BlackRock, Inc. is the world’s largest asset manager, overseeing $14.041 trillion in assets under management as of the end of December 2025. Its investment platform is highly diversified, with 55% of AUM allocated to equity strategies, 23% to fixed income, 9% to multi-asset products, 6% to money market funds, and 5% to alternatives. Passive strategies represent more than two-thirds of long-term AUM, while the firm’s ETF business holds a leading market share in both the US and global markets. Distribution is primarily focused on institutional investors, which we estimate make up roughly 80% of total AUM. BlackRock also benefits from broad geographic diversification, serving clients in more than 100 countries, with over one-third of managed assets sourced from investors based outside the US and Canada.