blackrock overview

BlackRock Overview for Program Facilitators

About BlackRock

BlackRock is one of the world’s preeminent asset management

firms and a premier provider of global investment management,

risk management and advisory services to institutional, intermediary

and individual investors around the world. BlackRock offers a

range of solutions — from rigorous fundamental and quantitative

active management approaches aimed at maximizing out

performance to highly efficient indexing strategies designed to

gain broad exposure to the world’s capital markets. Our clients

can access our investment solutions through a variety of product

structures, including individual and institutional separate

accounts, mutual funds and other pooled investment

vehicles, and the industry-leading iShares® ETFs.

The foundation of BlackRock’s business is our belief that our

clients’ needs are of paramount importance. Our commitment to

investment excellence is anchored in a shared culture that always

places a client’s interests first, from individual investors to the

world’s largest institutions. We act always as a fiduciary for our

clients, never trading as a principal on our own behalf.

BlackRock’s investment approach is based on our conviction that

we can combine our market insights, our global reach and scale,

our proprietary technology, our culture of information sharing

and our unwavering focus on risk management into an ability to

deliver performance in all market environments. BlackRock is

committed to providing a broad set of investment solutions for

our clients, striving to achieve the best balance between risk and

opportunity. We strive to exceed expectations in all areas of our

business all the time.

BlackRock’s Philosophy

Since our founding, BlackRock’s core philosophy has been

grounded in the belief that our clients’ needs are of paramount

importance and our sole business is managing our clients’ assets

on their behalf. We are committed to always doing what is in our

clients’ best long-term interests.

With this as a framework, BlackRock has assembled teams of

investment professionals with significant expertise in global

capital markets. Through BlackRock Solutions, we continue to

invest substantial resources in the ongoing development of our

technology and analytic capabilities, for both internal users and

BlackRock Solutions clients. Our focus on investment excellence

and state-of-the-art analytics is complemented by an unwavering,

senior-level commitment to service; this results in dynamic client

relationships and enables us to assist clients with a range of services,

including an understanding of liabilities and asset allocation needs.

Given our size, scope and global footprint we strive for a consistent, interconnected “One BlackRock” approach.

BlackRock takes a three dimensional approach to the management

of the organization, incorporating functional, product and regional

elements in support of our clients’ goals. The functional

dimension looks at our operations by specific task, such as

portfolio management, account management or operations.

The product dimension brings together the cross-disciplinary

expertise critical to managing client assets in each class. Finally,

the regional aspect of our model recognizes the unique, geography-

specific needs of clients as well as the importance of local

regulatory issues.

Distinct but interconnected, these factors work together to inform

all of our business decisions and result in a firm that is globally

efficient and locally effective. With our three-dimensional

approach to managing the organization, we seek to:

}Ensure consistency on a global basis;

}Allow for the tailoring of products and services according to

client or local needs;

}Promote teamwork among our employees worldwide; and

}Facilitate operational integrity and efficiency.

BlackRock’s History

Since its founding in 1988, BlackRock has sought to better

serve clients by anticipating and responding to changes and

advancements in the investment industry, and continually

seeks to broaden and deepen its investment and risk

management capabilities.

The most recent example is BlackRock’s acquisition in 2009 of

Barclays Global Investors, the firm that created the first index

strategy in 1971 and was one of the world’s largest providers of

structured investment strategies, including indexing, market

strategies, and risk-controlled active products. Another significant

step in this process was BlackRock’s merger with Merrill Lynch

Investment Managers (MLIM) in 2006, which combined the history

and experience of MLIM with the innovation and technology of

the legacy BlackRock organization. MLIM’s history of managing

assets began in the UK in 1946 as part of S.G. Warburg & Co.

(later known as Mercury Asset Management) and in the US in

1976 under the Merrill Lynch name. In October 2007, BlackRock,

Inc. acquired the fund of funds business of Quellos Group, LLC,

forming one integrated fund of funds platform. The combined

business provides hedge, private equity and real asset fund of

funds to institutional and individual investors worldwide.

Today, BlackRock is a truly global enterprise that combines the

benefits of world-wide reach with localized service. We manage

assets for clients in North and South America, Europe, Asia, Australia

and the Middle East and Africa. Our client base includes corporate,

public, union and industry pension plans; insurance companies;

third-party mutual funds; endowments; foundations; charities;

corporations; official institutions; banks; and individuals worldwide.

Our Values Defined

Integrity

}We speak the truth — we are open and honest and always do

the right thing.

}We are fiduciaries and leaders in our industry. We understand

the responsibility we carry.

}We respect differences and learn from them. We take the time

to teach others.

}We have the highest ethical standards and principles.

Client Focus

}We put our clients first and at the heart of all we do.

}We listen and deeply understand our clients’ businesses,

risks and issues.

}We help our clients better meet their investment goals.

}We anticipate trends and help clients plot the future course.

Partnership

}We work to earn the trust and respect of our clients and

colleagues every day.

}We know that the power of information multiplies when

it is shared.

}We embrace teamwork because we can create more together

than we can alone.

}We leverage ideas, talent and processes globally to deliver

our best locally.

}We succeed together, we fail together, we are

“One BlackRock.”

Innovation

}We are relentless in challenging assumptions and the

status quo.

}We are restless in pursuing new ideas and better solutions

for our clients.

}We believe that anything is possible and we encourage

informed risk taking.

} We take pride in being leaders. We strive for continuous

improvement in everything we do.

Passion

} We care about being the best. We want to build a unique and

enduring franchise.

}We bring enthusiasm and energy to everything we do.

}We are committed to a culture of excellence.

Diversity

BlackRock’s diversity guiding principles reflect our value of

respect for differences as well as our business goal of employing

a workforce as diverse as the markets in which we operate. We

have adopted formal guiding principles on diversity, which are to:

} Attract and retain a talented workforce that reflects the diverse

communities in which we operate;

} Foster a meritocracy in which we can all develop and be

appropriately rewarded; and

} Leverage our differences to achieve BlackRock’s business

goals by recognizing and utilizing the full potential of

each individual.

Leveraging Differences at BlackRock

The BlackRock Behaviors for Success includes guidelines

on behavior that will help us ensure an inclusive work

environment that respects differences and values the

contribution of each individual.

Employee Networks bring forth a broad spectrum of programs

designed to strengthen the development and retention of

employees within BlackRock. It also provides a platform for

establishing informal mentoring relationships, networking

and a forum for meeting other employees throughout the firm.

Senior Leaders serve as sponsors for each of the networks,

advocating priorities and ensuring alignment with firm-wide

business objectives.

Name: Laurence Fink

Title: Chief Executive Officer

Location: New York

Service Date: March 22, 1988

Education:}B.A., Political Science, University of

California, Los Angeles

}M.B.A., Real Estate, University of

California, Los Angeles

Work History:}Managing Director,

First Boston Corporation

Name: Robert Kapito

Title: President

Manager: Laurence Fink

Location: New York


Education:}B.S., Economics, Wharton School of the

University of Pennsylvania

}M.B.A., Harvard Business School

Work History:}Head of BlackRock’s Portfolio

Management Group

}Vice President — Mortgage Products

Group, The First Boston Corporation

}Strategic Consultant, Bain & Co.

Name: Susan Wagner

Title: Vice Chairman, Head of Strategy,

Dev. and Corporate Comms.


Location: New York


Education:}B.A., Magna Cum Laude, English and

Economics, Wellesley College

}M.B.A., Finance, University of Chicago

Work History:}Head of Corporate Strategy, BlackRock

}Head of International Client

and Alternative Investments

businesses, BlackRock

}Vice President-Mortgage and Savings

Institutions Group, Lehman

Name: Kendrick Wilson, III

Title: Vice Chairman


Location: New York

Service Date: January 31, 2010

Work History:}Advisor in the U.S. Department

of Treasury

}Vice Chairman of Investment Banking

at Goldman Sachs & Co; member of the

Executive Office and Chairman of the

Financial Institutions Group

}Vice Chairman, member of the

Executive Committee and Head of

Investment Banking at Lazard

Freres & Co. LLC

Name: James Charrington

Title: Senior Managing Director, Head of EMEA


Location: London

Service Date: April 30, 1993

Work History: }Head of BlackRock’s International

Retail Business

}Joined BlackRock following the

merger with Merrill Lynch Investment

Managers (MLIM)

}Head of Retail Platform — Europe, Middle

East, Africa and Asian Regions, MLIM

}Head of Investment Sales,

Save & Prosper

Name: Rohit Bhagat

Title: Senior Managing Director,

Head of Asia Pacific


Location: Hong Kong

Service Date: July 31, 2005

Education:}B. Tech., Mechanical Engineering, Indian

Institute of Technology

}M.S., Engineering, University of Texas

at Austin

}M.B.A., Northwestern University

Work History:}Joined BlackRock following the merger

with Barclays Global Investors

}Global Chief Operating Officer, Barclays

Global Investors

}Senior Vice President-West

Coast Financial Services,

Boston Consulting Group (BCG)

Name: Robert Connolly


General Counsel


Location: New York

Service Date: August 24, 1997

Education:}B.A., Economics, Union College

}J.D., Fordham University School of Law

Work History:}Managing Director and General Counsel,

New England Funds, LP

}General Counsel, Equitable Capital

Management Corporation

}Law Clerk to Judge Henry F. Werker of

the United States District Court in the

Southern District of New York

}Associate, Debevoise & Plimpton

}Associate Editor of the Law Review

at Fordham

Name: Robert Fairbairn


Head of Global Client Group

Manager: Robert Kapito

Location: New York


Education:}B.A., History, Economics and Russian

Studies, Durham University

Work History:}Chairman of BlackRock’s

International Businesses

}Joined BlackRock following the

merger with Merrill Lynch Investment

Managers (MLIM)

}Senior Vice President — Head of EMEA

Pacific Region, MLIM

Name: Bennett Golub

Title: Senior Managing Director, Chief Risk Officer


Location: New York


Education:

}B.S., M.S., Management, Sloan School

of Management, MIT

}Ph.D., Applied Economics and Finance,

Sloan School of Management, MIT

Work History: }One of the Founding Partners

of BlackRock

}Co-head and Founder of

BlackRock Solutions

}Acting CEO, Trepp, LLC., a former

BlackRock affiliate

}Vice President, The First

Boston Corporation

Name: Charles Hallac


Chief Operating Officer


Location: New York

Service Date: May 1, 1988

Education: }B.A., Economics and Computer

Science, Brandeis University

Work History:}Co-founder and Head of

BlackRock Solutions

}Associate — Mortgage Products Group,

The First Boston Corporation

Name: Richard Kushel


Head of Portfolio Management Group


Location: London

Service Date: May 28, 1991

Education:}B.S., Industrial Engineering,

Stanford University

Work History:}Chairman of BlackRock’s

International Businesses

}Head of BlackRock’s International

Institutional Business

}Head of BlackRock’s Alternatives &

Wealth Management Groups

}Director, Nomura BlackRock

Asset Management

Name: Ann Marie Petach


Chief Financial Officer


Location: New York

Service Date: June 6, 2007

Education:}B.A., Business and Spanish,

Muhlenberg College

}M.B.A., Carnegie Mellon University

Work History:}Vice President, Treasurer,

Ford Motor Company

}Worked at two former joint ventures

between Ford and Volkswagen, in

Europe as Treasurer of AutoEuropa

and in Brazil as Assistant Treasurer

of AutoLatina

FOR MORE INFORMATION: www.blackrock.com

BlackRock is a registered trademark of BlackRock, Inc. All other trademarks are the property of their respective owners.

Prepared by BlackRock, Inc.

©2011 BlackRock, Inc. All Rights Reserved.

HR5070B-0811

Name: Linda Robinson

Title: Senior Managing Director, Global

Head of Marketing and Communications


Location: New York

Service Date: June 20, 2011

Education:

}B.A., University of Southern California

Work History: }Served on the BlackRock Board of

Directors from 2004–2011

}Chairman of Robinson Lerer &

Montgomery (RLM)

}Vice President of Corporate Affairs

at Warner Cable Communications

}Director of Public Affairs for the

Department of Transportation

Name: Jeff Smith

Title: Senior Managing Director, Head of Human Resources


Location: New York


Education: }B.S., Psychology,

University of Connecticut

}Ph.D., Industrial — Organizational

Psychology, Virginia Polytechnic

Institute

Work History: }Joined BlackRock following the merger

with Barclays Global Investors

}Global Head of Human Resources,

Barclays Global Investors

}Vice President-People Development,

Time Warner

}Senior Consultant, Personnel

Decisions International

Technology has always been a core component of BlackRock’s “DNA.” Over the years, the smart use

of technology has distinguished BlackRock by supporting leading risk management capabilities and

driving operational consistency and efficiency around the globe. The Aladdin trading and risk

management system, used internally at BlackRock and by BlackRock Solutions clients, enables

customers to manage over $5 trillion in financial assets. Aladdin is central to our technology strategy,

unifying BlackRock by providing everyone with a common language and a central point of reference for

our investment activities globally.

The Aladdin and Application Engineering teams within the Aladdin & Technology group use the latest

technologies to design and develop applications that make up the firm’s investment management

platform. The systems support the full lifecycle of the investment management process, from

quantitative risk management to order entry, trade routing and settlement.

Technologies used include sophisticated web services, Java applications and C++ servers, tied

together over a real-time messaging system and connected to a large and highly complex database.

Analysts join small teams that develop specific parts of the firm’s investment management platform,

working closely with senior developers and managers, and are expected to become intimately familiar

with the financial products and investment management business, regardless of whether their focus is

software development or business analysis.

Career paths within the Aladdin & Technology group include continued hands-on technical and product

work as Senior Developers or Senior Business Analysts, as well as management and architecture

positions. There are opportunities to transition to entirely different roles within the organization.

Unlike many larger organizations, BlackRock highly values hands-on technical and business work and

candidates who are interested in a career where they can continue to make individual contributions as

they advance. These candidates will find many exciting and rewarding challenges in this group.

The Aladdin & Technology

Group hires professionals

with industry experience

and undergraduates just

entering the workforce.

Industry professionals

come from a wide range

of backgrounds.

BlackRock is proud to be an E-Verify & Equal Opportunity/Affirmative Action Employer — M/F/D/V.

FOR MORE INFORMATION: www.blackrock.com/careers


Prepared by BlackRock Investments, LLC, member FINRA.


HR5051E-0511

Aladdin and Technology Group (A&T)

BlackRock® has long been recognized for its disciplined investment process and rigorous bottom-up

approach to risk management. Since its inception, BlackRock has focused on the need to assess

security- and portfolio-level risks to make investment decisions in rapidly changing markets and to

execute transactions efficiently, while ensuring strict adherence to risk management and compliance

guidelines. As a result, BlackRock developed an integrated suite of investment management tools.

In 2000, BlackRock began offering risk management and trade processing tools to external clients

under the BlackRock Solutions® brand. Since that time, BlackRock’s strategy has been to deliver

its significant investment in technology infrastructure and analytics to a select group of large

institutional investors at a high level of sophistication, quality and service. Our investment tools

are designed to provide portfolio transparency and increased efficiency. Aladdin®, our enterprise

investment system, supports the entire investment management process, including risk analytics,

portfolio management, compliance and operational processing. Aladdin’s comprehensive suite of

risk reports (Green Package® and interactive fixed income and derivative calculator (AnSer®) are

also available on a stand-alone basis.

BlackRock Solutions offers a number of additional services focused on providing tailored solutions

to our clients by drawing upon our investment tools and our capital market expertise.

The Financial Markets Advisory Group provides counsel to senior executives in banks, insurance

companies, mortgage companies and other financial institutions on their most difficult—and

interesting—capital market issues. Our practice centers on financial strategy, valuation of illiquid

portfolios and risk management. The advisory practice is rooted in BlackRock’s culture of objective,

fiduciary problem solving for clients, and is a strategic priority for the firm.

The Relationship Management Group is responsible for maintaining the partnerships formed with

every client that uses BlackRock Solutions’ array of investment technology and risk analytics tools.

These clients are located around the world and include large and sophisticated institutional investors

such as insurance companies, corporations, asset managers, pension funds, hedge funds, banks and

other financial institutions. The Relationship Management team is highly focused on understanding

the needs and evolving priorities of each of these organizations and on a daily basis provides

investment process solutions to its clients by leveraging the vast capabilities of the entire BlackRock

Solutions organization.

BlackRock Solutions

hires professionals with

industry experience and

undergraduates just

entering the workforce.

Industry professionals

come from a wide range

of backgrounds.

BlackRock Solutions

The Solution Center provides training and day-to-day support for

users of Aladdin. Analysts start in the Solution Center and over a

two- to three-year period develop an in-depth knowledge of the

investment management process, the Aladdin system and our

clients’ businesses. During this time, analysts often contribute to

the business development and implementation phases associated

with each Aladdin installation. The knowledge acquired during

their first few years in the Solution Center provides representatives

with the necessary skills for future success in other parts of the

BlackRock and BlackRock Solutions organizations.

The Portfolio Analytics Group (PAG) is a risk and analytics

group in BlackRock Solutions that utilizes sophisticated analytics

on fixed income, equity and alternatives businesses to help our

clients and portfolio managers understand their portfolio

exposures, strategy, risk and returns. PAG provides the daily risk

reporting and ad-hoc analytical support to over $7 trillion worth

of assets under risk management across thousands of portfolios.

Analysts will gain a broad understanding of the asset and risk

management business, which includes learning about the wide

range of securities our clients trade, how they are priced in the

market, how we analyze them within BlackRock Solutions and

what sensitivities they have to various market factors. The group

is also responsible for developing, maintaining and enhancing

the technology that is used to support the trading and reporting

needs of BlackRock Solutions’ risk management clients.

The Financial Modeling Group (FMG) is responsible for the

research and development of financial models underpinning the

risk management analytics produced at BlackRock. The group

also contributes to the infrastructure and software responsible

for the production of analytics and the delivery of analytic

content to portfolio and risk management professionals both

within and outside BlackRock. Given the diversity of business

objectives among BlackRock Solutions clients and within

BlackRock itself, the models developed and supported by the

Financial Modeling Group span a wide array of financial products,

ranging from equity to fixed income to derivatives. In addition,

members of FMG seek to provide analysis and insight on many

different levels from analysis of the cash flows of a single bond to

the overall financial risk associated with an entire portfolio,

enterprise or balance sheet.

BlackRock Solutions’ Investment Accounting services

combine BlackRock’s industry expertise with our sophisticated

data management, accounting and performance measurement

tools to offer customized solutions to a wide range of financial

institutions. The Investment Accounting team is responsible for

providing these services, including accounting reports in multiple

bases, Schedule D preparation, custodian reconciliation and

performance measurement. The Investment Accounting group

consists of three primary teams: Implementations, Client Service

and Reconciliation. The Implementations team is responsible for

business development and the process of taking on new clients,

including account set up data conversions and business process

redesign. The Client Service team is responsible for ensuring

clients’ ongoing requirements are met including preparing

accounting and performance measurement reports and responding

to client inquiries. Finally, the Reconciliation team is responsible

for the reconciliation between BlackRock Solutions’ accounting

platform and various third parties including custodian banks

and asset managers.

Implementation and Delivery provides project management

and subject matter expertise in support of deploying Aladdin to

both internal and external clients. The Implementation team works

closely with external clients on large-scale projects during which

time they review and revamp clients’ investment business process

to align it with market practice while migrating it to the Aladdin

investment platform. The Delivery team ensures that newly

developed functionality is deployed to existing clients (internal

and external), including providing training and conducting mini-

business process reviews, and provides on-going second level

support for such functions.



BlackRock, BlackRock Solutions, Aladdin, Green Package and AnSer are registered trademarks of BlackRock, Inc. All other trademarks are the property of their respective owners.



HR5051F-0511

With operations all over the world and a range of investment products and services,

BlackRock is one of the most complex financial services organizations serving clients

today. In order to achieve operational excellence, the Business Operations Group was

established to ensure BlackRock’s operations are consistent and efficient across

investment products, client channels and regions.

Business Operations is composed of three groups, Aladdin Portfolio Services Group, which is responsible for all information required for the investment management process,

Operations & Administration, which is responsible for providing operational support to

BlackRock’s portfolio management teams and global client groups and manages day-to-

day relationships with external service providers and counterparties for the retail and

institutional businesses and Provider Strategy, which is responsible for ensuring the

firm properly leverage counter-party relationships effectively.

Aladdin Portfolio Services Group (APSG)

The Aladdin Portfolio Services Group (APSG) is a centralized process group dedicated

to ensuring the integrity of information maintained and produced in Aladdin. The group’s

mission is to support the firm’s internal and external clients with the goal of ensuring all

appropriate data is timely and accurate to support the investment management process.

APSG focuses on portfolio set-up, inclusive of IMA negotiations and order processing;

accurate and timely security modeling; cash and asset reconciliations; portfolio

compliance; NAV calculation/performance measurement; and client reporting.

The group comprises three key channels: Client Services, Investment Services

and Portfolio Services. Within each channel, there are sub-categories that have

specialized functions:

Client Services} Portfolio On-Boarding and Control, a central team responsible for providing

direction and holistic understanding of all portfolios globally, certifying readiness

for trading. Initial point of contact for the business as it relates to new business,

portfolio modifications and terminations, as well as the lead liaison to coordinate

the operational setup with the custodian banks. The team maintains the client

portfolio attribute data in the account master.

} AUM & Institutional Administration is responsible for calculating BlackRock’s

global AUM by working with key operating areas of the firm, in addition to supporting

the Fixed Income Institutional Administration team in servicing our clients.

} Client Services is responsible for managing the client order process related to

automated client directed subscriptions/redemptions, managing the client contracting

process for specific client types and has change management responsibilities related

to how audit/regulatory requirements impact the business.

} Client Reporting is responsible for producing customized client and custodian

reporting, as well as managing client mailings and disclosures.

The Business Operations group

hires professionals with industry

experience and undergraduates just

entering the workforce. Industry

professionals come from a wide

range of backgrounds.

Business Operations

Investment ServicesInvestment Services is responsible for ensuring that investment information delivered

to our internal and external clients through the Aladdin platform is accurate, timely and

comprehensive. Investment Services is committed to building and maintaining efficient,

scalable and resilient production processes that provide our clients with high quality

investment (terms and conditions, pricing and analytics) and portfolio data (risk,

performance, attribution and NAVs), which is a critical factor in the investment decision

making process.

Portfolio Services} Portfolio Compliance is responsible for implementing controls and processes

to ensure portfolios are compliant with all applicable regulatory and client-issued

guidelines as they relate to trading and investments. This includes core Aladdin

pre- and post-trade compliance and non-Aladdin trading compliance, mutual fund

monitoring and reporting, and global syndicate offering review. The team produces

daily portfolio level issues and violations for escalation and resolution.

} Cash and Reconciliations is responsible for completing portfolio transaction level

cash/asset reconciliations to external record-keepers (custodian bank, transfer agent,

etc) and provides direct support to the end-users of the data.

} Institutional Admin & Performance performs NAV calculations, performance,

reporting and reconciliations with trustees and custodians and is responsible for the

Global Institutional Separate Accounts covering Fixed Income, Equity and Fiduciary.

Operations & Administration (O&A)

The Operations & Administration (O&A) group handles investment operations and

administration, serves the Portfolio Management and Global Client groups and manages

day-to-day relationships with external service providers and counterparties for both the

retail and institutional businesses.

The O&A functional groups include Investment Operations, Product and Channel Services, Global Fund Administration, Shareholder Services, Pension Administration and Business Finance and Administration.

Investment OperationsThe Investment Operations group is responsible for trading operations and derivatives

operations spanning all products and businesses at BlackRock.

} Trading Operations is responsible for all transaction processing and associated

support including trade confirmation, trade and payment settlement, fail and payment

difference resolution, corporate actions, loan products and compensation claims.

} Derivatives Operations is responsible for collateral management, derivative

confirmations, settlement of derivatives payments, management of legal agreements

and oversight of counterparty exposure for all derivatives. This team will coordinate

internally with portfolio teams and trading desks and externally with all street side

counterparties and prime brokers to achieve a consistent operating model with

strong controls.

Business Operations is

currently in more than 20

operating centers around the

world. In addition to the Americas,

we have dedicated regional teams

in the Pacific Rim and EMEA across

multiple locations supporting the

local manufacturing businesses.

Product and Channel Services} New Product Services is responsible for new product coordination across our

organization in partnership with the Global Client Group (GCG).

} Investor and Channel Services provides dynamic support to Portfolio Management

and GCG to ensure effective coordination across the operating infrastructure to

support the investment process.

Global Fund AdministrationThe Global Fund Administration team manages the accounting infrastructure and

operating control environment for BlackRock’s global commingled vehicles (i.e., mutual

funds, alternatives). The team consists of accounting and administrative professionals

who work closely with the fund’s management to oversee the fiduciary governance of

our commingled vehicles.

Shareholder, Transfer Agent and Distribution ServicesThe Shareholder, Transfer Agent and Distribution Services group is responsible for global

oversight of the Transfer Agents for the open-end, closed-end and alternatives products,

Dealer Servicing, Mutual Fund Dealing and Distribution for the US mutual funds and the

Shareholder Service Centers. This team provides support to the Global Client Group with

the launching of new products, mergers, proxies and servicing the distributors and

shareholders of our funds.

Some of the key functions of this group include distributor and vendor oversight,

commission monitoring, trade reconciliation, large trade monitoring, broker-dealer

support and input for board meetings.

Pension AdministrationThe Pension Administration group is responsible for Defined Contribution schemes,

bundled services and third-party administration. This rapidly growing business segment

is a key component of our institutional strategy in Europe.

Business Finance & Administration (BFA)Business Finance & Administration is responsible for management information systems,

resource management, strategic planning and operational risk and audit.

Provider Strategy

Provider Strategy is responsible for working across many parts of the firm to ensure

we are properly leveraging our counter-party relationships effectively, maximizing the

benefits of our scale in the industry.

The firm has strategic relationships with several key providers integral to our business

operations (for example, fund accounting, custody and trade processing). These

relationships are long term and complex, and they are financially material to the firm’s

overall performance and include most of the significant Service Providers in the industry.

Outsourced functions include: trade operations, corporate actions, reconciliations, cash

projections, fund accounting, custody, transfer agency, directed lending services, custom

processes, shadow accounting of client-appointed administrators, coordination and

reconciliations with client-appointed custodians and prime brokerage.



BlackRock and BlackRock Solutions are registered trademarks of BlackRock, Inc. iShares is a registered trademark of BlackRock Institutional Trust Company. All other trademarks are the property of their respective owners.



HR5051G-0511

Within the Global Client Group, we pride ourselves on creating, communicating and

delivering investment solutions for clients worldwide. To that end, we have teams of

professionals with expertise in the many functions that combined make this effort

successful and sustainable, including relationship management, marketing, sales,

client service, and product development and management.

The Global Client Group serves institutional and retail clients, including corporate,

public, union and industry pension plans; insurance companies; third-party mutual

funds; endowments; foundations; charities; corporations; official institutions; banks;

and individuals.

Professionals within the team work together to deliver a full range of asset management,

risk management and advisory services relevant to clients’ investment needs. Unified

under one global client platform, individual client businesses are accountable for client

relationships and distribution of products and services and are supported by a centralized

marketing function which ensures consistency globally.

The Global Institutional teams develop and maintain relationships with institutional

investors worldwide, including public and private pension plans, corporations, foundations,

endowments and industry consultants.

The US/Canada Retail team is responsible for distribution, marketing and product

management for BlackRock’s U.S.-registered products, including open-end funds,

closed-end funds and managed accounts.

The International Retail works in partnership with distributor clients across EMEA

(Europe, Middle East, Africa), APR (Asia Pacific), Australia, Latin America and Japan.

Distributors include retail and private banks, insurance companies and financial advisory

networks, the most notable of which is ML Global Wealth Management. The product

range includes open-ended funds, closed-ended funds and alternative investments. The

Luxemburg-domiciled BlackRock Global Fund (BGF) range is the main open-ended retail

fund range which is distributed across 35 countries in 15 languages and incorporates a

broad range of equity, fixed income, balanced and cash funds. Separately, there

are domestic fund ranges in the UK, Japan and Australia.

The Cash Management teams are responsible for distribution, marketing and product

management for BlackRock’s broad array of liquidity portfolios, ranging from traditional

money market funds and other commingled vehicles, to tailored separately managed

accounts. The team services BlackRock’s liquidity clients, which vary from individual

investors to institutions in the US and the rest of the world.

The Global Client Group hires

professionals with industry





Qualities of a Global Client Group Candidate

} Team player

} Strong analytical skills

} Excellent written and oral

communication skills

} Interest in global capital markets

and portfolio management

} Independent thinker who takes initiative

} Relevant work experience, with

experience abroad a plus

} Demonstrated interest in BlackRock

} Attention to detail

Global Client Group (GCG)

The Global Marketing team provides support across the organization in the forms

of creative services, including project management and graphic design; e-business

solutions, including Web design, execution and maintenance; investment and product

communications; corporate event planning; advertising, brand management and

broadcast media.

The iShares brand was launched in 2000 and has since become the leading ETF provider

with over $450 billion in assets under management globally and just under 50% US ETF

industry market share, as of October 2009. iShares runs almost 400 ETFs globally, holding

securities in various asset classes ranging from US domestic equity to fixed income, to

emerging and frontier markets. The target audience for iShares includes intermediaries

(financial advisors) and institutional investors.

iShares ETFs are built around indices by virtually every leading index provider:

Barclays Capital, Cohen & Steers, Dow Jones, FTSE, FSTE/Xinhua, iBoxx, JPMorgan,

Morningstar, MSCI, NASDAQ, NYSE, Russell and Standard & Poor’s. They are diversified

like typical index funds, but trade like an exchange-listed security, with the advantages

of transparency, cost- and tax-efficiency, and index exposure. The iShares business

believes its competitive advantages lie in the depth and breadth of its products, the

unique expertise and service of its client relationship teams, and its brand strength.






HR5051H-0511

Global Client Group Analyst Program

GCG functions as the liaison between

BlackRock and our asset management

clients. As an analyst on the team, your

responsibilities may include:

} Working with the portfolio managers

to prepare portfolio reviews, market

updates and research reports

} Participating in client presentations

} Working with all departments to

respond to clients’ needs/inquiries

} Working with clients to set up

accounts and develop benchmarks,

investment guidelines and portfolio

structuring analysis

} Participating in new business

opportunities, marketing and

responding to requests for

proposals (RFPs)

BlackRock’s infrastructure groups encompass myriad essential

corporate functions that support every BlackRock employee and

client, and every aspect of the firm’s business.

Corporate Services — Provides a range of office management,

infrastructure support and administrative services that include

the day-to-day operations of BlackRock offices, the design and

maintenance of our internal systems and the support tools

necessary to run a company efficiently and cost effectively.

Corporate Services is comprised of five teams: Business

Services, Design & Construction, Facilities Management,

Real Estate, and Security.

Corporate Communications — Works to promote and

protect one of the firm’s most important assets: its reputation.

Responsibilities include projecting BlackRock’s brand, products

and services to clients and prospects through the news media

and working with analysts and investors to promote understanding

of the investment merits of the Company’s common stock (NYSE:

BLK). The Corporate Communications Group is broken down into

two segments: Media Relations and Investor Relations.

Human Resources — Provides a broad range of services,

programs and products to BlackRock employees and business

managers. Human Resources manages its operations through

a combination of business alignment, cross-business services

and functional specialties.

Corporate Strategy — Supports organic and inorganic

growth opportunities on a global basis, provides analytical

support to BlackRock’s operating groups, leads merger and

acquisition opportunities from origination to post-merger

integration, coordinates the firm’s global strategic planning

process and develops management reporting tools to assist

senior management decision-making.

Finance — Is responsible for the accounting, financial reporting,

measurement and control of the financial resources of BlackRock

and its subsidiaries. The Finance Group is comprised of three

units: Accounting Policy and Controls, Business Finance, and

Corporate Controllers. General functions include financial

accounting, financial reporting, management accounting,

treasury, tax accounting, compensation/payroll accounting,

auditing and certain other compliance functions.

Legal & Compliance — Oversees BlackRock’s compliance

with applicable laws and rules, and is responsible for, among

other things, establishing legal and compliance policies and

procedures that meet applicable regulatory requirements and

testing the operative effectiveness of those policies and

procedures; overseeing all regulatory matters (employees

must direct all communications regarding such matters to

a Department member); coordinating all litigation and legal

proceedings; negotiating contracts (except certain BRS

contracts); and providing compliance training.



BlackRock and BlackRock Solutions are registered trademarks of BlackRock, Inc. iShares is a registered trademark of BlackRock Institutional Trust Company, N.A. All other trademarks are the property of their respective owners.



HR5051I-0511

Infrastructure

BlackRock offers a range of investment products — equity, fixed income, liquidity and

alternative investment — each managed by a dedicated investment team of portfolio

managers, research analysts and traders. BlackRock’s investment teams are staffed

with professionals who have significant experience within their respective markets. Our

portfolio teams manage assets for institutional and individual investors alike. Accordingly,

all of our clients benefit from our portfolio management expertise and risk management

analytics. There are a number of opportunities to join portfolio management from within

BlackRock as it selects many of its members from various groups in the company.

All of our portfolio managers leverage the expertise of other investment teams through

the strength of a shared research, trading and risk management platform. For example,

GalileoTM, part of our proprietary risk management system, provides company research

and analysis through online access and formally integrates this information into our fixed

income and equity portfolio management process. Our investment professionals benefit

from the resources of a world-class firm that continually invests in its business and is

differentiated by a team approach and integrated research and risk management.

The Equities team manages a full range of equity strategies that span the risk/return

spectrum, along with several targeted opportunities in specific market sectors. More

than 40 investment teams — consisting of portfolio managers, research analysts and

traders — manage style-specific portfolios built on BlackRock company research in

each major equity asset class.

The Tax-Exempt Fixed Income team manages long-term and short-term municipal

bonds; it is one of the largest managers of municipal assets. All portfolio management,

research and trading activities within the firm’s municipal bond business is overseen by

BlackRock’s Municipal Bond Management Committee, which includes six senior members

of the tax-exempt team. Day-to-day activity is conducted by a dedicated portfolio

management team of over 25 professionals, and is further supported by 12 municipal

research analysts.

The Taxable Fixed Income team offers an array of fixed income products designed to

meet specific client risk and return profiles. Incorporating the expertise of BlackRock’s

sector specialists, each client portfolio is tailored to reflect specific investment guidelines

and objectives with respect to interest rate exposure, sector allocation and credit quality.

The BlackRock Multi-Asset Client Solutions (BMACS) team within the Portfolio

Management Group is responsible for developing and managing investment solutions

involving multiple strategies and asset classes. The BMACS team includes over 130

portfolio managers, quantitative analysts, investment strategists, research analysts,

economists and actuaries.

Portfolio Management Group (PMG)

The Portfolio Management Group

hires professionals with industry





Qualities of a Portfolio

Management Group Candidate

} A passion for the markets and investing

} Ability to operate in a team-oriented

and collaborative environment

} Excellent analytical, communication

and interpersonal skills

} Self-motivated, flexible and adaptable

in an ever-changing environment

} Exercises good judgment coupled with

the ability to make decisions quickly

} Possesses an affinity for intelligent

risk taking

} Ability to produce high-quality,

detail-oriented work

The Cash Management team are cash portfolio managers

who make issue selection, duration, yield curve management

and sector allocation decisions as part of the firm’s Liquidity

Investment Strategy Committee and in concert with the broader

fixed income strategy of the firm. BlackRock is one of the world’s

largest managers of liquidity portfolios. Our clients include a

broad array of individual investors and institutions in the U.S.

and the rest of the world. BlackRock’s cash management products

range from traditional money market funds and other commingled

vehicles, to tailored separately managed accounts. From pure

cash out to Libor mandates, we manage cash in a wide variety of

currencies. As cash managers, we favor a conservative approach

that includes an unwavering focus on credit quality, detailed analysis

and risk management.

The Product Specialists team provides essential services to both

the Portfolio Management Group (PMG) and the Global Client

Group (GCG), serving as the link between investment teams and

account managers.

The Scientifically Driven Active Equities group relies on

a quantitative approach to conducting research, portfolio

management and trading, in order to maximize returns and

minimize costs. The Index group manages portfolios benchmarked

against a variety of domestic and international indices, using the

best portfolio construction techniques and driving profit through

finding efficiencies and enhancing capabilities. The Securities

Lending business provides clients with additional revenues through

lending securities in a risk aware manner.

The Scientifically Driven Fixed Income business is comprised

of 180 investment professionals who manage portfolios across a

full range of strategies that span the risk/return spectrum from

index to active products.

The Transition Management Group manages significant portfolio

reorganizations on behalf of clients with the aim of minimizing

cost and controlling risk. These transitions are multi asset class

and multi currency and based on a proven process and risk

management systems that can be adapted to suit specific

client needs, prevailing market conditions or any unforeseen

circumstances. The Transition Management Group is split into two

functions: project management and trading strategy. Combined

they are responsible for all aspects of service delivery, including

operations, analysis, strategy and trading. The Transition Project

Manager role requires involvement in virtually all aspects of this

process with emphasis on working in a team environment to help

coordinate the transition from the initial planning and preparation

stage, through the implementation phase and towards a successful

completion. The role requires liaising with clients, consultants,

investment banks, fund managers and custodians. The Transition

Trader has prime responsibility for devising and implementing the

trading strategy, including pre- and post-analysis of a transition at

a market and individual security level.

Portfolio Management Group Analyst Program

PMG is the core of BlackRock’s premier, global investment

management expertise. As an analyst on the team, your

responsibilities may include:

} Support in the creation, production and delivery of risk

management reports

} Help portfolio managers to apply proprietary techniques for

portfolio construction and alpha generation

} Maintain general sector allocations and consistency with the

group’s portfolio strategy



BlackRock is a registered trademark and Galileo is a trademark of BlackRock, Inc. All other trademarks are the property of their respective owners.



HR5051J-0511

Jargon and Investment Terms

AA Administrative Assistant

ABS Asset-Backed Securities

ADAM Assignment Data Access Maintenance

ALADDIN Asset, Liability, Administration, Debt and Derivative Investment Network

ALT-A Mortgage Product

ARM Adjustable-Rate Mortgage

AUM Assets Under Management

BAA BlackRock Alternative Advisors

BAI BlackRock Alternative Investments

BCM Business Continuity Management

BCP Business Continuity Planning

BFM BlackRock Financial Management

BMACS BlackRock Multi-Asset Client Solutions

BP Basis Point

BRU BlackRock University

BRS BlackRock Solutions

BSAM BlackRock Separate Account Management

CDO Collateralized Debt Obligation

CDS Credit Default Swap

CLO Collateralized Loan Obligation

CMBS Commercial Mortgage-Backed Security

CMG Cash Management Group

CMO Collateralized Mortgage Obligation

CO Client Operations

COB Close of Business

CORP Corporate Bond

CPI Consumer Price Index

DB Defined Benefit

DC Defined Contribution

EM Emerging Markets

EMEA Europe, Middle East, Africa

EPS Earnings Per Share

ERISA Employee Retirement Income Savings Act

ETF Exchange-Traded Fund

FI Fixed Income

FIG Financial Institutions Group

FMA Financial Markets Advisory

FNMA Federal National Mortgage Association (Fannie Mae)

FRA Forward Rate Agreement

FRE Freddie Mac


HR5070A-0811

GCG Global Client Group

GCR Global Consultant Relations Group

GEC Global Executive Committee

GIPS Global Investment Performance Standards

GNMA Government National Mortgage Association, or Ginnie Mae

GP Green Package

GSE Government Sponsored Enterprise

HCC Human Capital Committee

IG Investment Grade

ILB Inflation Linked Bonds

IO Interest Only Bonds

IPO Initial Public Offering

ISG Investment Strategy Group

LIBOR London Interbank Offer Rate

MBS Mortgage Backed Securities

MF Mutual Fund

NAV Net Asset Value

NTM Next Twelve Months

OAC Option-Adjusted Convexity

OAD Option-Adjusted Duration

OAS Option-Adjusted Spread

OTC Over the Counter

P/B Price to Book

P/CF Price to Cash Flow

P/E Price to Earnings

P/S Price to Sales

PAG Portfolio Analytics Group

PAS Proprietary Alpha Strategies

PAZ Park Avenue Plaza

PCG Private Client Group

PEG Product Engagement Group

PI Private Investor

PM Portfolio Manager

PMG Portfolio Management Group

PO Principal Only Bonds

RFP Request for Proposal

RE Real Estate

ROE Return on Equity

RQA Risk and Quantitative Analysis

SMA Separately Managed Accounts

TRIM Merrill Lynch Transition Management

YTM Years to Maturity

blackrock overview

Documents