PNC Bank 2001 Annual Report Download - page 22

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01
$239
00
$204
99
$165
0
60
120
180
240
98
$131
BLACKROCK
ASSETS UNDER
MANAGEMENT
(in billions)
with Hilliard Lyons in 2002. The
combined organization will operate as
PNC Investments in PNC’s six-state
retail banking region, while Hilliard
Lyons will retain its brand name in the
markets where it is well established.
Investments in technology
also continue to enhance PNC
Advisors’ distribution platform. Clients
can effect certain transactions through
the PNC Bank Account Link®system,
a secure portal, and can securely view
all of their PNC Advisors accounts
and access helpful information on the
www.pncadvisors.com Web site. In
addition, the implementation of new
software applications will provide Client
Advisors with more detailed information
to support long-term financial planning
and improve their ability to respond
to clients’ changing needs.
BlackRock (NYSE: BLK)
continued to build on its position as
one of the nation’s premier investment
management companies. Assets under
management ended the year up 17%
to $239 billion, and diluted earnings
per share increased by 22%. BlackRock
continued to differentiate itself as a
growth firm, with last year’s results
driven by over $31 billion in net new
business and strong contributions from
an increasingly diverse product mix.
In its core fixed income business,
BlackRock’s assets under management
reached a record $135 billion. In addition
to robust new business from institutional
clients, BlackRock raised $3.2 billion of
closed-end bond fund assets during 2001,
more than any other manager in the
industry. Liquidity assets increased 30%
to $80 billion at year-end, with growth
driven by an extraordinarily favorable
interest rate environment and strong
sales. International equity assets
approached $9 billion, with over $2
billion of net new business supporting
growth in the face of declining equity
markets in 2001.
New efforts also contributed
significantly to BlackRock’s results during
the year. Nearly $800 million of new cap-
ital commitments in real estate finance
offerings supported growth in alternative
investments. In BlackRock Solutions,
the firm’s risk management and systems
services effort, 11 new assignments were
added and revenues increased by more
than 50%. The firm also continued to
build its domestic equity capabilities,
most visibly with the addition of a new
seven-person small and mid cap value
team based in Boston, and additional
investments are being pursued.
In January 2002, Global Investor
named BlackRock U.S. bond manager of
the year, citing the strength and consis-
tency of the firm’s team, investment
process and investment performance.
With its established position as a premier
20