PNC Bank 2000 Annual Report Download - page 29

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and diluted earnings per share increasing
by 25% , 29% and 30%, respectively.
Assets under management grew by 24%
to $204 billion, led by a 35% increase
in separate account assets. Net new
business accounted for over 80% of growth
in assets under management, and included
a substantial amount of additional sub-
scriptions from existing clients — a clear
endorsement of the firm’s success in
achieving client investment objectives
and service expectations.
A number of BlackRock’s achieve-
ments in 2000 have helped to create a
solid platform for future growth. The
firm delivered exceptional investment per-
formance in its fixed income and liquidity
products. The successful integration of a
European equity team in Edinburgh result-
ed in more than $6 billion in new European
equity mandates. New leadership was
added to the domestic large cap value
team, significantly improving performance
in existing portfolios. BlackRock Solutions
was successfully launched (see story). And
the firm continued to expand its personnel
base, including the addition of more than
50 college graduates, reflecting the firm’s
commitment to building from within.
In 2001, BlackRock will continue to
focus on its overriding objective — deliver-
ing superior investment performance and
exceptional service to its clients — while
pursuing strategies to build on its core
strengths and selectively expand the firm’s
expertise and breadth of distribution.
BL A C K RO C K
BLACKROCK SOLUTIONS
Since its founding, BlackRock has invested
substantial resources in the development
of proprietary analytics and technology to
enhance its investment process and operating
efficiency. The resulting industry-leading
capabilities are unique in their integration of
sophisticated risk analytics with a comprehensive
trading system that features straight-through,
paperless processing of the firm’s investment
operations. Since 1994, BlackRock has selectively
met client requests for access to these
services, and has reinvested the revenue generated
from these assignments to further refine and
enhance its analytics and systems. In August 2000,
BlackRock announced that these services would
be offered to a broader universe of institutional
investors under the name BlackRock Solutions,
building in 2001 on a year-end base of over
$1.37 trillion in “ assets under risk management.”
27
ne of the nation’s premier investment
management companies, BlackRock
offers a full range of investment products
through individually managed accounts
and mutual funds, including its flagship
fund families, BlackRock Funds and
BlackRock Provident Institutional Funds.
Through BlackRock Solutions, the firm
also offers sophisticated risk management
and investment technology services to
large institutional investors.
BlackRock delivered exceptional
returns for shareholders in its first full
year as a public company (NYSE: BLK).
The firm’s financial performance was
strong, with revenue, operating income
O
AS S E T S UN D E R
MA N A G E M E N T
(in billions)
$131
98 99 00
$165
$204