PNC Bank 2002 Annual Report Download - page 18

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16
BlackRock is recog-
nized as a leader among
investment managers,
tailoring investment
and risk management
solutions, and delivering
the highest quality serv-
ice to its clients world-
wide. During 2002:
BlackRock is the nation’s third
largest publicly-traded investment
management firm, with $273 bil-
lion of assets under management
at December 31, 2002. Over the
past three years, we have attracted
$90 billion in net new business,
driving an industry-leading
25% compound annual growth
rate in earnings per share.
BlackRock’s strategies for
growth are clearly defined. First
and foremost, we must sustain
the firm’s “culture of excellence”
as we expand globally. Equally
important, we must maintain
our investment discipline and
achieve competitive investment
results. Finally, we have made,
and will continue to make,
selective investments to enhance
our capabilities.
In the past year, we made
key investments in our domestic
equity effort. We also are invest-
ing in our international, private
client, and high net worth distri-
bution and service capabilities.
In addition, we continue to invest
in BlackRock Solutions, our
technology and risk management
business, to support investment
operations for BlackRock and
our clients.
We employ a disciplined,
firmwide approach to implement-
ing each of our strategic initiatives.
For example, since executing
the initiative to enhance our
international equity team in
January 2000, we have raised
over $11 billion in new business
in these products. Success in
implementing BlackRock’s cur-
rent strategies should enable us
to expand our franchise, enhance
our competitive position, and cre-
ate shareholder value over time.
BLACKROCK
•240 new and existing clients
awarded BlackRock with more
than $21 billion in new fixed
income, liquidity, and equity
separate account assets
•BlackRock expanded its global
client base, serving individual
and institutional investors
throughout the United States
and 33 countries worldwide
•BlackRock Solutions completed
three system implementations
and added 11 new risk manage-
ment assignments, growing
revenues by more than 50%