, and our expertise in third-party manager selection. In the last five years, BlackRock has been entrusted to lead a number of significant outsource mandates, totaling over $500 billion in AUM. These mandates reflect our presence and our partnership with clients around the entire world. Unions and corporate pension funds in the U.S., AIG, LV, and other insurers, British Airways and Royal Mail in the U.K., Colonial First Superannuation in Australia, to name only a few. Our momentum is a result of many years of listening to our clients, thoughtfully and deliberately investing in the infrastructure to support complex global mandates. Across our firm, we're delivering BlackRock to meet our clients' needs and unlock those new opportunities for them. The powerful simplicity of our business model is that when we deliver value for our clients, we also create more durable value for you, our shareholders. Let me talk about leadership for a second. After today's presentations, I hope you're taking away not just the conviction of our strategy and the opportunity ahead, but also a deeper appreciation for the people who are leading BlackRock forward. You've heard today from global leaders across our business. Let me just say, this is an incredible, remarkable group of individuals and a fantastic leadership team. I want to thank all the leadership team and thank them for all their amazing work and commitment to our clients, to our shareholders, but just as importantly, to each other and to our colleagues across the firm. I am more confident than ever in BlackRock's leadership team and our future as a company. I hope you have also seen today, these are not just individual leaders representing individual business groups, but this is a hyper-connected team working across a hyper-connected platform. It is about collaboration and horizontal leadership. This is essential to our success, to our growth. Let me be clear, this is not happening magically. This is a lot of hard work. This is a result of years of working together. The team collectively imagining how we could better bring the power of the entire firm to our clients. The leadership team, together, we're friends. We have fun together. We've been together with a lot of ups and a lot of downs. I said before, how BlackRock is greater than the sum of the parts. I hope you feel the same way I do about the group of leaders. Everyone here is an extremely talented individual, but we're much better as a team. I'm not planning to leave BlackRock anytime soon, but BlackRock's board and I have no higher priority than developing the next generational leaders for BlackRock, and hopefully, you're seeing that. I've always said that my goal is to ensure that when Rob and I have moved on, that the firm is better off than it is today, and I'm very confident we're gonna achieve that goal. Earlier, I mentioned how my time with clients have always energized me, and a topic that energizes so many of our clients is artificial intelligence. My team here knows that I'm a fan of dystopian movies and books. I won't go down that road today, but I really can. I want to present today a more optimistic view, and I believe it's gonna have some very large outcomes for long-term investing. I see AI presenting transformational opportunities. I've talked about how the collapse of productivity has been an essential issue in the global economies, and I believe it is an essential reason why we have such sticky inflation. I believe that AI has a huge potential to increase productivity, increase knowledge base, transforms margins across sectors. It may be the technology that can bring down the inflation. What I'm so confident in, AI has the ability to accelerate scientific discovery and change how humans live and operate and enjoy. At BlackRock, we continue to advance in our usage of artificial intelligence and associated disciplines, whether it's machine learning, data science, natural language processing, to drive and enhance productivity and progress for our clients, our employees, and our stakeholders. I've joked about our leadership team to be almost as neurotic as I am. It's how BlackRock stays ahead. I'm actually really happy to report that I think some of these leaders who presented today may be more neurotic than I am. When it comes to AI, we're gonna bring the same healthy paranoia, the same healthy enthusiasm that will define our movement in AI, and it'll be essential in how we work in the future. No matter how and what we're, you know, what brings in the future, BlackRock will continue to bring the entire firm together to serve clients. As I said earlier, I came back from the recent visits with clients more excited than ever about the growth that we have, that we can attain together. I strongly, firmly believe that no firm can deliver a platform service like BlackRock. We offer our clients the most choice in the industry, but we have one culture, one global client business, one trading function, and one technology. The power of that connected platform and collaboration and creativity of our leadership team will enable us to deliver that differentiating growth for the future. We'll take the big bets when they come, and I'm sure there's going to be tremendous opportunity in those bets. I want to thank you for joining us today and being a part of BlackRock's past, our present, our future. Now we're gonna open it up for questions, and I'm gonna go invite all the leadership team to take these orange chairs and sit down. We're gonna be, we're welcoming questions from our shareholders and sell-side research analysts, and anyone who has a question, and I'm gonna allow the CFO, Martin, to lead the process. Excellent. Thank you, Carol on to folks. Yep, I will. Let everybody get their seats. If you have a question, I see people are getting started. Please raise your hand. Wait to be called on. We have mic runners. Once you have a mic, please state your name, your firm, then ask your question. Maybe we'll start right in the middle here with Craig. Hey, Craig. Thank you, guys. Larry, thanks for putting on a great event here. Craig Siegenthaler with Bank of America. Given that we have Rick Rieder here present and also Rob Kapito, I want to hit on the potential for fixed income rebalancing, not just in the traditional fixed income, but also private credit and money market, which has a lot of momentum. How do you think about this in terms of timing? I know, Rick, you mentioned kind of a three-year period. Could this be a three-year period of above average flows? Also, how should we think about magnitude? Let me start. I would say I have never, ever been more excited about investing in fixed income than I am today. I would tell everybody here in your personal portfolio and your parents' portfolio. This is a generational change. 60% of all fixed income is over 4%. We've been waiting for this for a very long time. Get out there and start investing. Over the last many years, when fixed income had no return or, in fact, a negative return, many things have changed in the market structure. Today, using both active and ETFs or passive, is a bigger opportunity than it ever has been. On the active side, Rick has more opportunities to add alpha than he's had in the last many years. Salim, who is here representing ETFs, the market structure has changed such that ETFs are being used by 9 out of 10 of the largest asset managers, alongside active, to tip it, to flip it, for liquidity, for hedging, and we're learning every day of newer ways to use ETFs alongside of active. I think the market is going to explode, and it's raining fixed income. No matter what happens with the Fed, this is an incredible generational change. Maybe to accent that, let me turn it over to Rick to say something about the market and active, and Salim, to jump in there, and don't let him outdo you on the ETF side. It's a couple things. First of all, I do think we're getting to the tail end. You know, I think that, by the way, it's interesting that the flows have started to come in more aggressively in Europe, and certainly on the active side than the U.S., and I think the ECB and Bank of England have a bit more to go. People are sitting on it. Let's talk about scale and magnitude. There's $6 trillion sitting in money market funds today. I mean, it is immense, the amount of money that's flowing, and obviously you've got some transition out of deposits, but that money is- You take the money market fund flow, you take the amount of deposits that are going to rotate out the curve. People are waiting, and I think you're going to see a big move. I think you'll see it in in total return type of opportunities. People are going to start to go out the curve. If I could say one thing from a bigger picture, Larry talked about the infrastructure spend, the financing that's going to happen alongside of clean energy, et cetera. I mean, there's going to be a huge amount. I want to throw out one thing that I think is so different. We lived in this world for the last 10 years of zero- interest rate, negative interest rates in Europe. Negative interest rates is the craziest thing I've ever seen. You think about what happens if you're doing a financing of infrastructure, a toll road, of any functional long-term investment. If you have negative interest rates, nobody shows up for the debt. Everybody shows up for the equity because your IRR on the equity is going to be 10%, 12%. You get this massive inflow into, gosh, I want equity, I want private equity. All of a sudden, if your return on the fixed income, on the equity, think about what happens to your weighted average cost of capital on those projects. It goes higher because everybody's sitting on the equity part of the challenge. It's crazy. It lifts the cost of capital despite the fact you bring the interest rate down. Going forward, you can run what is a reasonable weighted average cost of capital because you've got a 40, 60, 30, and probably 30-70 equity debt mix, and all of a sudden you can finance, like Rob said, you finance tremendously effectively. You bring down the weighted average cost of the capital to fund infrastructure, toll road, et cetera, and it's just a better mechanism. Instead of bludgeoning the pension system, the insurance system, now people get real return. Think about insurance companies, pension funds. I think you're going to see a big shift. By the way, money's going to keep coming into private equity. It's going to keep coming. It's going to come in big time to private credit. Anyway, I think it's a better framework because you have more normalized interest rates than you saw over the last decade or so. When you have the performance that we do in fixed income, historically and currently, we should see a significant amount of those flows. You can comment on that, Salim, on our market share. It's in fixed income. I think there are two really important drivers underneath some of the fixed income ETF numbers that I put out. One of them is for all the people like Rick, all over the industry. As I said before, we have 9 of the 10 biggest active managers in the world using our iShares bond ETFs. Larry, of course, asked me afterwards, Who's the tenth, and how do we go, you know, after them? We'll get 10 out of 10 over the course of the next year. The important point is that many of them are using this to be able to trade and scale, trade much cheaper than the underlying. If you look at something like LQD, it costs 38 basis points to trade the underlying bonds. It costs a basis point to trade in LQD. If you look at even just the changes amongst insurance companies, I know Rob talked about this a year or so ago, when the shift happened in New York State insurance companies, some of our largest holders of things like LQD or HYG are now New York-based insurance companies one year later. It's unlocking a whole group of professional bond investors all over the world who just find it cheaper and better and more efficient to trade in the bond ETFs rather than in the underlying bonds itself. We're a tiny portion, 2% today, 3% or 5%, even with the projections I put out in terms of that marketplace over the next five years. Great. Thanks, everyone. We could keep going, but clearly, but we won't. Let's see. Can we maybe go over to this side? I think I see Glenn with a question here. Thank you. Glenn Schorr, Evercore ISI. I'm a big believer in some of the themes you talked about in terms of outsourcing and consolidation. Your numbers show it. I like Rick's comment of portfolio versus product. I know it's true. At the same time, what I think about is consultants still play a huge role in institutional mandates. Intermediaries will kind of want to play that role of CIO for their clients, and there's probably some human beings at the clients that don't want to manage themselves out of a job by outsourcing to you. I'm curious, my question is: Are there limitations in client size, client type, or even just overall exposure to BlackRock that limit the whole outsourcing theme? Stephen, you led outsourcing. Let's hear it. Absolutely. I think just on consultants, to start off with, you know, we've always, we've all had very long-standing, strong, sometimes competitive relationships with consultants. I think you're seeing, quite naturally, given the size of the market and how it's growing, that evolution of practices to be able to advise on the selection process of these types of mandates. They are very different to the traditional kind of single asset class type of institutional mandates, that is the core of our business. You know, as we talked about and, as Larry mentioned, all of those clients he mentioned towards the end, these are generally broad, multi-asset class, multi-product, types of solutions that we're building. They cut across pretty much the whole of the firm. They often involve technology, either at the start or, at some point, down the line. These really are whole portfolio solutions. The ability for us to be able to bring that full breadth, and in a way that actually is very bespoke to the client, is really the key to unlocking, this business and the growth. In terms of the, kind of the other part of the question, you know, where does the growth come from? I think that all the trends we've talked about, the challenge of regulation, the cost factors, the changing investment regime that Rick talked about, all of that is lending itself to people really thinking about, again, what is the core, value proposition? What's the core focus of what I want to do? Just like any other industry, deciding on determining where are the areas where I can get more cost efficient, more effective, and sometimes value-add things that I just can't do myself. I think in the world where we are definitely going into, that is applicable to all types of clients we're seeing around the world, so whether it's wealth managers, whether it's institutions. Interestingly, you would think that this would be for maybe smaller clients that didn't have the capability. As we said, you know, we're working with some of the largest institutions, largest wealth managers in the world, because those same themes apply in different jurisdictions in slightly different ways, but those same themes really cut across. I think, as we said, you know, we're really at the beginnings of these trends in terms of the growth potential that we, that we see. We definitely don't see any issues with kind of capacity in terms of the number of people who want to work with BlackRock. Thanks, Steve. anyone else? Let's see. Let's go back to this side. I think Mike Cyprys in the middle here. Great, thank you. Thanks for all the time that went into putting this day together. Really appreciate that and all the insights and perspectives. Just a question on Aladdin. I was hoping you might be able to elaborate on the TAM expansion opportunities with Aladdin, including data, moving into accounting further and otherwise. How meaningful could this be for BlackRock financially, but also strategically? What steps could we see BlackRock take over the next couple of years to execute on this vision? Where might M&A help accelerate your ambitions here? Perhaps there's a big bet coming. How are you thinking about that? Hey, Mike, thanks for the question. It's a great question. It goes back to a lot of the things that I talked about in my presentation. I think each of those initiatives individually is incredibly strategically important and has growth associated with it. I think what's more important is to look at them in the whole and to sort of go back to the vision and the strategy of what we're trying to accomplish, which is all about simplifying the operating infrastructure, all about trying to solve for more of the surface area of the technology footprint and the operating workflow that clients, even today, continue to struggle with. If you look at the typical client and you look at it from their perspective, even the ones who use Aladdin's done a lot of good in terms of simplifying their investment technology. It's consolidated. It's made them more efficient. Martin talked about that spaghetti chart of systems. It's allowed them to retire dozens, if not hundreds, of technologies and replace it with a single technology like Aladdin. They still have a lot of complexity in their walls. They still oftentimes have a whole other world, which is an accounting book of record. Almost every organization I work with has a data warehouse. Each of these are complex. Each of these are expensive to build, maintain, and string together. Much of the strategy with respect to accounting and data is all about just solving for more of that surface area. We see a world where having three books of record, three sources of truth, just isn't going to work. It isn't going to work in a world where everything is converging. It isn't going to work in a world where markets are moving fast and alpha is going to come by your ability to sort of bring that data forward and put it in the hands of your investors. What we're solving for with the strategy is trying to bring this integrated platform to clients in a way that we don't think anybody else can. It will be risk management, it will be the investment book of record, it will be in performance, it will be accounting, and it will be the data surface, including your non-Aladdin data, powered through our partnership with Snowflake, in a way that really brings it all together. If we do that, we should solve for clients' needs, not just today, but also tomorrow, but hopefully capture more share. Like I said, these are big pools of investment that clients spend on today, and we believe that as they look to do more with fewer partners, Aladdin has an opportunity to capture that. With regards to M&A, that continues to be a space where we stay very active. Obviously, fintech valuations have fluctuated quite a bit, but I think as evidenced by this morning's announcement around Avaloq, we continue to be very focused on different ways of either partnering or doing inorganic things with organizations that we think can unlock and really round out the comprehensive capabilities of Aladdin. Great. Thank you. Maybe Michael Brown is here. If you could just pass the mic down. Thank you. Michael Brown, KBW. Thank you so much for putting together the event today. Maybe kind of circling back to the, to the first question, but diving in a little deeper to the ETF business. The fixed income ETF growth story has been powerful, and you paint a very bullish picture for the future here. What has to happen for the fixed income ETFs to reach that $6 billion of AUM you talked about by 2020, 2030? Does that require broader regulatory acceptance similar to what we saw in New York? Obviously, the equity ETFs have been a very powerful secular growth story, but that's seemingly in a later inning than the fixed income side. How do you think about the secular growth of the equity ETF business here, for the next three years, maybe compared to the prior 3 years-5 years? Thank you. You want to start? Yeah. Maybe let me answer the fixed income question first. I'll do the equity one at the end. Look, implicit in our growth numbers is high teens organic growth in fixed income ETFs. We think that's very achievable. Some part of it is coming from what I talked about with Rick and Rob just a moment ago, the professional buyer coming in. It's not based on any new regulatory change or unlock beyond what's already happened, because I do think that the momentum towards the more digital, more electronic bond marketplace is happening. Just having more and more investors, professional investors, use it in that way is one part of it. The other part, happily, we just launched a white paper on this last month, which is about portfolios. The typical 60/40 portfolio is actually underweight 9% in fixed income. If you take some of the sizing of the model marketplace in the U.S. that Rich and I both covered, that you start to get some really big inflows across fixed income, active and index, with just some of the reset that ought to happen, given the reset in the yield environment for clients' portfolios. That's the fixed income answer. The equity answer is still very robust. It's just in the lower teens relative to fixed income, which is in the higher teens, because it's starting from a much smaller base and with more growth opportunity. Maybe I'll go back over to this side. Is that Brian over there? Okay. Thanks. Brian Bedell with Deutsche Bank. Thanks very much for the investor day. Really super helpful. Maybe I can focus on transition capital, just connecting the dots between a few of the different segments of the presentations. If you think about bringing your platform into transition capital, obviously the opportunity is immense with this $3.5 trillion-$4 trillion potential capital need for energy transition per annum. If we think about your private markets business on that, I think you said $17 billion is your current private market component of the transition segment. On top of that, your goal is to double private, you know, your private capital base from $150 billion. I know it's on the revenue side, but if we think about that maybe doubling to $300 or something, how much of that might come from the transition side on the private investing? I'm thinking about opportunities and things like direct lending and private credit. Is it possible that it, you know, we easily exceed your target in that area? Sure. Listen, you're right. When you think about the transition capital need, if the estimates are right, that $4.5 trillion per annum is needed to basically transform industry, basically the way we conduct commerce. I mean, it's an extraordinary amount of capital coming into this space. I do think the great thing that we have, and I think there we're going to see capital being put to work, our client's capital, to transform all sorts of technologies that hit the automotive industry, that electrify the states and industries in which we're working within, and so much more. I would say from an estimate standpoint, it'll be a huge part of our growth. I want to add one 10-second thought. Just in terms of the opportunities, like, I think we have actually now one of the larger e-mobility platforms. We've got about five investments in that space, you know, obviously a big presence in power, shipping, circularity, chemicals. There was just an announcement around a South Korea industrial gas company that goes into semiconductors, also batteries. We're looking increasingly at manufacturing. The supporting infrastructure opportunity is massive. Pipelines, transmission lines, et cetera. I think this spans across geographies. We obviously talked about the U.S. and Europe. The Middle East is a massive opportunity, one that we're focused on as we are in Southeast Asia. Again, I think this is this whole platform approach across the life cycle. Some people forget that transition means dynamic, moving from venture to growth equity to infrastructure, and playing across equity and debt, across that whole thing, we think is going to be very, very compelling. Great. Thanks, Dickon. Let's go to the back. That's where I used to sit in college. I see Dan back there. Thanks. Dan Fannon, Jefferies. Wanted to ask about inorganic growth. Today, obviously, was all about organic, last quarter, Larry, you introduced the term transformational, and I think you used it a couple of times today. Maybe you could define what that means for BlackRock. As a management team, how much time are you guys spending today on inorganic growth versus, say, a year ago or other periods? Good. I thought somebody might bring up transformational ideas. As I said in my remarks, I think we're seeing some of the best opportunities in the marketplace that we've seen in quite some time. As Sudhir said, software multiples have re-rated significantly since their November 2021 peak. We just did this Kreos deal. There's lots of things that we think are really interesting in private markets. I think our focus will be around infrastructure, private credit, these big growth franchises that Edwin and everyone talked about. We're spending a good amount of time on it as a management team. Our priority is to invest first organically in the business and figure out where we need capability extensions, where we have opportunities to accelerate or de-risk things that we might be building inorganically, organically. The management team is spending a lot of time on it. I'll leave Larry maybe some thoughts on big bets. I'll say a few of the big bets. A part of the process of making sure we're spending time thinking about the environment that we're working in, some of it is questioning our business model and asking ourselves, you know, Is our business model that has worked so well in the past, should that remain to be the business model? We work. We've done this forever, and we obviously, it was pretty notable when we did the BGI merger, going from active and having passive and really reimagining our business model. We do that continuously. Whether that is, you know, to add to what Sudhir and what we're doing in Aladdin related to data and information technology, you know, or it could be related to distribution and how we distribute. We're constantly questioning ourselves and making sure that, you know, our business model that has worked so well remains the business model that's going to work well for us in the future, for our shareholders. The most important thing I will assure you, is the process of testing ourselves, and really asking ourselves about how should we evolve our business model to best serve our clients? Let me just underscore, every time we address it, so we're going to have a leadership retreat in two weeks to do exactly what I'm talking about. It's all done on the, on the focus of what clients come first, and how do we address our business model to meet the needs of our clients globally and in different ways and better ways. The, it, we're all always about informing ourself about the client, trying to be connected with the clients, and making sure that we're not comfortable. I don't want us to ever be comfortable with our business model. I want to make sure that we are questioning our business model, and we're focusing on how best serve our clients. If we truly believe that there's some great need that we need to do, and there's an opportunity, we're going to once again reimagine who we are in our business model. Excellent. Thank you, Larry. It's a few minutes after 12. There might be a few questions we didn't get to, but we'll be around for lunch afterward. Thank you, everyone, for stopping by to hear more about the BlackRock story. We have a casual lunch. Everyone's invited, just down here and to the left. Thank you for all your support on behalf of all of us here at BlackRock. Thank you, everybody.