1、Embracingtransformation2023 AUM2023 Annual ReportWe bring the BlackRock platform strategy to life by delivering access,expertise,and service.1.BlackRock as of December 31,2023.Represents total AUM since 2003.Note:Cover bar chart reflects BlackRock AUM for years ending December 31,2018 December 31,20
2、23.Infrastructure is expected to be one of the fastest-growing segments of private markets in the years ahead.An unprecedented public need for investment in global infrastructure systems,combined with record government deficits,means that private capital will be needed like never before.This supply-
3、demand imbalance creates compelling investment opportunities for our clients.Infrastructure also offers clients the current cash flow and inflation-protected,long-duration investments they need.Through the future integration of BlackRock and GIP,we aim to connect our clients with bigger and better o
4、pportunities,while also accelerating growth,diversifying revenue and generating earnings for our shareholders.In January,we announced two transformational moves in anticipation of changes we see ahead for asset management and the capital markets.The strategic re-architecture of our organization will
5、 simplify and improve how we work and deliver for clients.As part of this re-architecture,we created a new strategic Global Product Solutions group(GPS).GPS will work to deliver our clients the best solutions across all our investment strategies,asset classes and fund structures while embedding our
6、ETF and index expertise across the firm.We also introduced a new International business structure to drive scale,provide unified leadership and allow us to be simultaneously more global and more local in fast-growing international markets.And we anticipate our planned acquisition of Global Infrastru