{ "schema_version": "1.0", "title": "The Land of Monopoly — Map of Financial Power", "reviewed": "2026-10-10", "scope": "Selected sourced relationships and explicitly marked illustrative mechanisms. Dates and rights differ; not a synchronized holdings census.", "nodes": [ { "id": "blackrock", "name": "BlackRock", "kind": "manager", "description": "Public investment manager, ticker BLK; historical origin at Blackstone does not establish present corporate ownership." }, { "id": "vanguard", "name": "Vanguard", "kind": "manager", "description": "Investment manager owned by its member funds, which are owned by fund shareholders." }, { "id": "statestreet", "name": "State Street Corporation", "kind": "bank", "description": "Investment-servicing and investment-management group." }, { "id": "ishares", "name": "iShares", "kind": "manager", "description": "ETF business included in BlackRock's acquisition of Barclays Global Investors in December 2009." }, { "id": "aladdin", "name": "Aladdin", "kind": "data", "description": "BlackRock investment and risk-management technology platform; eFront expanded its private-market capabilities." }, { "id": "microsoft", "name": "Microsoft", "kind": "company", "description": "Public technology company, Azure cloud provider, and Aladdin client through its treasury. Portfolio stake links refer to Microsoft corporate shares." }, { "id": "bny", "name": "BNY", "kind": "bank", "description": "Custody and fund-services provider, called BNY Mellon in the cited announcement." }, { "id": "citi", "name": "Citi", "kind": "bank", "description": "Bank and institutional fund-services provider." }, { "id": "jpmorgan", "name": "JPMorgan Chase", "kind": "bank", "description": "Banking group and fund-services provider; acquirer in several crisis-era transactions." }, { "id": "blackstone", "name": "Blackstone", "kind": "private", "description": "Public alternative asset manager, ticker BX; distinct from BlackRock." }, { "id": "apollo", "name": "Apollo Global Management", "kind": "private", "description": "Alternative asset manager and parent of retirement-services business Athene following their 2022 merger." }, { "id": "kkr", "name": "KKR", "kind": "private", "description": "Alternative asset manager; owner and asset manager of Global Atlantic." }, { "id": "gip", "name": "Global Infrastructure Partners", "kind": "private", "description": "Infrastructure investment-management business acquired by BlackRock in October 2024." }, { "id": "preqin", "name": "Preqin", "kind": "data", "description": "Private-markets data, benchmark, and analytics provider acquired by BlackRock in March 2025." }, { "id": "hps", "name": "HPS Investment Partners", "kind": "private", "description": "Credit-focused investment-management business acquired by BlackRock in July 2025." }, { "id": "member-funds", "name": "Vanguard member funds", "kind": "capital", "description": "Fund entities that own Vanguard. Their shareholders own interests in the funds." }, { "id": "fund-investors", "name": "Fund investors and savers", "kind": "capital", "description": "Individuals and institutions investing in fund shares or managed accounts. Their investments bear gains, losses, and expenses." }, { "id": "institutional-clients", "name": "Institutional asset owners and clients", "kind": "capital", "description": "Pensions, insurers, asset managers, and other institutions using investment-management or asset-servicing services." }, { "id": "vanguard-capital-management", "name": "Vanguard Capital Management", "kind": "manager", "description": "Wholly owned Vanguard investment adviser with a distinct management and stewardship team, effective January 12, 2026." }, { "id": "vanguard-portfolio-management", "name": "Vanguard Portfolio Management", "kind": "manager", "description": "Wholly owned Vanguard investment adviser with a distinct management and stewardship team, effective January 12, 2026." }, { "id": "statestreet-im", "name": "State Street Investment Management", "kind": "manager", "description": "State Street's asset-management business, formerly State Street Global Advisors; renamed June 30, 2025." }, { "id": "athene", "name": "Athene", "kind": "insurer", "description": "Retirement-services and annuity business under Apollo Global Management; insurance promises remain obligations to policyholders." }, { "id": "globalatlantic", "name": "Global Atlantic", "kind": "insurer", "description": "Retirement and life-insurance group; KKR ownership reached 100% in January 2024." }, { "id": "brookfield_wealth", "name": "Brookfield Wealth Solutions", "kind": "insurer", "description": "Insurance and reinsurance organization formerly named Brookfield Reinsurance; renamed September 6, 2024. It acquired American Equity in May 2024." }, { "id": "american_equity", "name": "American Equity Investment Life", "kind": "insurer", "description": "US fixed-rate and fixed-index annuity group acquired by Brookfield Reinsurance in 2024." }, { "id": "ares", "name": "Ares Management", "kind": "private", "description": "Alternative manager spanning credit, real estate, private equity and infrastructure." }, { "id": "gcp_international", "name": "GCP International", "kind": "manager", "description": "International GLP Capital Partners business acquired by Ares, excluding Greater China; logistics, real estate and digital infrastructure capabilities." }, { "id": "amundi", "name": "Amundi", "kind": "manager", "description": "Asset manager that bought Lyxor from Societe Generale in 2021." }, { "id": "lyxor", "name": "Lyxor", "kind": "manager", "description": "ETF and active-management business transferred from Societe Generale to Amundi in December 2021." }, { "id": "morganstanley", "name": "Morgan Stanley", "kind": "bank", "description": "Investment bank, wealth manager and investment manager; expanded distribution and management through E*TRADE and Eaton Vance acquisitions." }, { "id": "etrade", "name": "E*TRADE", "kind": "bank", "description": "Direct-to-consumer brokerage and wealth platform acquired by Morgan Stanley in 2020." }, { "id": "eatonvance", "name": "Eaton Vance", "kind": "manager", "description": "Asset-management business acquired by Morgan Stanley in March 2021." }, { "id": "bnpcardif", "name": "BNP Paribas Cardif", "kind": "insurer", "description": "BNP Paribas insurance business; bought AXA IM and owns the unified BNP Paribas Asset Management structure." }, { "id": "axaim", "name": "AXA Investment Managers", "kind": "manager", "description": "Former AXA management business acquired by Cardif July 2025; main legal entities merged into the unified BNP Paribas Asset Management structure December 2025." }, { "id": "bnppam", "name": "BNP Paribas Asset Management", "kind": "manager", "description": "Unified management platform combining the main legal entities of BNPP AM, AXA IM and BNPP REIM since December 31, 2025." }, { "id": "axagroup", "name": "AXA Group", "kind": "insurer", "description": "Insurer that sold AXA IM while entering a separate long-term agreement for management of a large portion of its assets." }, { "id": "spglobal", "name": "S&P Global", "kind": "data", "description": "Financial information, ratings and index group that merged with IHS Markit in 2022." }, { "id": "ihsmarkit", "name": "IHS Markit", "kind": "data", "description": "Information and analytics business combined with S&P Global in February 2022." }, { "id": "lseg", "name": "London Stock Exchange Group", "kind": "data", "description": "Financial markets infrastructure and data group that acquired Refinitiv in 2021." }, { "id": "refinitiv", "name": "Refinitiv", "kind": "data", "description": "Financial data, analytics and trading-tools business acquired by LSEG in January 2021." }, { "id": "blueowl", "name": "Blue Owl Capital", "kind": "private", "description": "Alternative manager formed by the 2021 combination of Owl Rock, Dyal and Altimar; GP Strategic Capital invests through non-controlling manager stakes and financing." }, { "id": "dyalfunds", "name": "Blue Owl / Dyal GP stakes funds", "kind": "capital", "description": "Investment funds managed by the GP Strategic Capital platform, formerly Dyal; their investors gain economic exposure to managers' fees, carried interest and balance-sheet returns." }, { "id": "vista", "name": "Vista Equity Partners", "kind": "private", "description": "Private-market manager; a Dyal-led group made a passive minority investment in 2015, with Vista retaining operational control." }, { "id": "silverlake", "name": "Silver Lake", "kind": "private", "description": "Technology investment manager; Dyal acquired a passive, non-voting interest of less than 10% in 2016." }, { "id": "hig", "name": "H.I.G. Capital", "kind": "private", "description": "Private-capital manager; Dyal acquired a passive, non-voting economic stake below 15% in 2016." }, { "id": "gp_managers", "name": "Private managers receiving primary capital", "kind": "private", "description": "Illustrative recipients in a primary GP-stake purchase: new equity is issued and cash enters the manager's balance sheet." }, { "id": "gp_owners", "name": "Existing private-manager owners", "kind": "capital", "description": "Illustrative recipients in a secondary GP-stake purchase: current holders sell their equity interests and receive the purchase proceeds." }, { "id": "aws", "name": "Amazon Web Services", "kind": "company", "description": "Additional Aladdin cloud option announced in December 2025." }, { "id": "amazon", "name": "Amazon Treasury", "kind": "company", "description": "Named among the first intended Aladdin-on-AWS adopters in the 2025 announcement." }, { "id": "msci", "name": "MSCI", "kind": "data", "description": "Index and investment-data provider; receives licensing fees from BlackRock products." }, { "id": "fmr", "name": "Fidelity Management & Research", "kind": "manager", "description": "Fidelity investment adviser identified as manager of Fidelity 500 Index Fund." }, { "id": "fidelity500", "name": "Fidelity 500 Index Fund", "kind": "capital", "description": "Index mutual fund managed by FMR and sub-advised by Geode." }, { "id": "geode", "name": "Geode Capital Management", "kind": "manager", "description": "Sub-adviser responsible for investments of selected Fidelity index funds." }, { "id": "dtcc", "name": "DTCC", "kind": "data", "description": "Centralized post-trade infrastructure for clearing, settlement and asset servicing." }, { "id": "market-participants", "name": "Brokers and market participants", "kind": "capital", "description": "Firms that use clearing and settlement infrastructure to complete securities trades." }, { "id": "nyfed", "name": "Federal Reserve Bank of New York", "kind": "bank", "description": "Financed and administered the historical corporate-credit emergency facility." }, { "id": "treasury", "name": "U.S. Treasury", "kind": "capital", "description": "Public equity investor in the historical Corporate Credit Facilities LLC." }, { "id": "ccfllc", "name": "Corporate Credit Facilities LLC", "kind": "capital", "description": "Historical special-purpose vehicle; terminated December 17, 2021." }, { "id": "corporate-debt", "name": "Eligible corporate bonds and bond ETFs", "kind": "capital", "description": "Assets purchased in secondary markets by the historical SMCCF." }, { "id": "bearstearns", "name": "Bear Stearns", "kind": "bank", "description": "Merged into JPMorgan Chase on May 30, 2008." }, { "id": "wamu", "name": "Washington Mutual banking operations", "kind": "bank", "description": "Banking operations acquired by JPMorgan from FDIC receivership in September 2008." }, { "id": "firstrepublic", "name": "First Republic Bank", "kind": "bank", "description": "Deposits and substantially all assets transferred to JPMorgan Chase Bank in May 2023." }, { "id": "pnc", "name": "PNC Financial Services", "kind": "bank", "description": "Acquired BlackRock in 1995; disposed of its investment in 2020, apart from shares designated for its foundation." }, { "id": "merrill-lynch-im", "name": "Merrill Lynch Investment Managers", "kind": "manager", "description": "Investment-management business combined with BlackRock in September 2006." }, { "id": "barclays-global-investors", "name": "Barclays Global Investors", "kind": "manager", "description": "Investment-management business merged into BlackRock in December 2009, including iShares." }, { "id": "efront", "name": "eFront", "kind": "data", "description": "Alternative investment-management software business acquired by BlackRock in May 2019." }, { "id": "blackstone-funds", "name": "Blackstone-managed investment vehicles", "kind": "capital", "description": "Aggregate map node for distinct affiliated funds and vehicles; it is not one legal fund. AIR and QTS were acquired through different vehicles." }, { "id": "air-communities", "name": "AIR Communities", "kind": "company", "description": "Apartment Income REIT Corp.; privatized by Blackstone Real Estate Partners X in June 2024." }, { "id": "qts", "name": "QTS Realty Trust", "kind": "company", "description": "Data-center business privatized by affiliates of Blackstone investment vehicles in August 2021." }, { "id": "charles-river", "name": "Charles River Development", "kind": "data", "description": "Investment-management software business acquired by State Street in October 2018." }, { "id": "state-street-alpha", "name": "State Street Alpha", "kind": "data", "description": "State Street investment-services platform combining Charles River technology with servicing, markets, and data capabilities." }, { "id": "apple", "name": "Apple", "kind": "company", "description": "Operating-company example; institutional beneficial-ownership disclosures distinguish voting and disposal powers." }, { "id": "lockheed", "name": "Lockheed Martin", "kind": "company", "description": "Operating-company example with substantial benefit-plan trust holdings in State Street's reported total." } ], "edges": [ { "id": "core-investors-own-funds", "from": "fund-investors", "to": "member-funds", "type": "ownership", "label": "Own fund shares", "date": "Structure verified 2026-10-10", "detail": "Shareholders own interests in Vanguard's member funds.", "limit": "An investor owns shares of a fund; that is distinct from personally owning each portfolio company's assets.", "sources": [ "core-vanguard-ownership", "core-sec-fund-flows" ], "layer": "big-three", "evidence_status": "documented" }, { "id": "core-funds-own-vanguard", "from": "member-funds", "to": "vanguard", "type": "ownership", "label": "Member funds own Vanguard", "date": "Structure verified 2026-10-10", "detail": "Vanguard is owned by its member funds, which are in turn owned by fund shareholders.", "limit": "This is Vanguard's member-fund structure, not a reciprocal publicly traded ownership loop with BlackRock or State Street.", "sources": [ "core-vanguard-ownership" ], "layer": "big-three", "evidence_status": "documented" }, { "id": "core-vanguard-vcm", "from": "vanguard", "to": "vanguard-capital-management", "type": "ownership", "label": "Wholly owned adviser", "date": "2026-01-12", "detail": "Vanguard reorganized portfolio management and proxy-voting administration into this subsidiary and Vanguard Portfolio Management.", "limit": "An internal reorganization does not itself establish that underlying portfolio securities were sold.", "sources": [ "core-vanguard-reorganization" ], "layer": "big-three", "evidence_status": "documented" }, { "id": "core-vanguard-vpm", "from": "vanguard", "to": "vanguard-portfolio-management", "type": "ownership", "label": "Wholly owned adviser", "date": "2026-01-12", "detail": "Vanguard Portfolio Management became one of two wholly owned advisers with separate management and proxy-voting teams.", "limit": "Both advisers remain within Vanguard; distinct teams do not create two independent corporate parents.", "sources": [ "core-vanguard-reorganization" ], "layer": "big-three", "evidence_status": "documented" }, { "id": "core-vcm-funds", "from": "vanguard-capital-management", "to": "member-funds", "type": "management", "label": "Manages assigned funds", "date": "2026-01-12", "detail": "Provides portfolio-management and proxy-voting administration services to its aligned Vanguard funds.", "limit": "The assignment applies to selected funds, not every Vanguard member fund.", "sources": [ "core-vanguard-reorganization" ], "layer": "big-three", "evidence_status": "documented" }, { "id": "core-vpm-funds", "from": "vanguard-portfolio-management", "to": "member-funds", "type": "management", "label": "Manages assigned funds", "date": "2026-01-12", "detail": "Provides portfolio-management and proxy-voting administration services to its aligned Vanguard funds.", "limit": "The assignment applies to selected funds, not every Vanguard member fund.", "sources": [ "core-vanguard-reorganization" ], "layer": "big-three", "evidence_status": "documented" }, { "id": "core-vanguard-blackrock-stake", "from": "vanguard", "to": "blackrock", "type": "portfolio", "label": "8.31% disclosed in 2025 proxy", "date": "2025 proxy; underlying filing 2024-02-13", "detail": "BlackRock's 2025 ownership table reports 12,890,008 shares attributed to Vanguard.", "limit": "Historical proxy disclosure based on a February 2024 Schedule 13G/A, not live holdings. Reported investment and voting authority differ; this is not a controlling ownership claim.", "sources": [ "core-blackrock-proxy-2025", "core-sec-13f" ], "layer": "big-three", "evidence_status": "documented" }, { "id": "core-blackrock-statestreet-stake", "from": "blackrock", "to": "statestreet", "type": "portfolio", "label": "8.63% disclosed in 2025 proxy", "date": "2025 proxy; underlying holdings 2023-12-31", "detail": "State Street's 2025 proxy lists 24,910,069 shares attributed to BlackRock.", "limit": "Percentage uses March 3, 2025 shares outstanding but underlying holdings come from December 31, 2023, reported January 25, 2024. A dated managed-portfolio disclosure, not current control.", "sources": [ "core-statestreet-proxy-2025" ], "layer": "big-three", "evidence_status": "documented" }, { "id": "core-vanguard-statestreet-stake", "from": "vanguard", "to": "statestreet", "type": "portfolio", "label": "12.84% disclosed in 2025 proxy", "date": "2025 proxy; underlying holdings 2023-12-29", "detail": "State Street's 2025 proxy lists 37,066,919 shares attributed to Vanguard.", "limit": "Percentage uses March 3, 2025 shares outstanding but holdings come from December 29, 2023, reported February 13, 2024. Not a current ownership or voting-power percentage.", "sources": [ "core-statestreet-proxy-2025" ], "layer": "big-three", "evidence_status": "documented" }, { "id": "core-blackrock-gip", "from": "blackrock", "to": "gip", "type": "ownership", "label": "Acquired infrastructure manager", "date": "2024-10-01", "detail": "The completed combination formed an infrastructure platform reported at approximately $170 billion AUM at announcement.", "limit": "Acquiring the manager is distinct from BlackRock corporately owning every fund asset or infrastructure investment.", "sources": [ "core-gip-close" ], "layer": "private", "evidence_status": "documented" }, { "id": "core-blackrock-preqin", "from": "blackrock", "to": "preqin", "type": "ownership", "label": "Acquired private-market data provider", "date": "2025-03-03", "detail": "Acquired 100% of Preqin for approximately $3.2 billion enterprise value in cash, funded through senior-note proceeds and available cash.", "limit": "Preqin's data coverage is not an investment portfolio or additional AUM.", "sources": [ "core-preqin-filing", "core-preqin-close" ], "layer": "infrastructure", "evidence_status": "documented" }, { "id": "core-blackrock-hps", "from": "blackrock", "to": "hps", "type": "ownership", "label": "Acquired credit investment manager", "date": "2025-07-01", "detail": "HPS became part of BlackRock's Private Financing Solutions platform; the completion release described $190 billion in combined private-credit client assets.", "limit": "Combined platform assets and HPS standalone AUM have different scopes and must not be added together.", "sources": [ "core-hps-close" ], "layer": "private", "evidence_status": "documented" }, { "id": "core-statestreet-im", "from": "statestreet", "to": "statestreet-im", "type": "management", "label": "Operates asset-management business", "date": "2025-06-30", "detail": "State Street Global Advisors adopted the name State Street Investment Management.", "limit": "A business rebrand, not a new acquisition or a second independent asset manager.", "sources": [ "core-statestreet-rename" ], "layer": "big-three", "evidence_status": "documented" }, { "id": "core-blackrock-client-assets", "from": "blackrock", "to": "fund-investors", "type": "management", "label": "Manages client investments", "date": "2025-12-31", "detail": "BlackRock reported $14.0 trillion in group-wide client assets under management.", "limit": "A group-wide total across multiple client types and investment products; it is not BlackRock corporate wealth.", "sources": [ "core-blackrock-results-2025" ], "layer": "big-three", "evidence_status": "documented" }, { "id": "core-vanguard-client-assets", "from": "vanguard", "to": "fund-investors", "type": "management", "label": "Manages investments for clients", "date": "2025-12-31", "detail": "Vanguard reported $12 trillion in global assets under management.", "limit": "Client AUM differs from the value of Vanguard itself and includes multiple investment products.", "sources": [ "core-vanguard-scale" ], "layer": "big-three", "evidence_status": "documented" }, { "id": "core-statestreet-client-assets", "from": "statestreet-im", "to": "fund-investors", "type": "management", "label": "Manages client investments", "date": "2025-12-31", "detail": "State Street reported approximately $5.7 trillion AUM across its asset-management business.", "limit": "Includes multiple client types and about $173 billion of SPDR assets for which an affiliate acts solely as marketing agent.", "sources": [ "core-statestreet-results-2025" ], "layer": "big-three", "evidence_status": "documented" }, { "id": "core-statestreet-custody", "from": "statestreet", "to": "institutional-clients", "type": "custody", "label": "Safekeeping and administration", "date": "2025-12-31", "detail": "State Street reported $53.8 trillion in assets under custody and/or administration.", "limit": "Custody/admin does not imply beneficial ownership or investment control. This service total can overlap AUM and must not be added to it.", "sources": [ "core-statestreet-results-2025" ], "layer": "banks", "evidence_status": "documented" }, { "id": "core-funds-return-flows", "from": "member-funds", "to": "fund-investors", "type": "cash", "label": "Distributions and investment returns", "date": "Mechanism; verified 2026-10-10", "detail": "Funds distribute investment income and realized gains to shareholders; investors also experience changes in fund share value.", "limit": "Returns can be negative. Fund expenses reduce investor returns, and distributions are not the same thing as new wealth.", "sources": [ "core-sec-fund-flows", "core-sec-fees" ], "layer": "big-three", "evidence_status": "mechanism" }, { "id": "ext-apollo-athene", "from": "apollo", "to": "athene", "type": "ownership", "label": "Merged under one parent", "date": "2022-01-01", "detail": "Apollo and Athene completed an all-stock combination. Apollo Asset Management and Athene became principal subsidiaries of the combined Apollo Global Management parent.", "limit": "Corporate ownership of an insurer is different from personal ownership of policyholders' savings. Legal close was January 1; announcement was January 3.", "sources": [ "ext-apollo-sec", "ext-apollo-pr" ], "layer": "private", "evidence_status": "documented" }, { "id": "ext-kkr-ga-owner", "from": "kkr", "to": "globalatlantic", "type": "ownership", "label": "Ownership increased to 100%", "date": "2024-01-02", "detail": "After acquiring a majority in 2021, KKR acquired the remaining 37% of Global Atlantic in January 2024.", "limit": "100% refers to corporate equity ownership, not to KKR personally owning insurance customers' money.", "sources": [ "ext-kkr-ga" ], "layer": "private", "evidence_status": "documented" }, { "id": "ext-kkr-ga-manager", "from": "kkr", "to": "globalatlantic", "type": "management", "label": "Manages insurance investment assets", "date": "Since 2021; confirmed 2024-01-02", "detail": "KKR's acquisition announcement separately identifies its role as Global Atlantic's asset manager, providing investment and origination capabilities.", "limit": "Management authority and corporate ownership are separate relationships; an investment portfolio also supports insurance obligations.", "sources": [ "ext-kkr-ga" ], "layer": "private", "evidence_status": "documented" }, { "id": "ext-bws-ael-owner", "from": "brookfield_wealth", "to": "american_equity", "type": "ownership", "label": "Acquired fixed-annuity insurer", "date": "2024-05-02", "detail": "Brookfield Reinsurance completed the cash-and-stock acquisition of American Equity Investment Life for $56.50 per share. The acquirer subsequently adopted the Brookfield Wealth Solutions name.", "limit": "The acquiring insurance entity is distinct from Brookfield Asset Management. Transaction consideration is not the same measure as insurance assets under management.", "sources": [ "ext-bws-ael", "ext-bws-name", "ext-bam-ael" ], "layer": "private", "evidence_status": "documented" }, { "id": "ext-ares-gcp-owner", "from": "ares", "to": "gcp_international", "type": "ownership", "label": "Acquired international management business", "date": "2025-03-01", "detail": "Ares acquired the international business of GLP Capital Partners and certain affiliates, adding logistics, real estate and digital-infrastructure capabilities.", "limit": "Greater China operations were excluded. Legal close was March 1; the completion announcement was March 3. The business acquisition does not turn all managed assets into corporate balance-sheet property.", "sources": [ "ext-ares-gcp" ], "layer": "private", "evidence_status": "documented" }, { "id": "ext-amundi-lyxor-owner", "from": "amundi", "to": "lyxor", "type": "ownership", "label": "Bought Lyxor from Societe Generale", "date": "2021-12-31", "detail": "Amundi completed its acquisition of Lyxor for EUR 825 million cash and integrated EUR 148 billion of Lyxor assets under management as of year-end 2021.", "limit": "EUR 825 million was acquisition consideration; EUR 148 billion was client assets under management. The two amounts describe different things.", "sources": [ "ext-amundi-lyxor", "ext-amundi-close" ], "layer": "banks", "evidence_status": "documented" }, { "id": "ext-ms-etrade-owner", "from": "morganstanley", "to": "etrade", "type": "ownership", "label": "Acquired brokerage distribution platform", "date": "2020-10-02", "detail": "Morgan Stanley completed the all-stock acquisition of E*TRADE, adding its direct-to-consumer digital brokerage and equity-administration capabilities.", "limit": "Brokerage client assets do not become the bank's unrestricted corporate wealth simply because it owns the brokerage business.", "sources": [ "ext-ms-etrade" ], "layer": "banks", "evidence_status": "documented" }, { "id": "ext-ms-eaton-owner", "from": "morganstanley", "to": "eatonvance", "type": "ownership", "label": "Acquired asset-management business", "date": "2021-03-01", "detail": "Morgan Stanley completed its acquisition of Eaton Vance in a stock-and-cash transaction, combining asset-management capabilities and distribution.", "limit": "Ownership of an asset manager differs from ownership of the securities held by its clients and funds.", "sources": [ "ext-ms-eaton" ], "layer": "banks", "evidence_status": "documented" }, { "id": "ext-cardif-axaim-history", "from": "bnpcardif", "to": "axaim", "type": "history", "label": "Acquired AXA IM; later legally combined", "date": "2025-07-01", "detail": "BNP Paribas Cardif completed its acquisition of AXA Investment Managers. In December 2025, the main AXA IM, BNPP AM and BNPP REIM legal entities merged into a unified structure.", "limit": "AXA IM is shown as a historical transaction node; the unified current brand is BNP Paribas Asset Management.", "sources": [ "ext-bnp-axa", "ext-bnp-unified" ], "layer": "banks", "evidence_status": "documented" }, { "id": "ext-cardif-unified-owner", "from": "bnpcardif", "to": "bnppam", "type": "ownership", "label": "Owns unified management structure", "date": "2025-12-31", "detail": "The main legal entities of AXA IM, BNP Paribas Asset Management and BNP Paribas REIM merged into a unified structure owned by Cardif and operating under the BNP Paribas Asset Management brand.", "limit": "The merger concerns the main legal entities and management platform; the assets managed on behalf of clients remain a separate measure.", "sources": [ "ext-bnp-unified" ], "layer": "banks", "evidence_status": "documented" }, { "id": "ext-axa-management-mandate", "from": "axagroup", "to": "bnppam", "type": "management", "label": "Long-term insurance asset-management mandate", "date": "2025-07-01", "detail": "Alongside the AXA IM sale, BNP Paribas Cardif signed a long-term partnership with AXA Group to manage a large part of AXA's assets through the asset-management platform.", "limit": "This is an investment-management relationship, separate from the sale of the AXA IM company. The source does not establish that all AXA assets were transferred or sold.", "sources": [ "ext-bnp-axa", "ext-bnp-unified" ], "layer": "banks", "evidence_status": "documented" }, { "id": "ext-sp-ihs-merger", "from": "spglobal", "to": "ihsmarkit", "type": "history", "label": "Combined data and analytics businesses", "date": "2022-02-28", "detail": "S&P Global completed its merger with IHS Markit, consolidating information, analytics and benchmark capabilities; some businesses were divested at closing.", "limit": "This is ownership consolidation of financial information businesses, not ownership of every company covered by their data or indices.", "sources": [ "ext-sp-ihs" ], "layer": "infrastructure", "evidence_status": "documented" }, { "id": "ext-lseg-refinitiv-owner", "from": "lseg", "to": "refinitiv", "type": "ownership", "label": "Acquired financial data infrastructure", "date": "2021-01-29", "detail": "LSEG completed its all-share acquisition of Refinitiv, combining financial data, analytics, trading tools and market infrastructure.", "limit": "The Refinitiv sellers' 37% economic and 29% voting stakes described at closing were historical figures, not verified current holdings.", "sources": [ "ext-lseg-refinitiv" ], "layer": "infrastructure", "evidence_status": "documented" }, { "id": "ext-blueowl-dyal-history", "from": "blueowl", "to": "dyalfunds", "type": "history", "label": "Dyal platform became part of Blue Owl", "date": "2021-05-20", "detail": "Owl Rock, Dyal Capital Partners and Altimar completed a business combination forming Blue Owl. Dyal's successor GP Strategic Capital platform manages funds investing in private managers.", "limit": "The listed management company and its investment funds are separate entities; fund investors supply the investment capital.", "sources": [ "ext-blueowl-formation", "ext-blueowl-gp" ], "layer": "private", "evidence_status": "documented" }, { "id": "ext-dyal-vista-stake", "from": "dyalfunds", "to": "vista", "type": "portfolio", "label": "Passive minority economic stake", "date": "2015-07-14", "detail": "Vista announced a passive minority investment by a group led by Dyal Capital Partners, intended to support expansion of its management platform.", "limit": "Historical investment fact. Terms were not disclosed; Vista explicitly retained complete operational control. No current percentage is asserted.", "sources": [ "ext-dyal-vista" ], "layer": "private", "evidence_status": "documented" }, { "id": "ext-dyal-silverlake-stake", "from": "dyalfunds", "to": "silverlake", "type": "portfolio", "label": "Passive non-voting stake below 10%", "date": "2016-07-12", "detail": "Dyal acquired a passive, non-voting interest of less than 10% in Silver Lake in an all-primary transaction, providing capital for growth initiatives.", "limit": "Percentage refers to the 2016 transaction and is not presented as a verified current holding. Minority economic participation does not establish control.", "sources": [ "ext-dyal-silverlake" ], "layer": "private", "evidence_status": "documented" }, { "id": "ext-dyal-hig-stake", "from": "dyalfunds", "to": "hig", "type": "portfolio", "label": "Passive non-voting economic stake below 15%", "date": "2016-08-03", "detail": "H.I.G. sold Dyal a passive, non-voting stake representing less than 15% of economic interests, with proceeds intended for fund commitments and growth.", "limit": "Percentage is a historical transaction description, not verified current ownership. Economic rights and voting control differ.", "sources": [ "ext-dyal-hig" ], "layer": "private", "evidence_status": "documented" }, { "id": "ext-gp-primary-cash", "from": "dyalfunds", "to": "gp_managers", "type": "cash", "label": "Primary purchase: cash enters manager", "date": "Mechanism; source report date 2025-11-30", "detail": "In a primary GP-stake transaction, the fund buys newly issued interests. Existing owners are diluted and the manager receives investment cash on its balance sheet.", "limit": "Illustrative mechanism explained by Blue Owl; this edge does not report an additional named transaction or amount.", "sources": [ "ext-blueowl-gp" ], "layer": "private", "evidence_status": "mechanism" }, { "id": "ext-gp-secondary-cash", "from": "dyalfunds", "to": "gp_owners", "type": "cash", "label": "Secondary purchase: selling owners receive cash", "date": "Mechanism; source report date 2025-11-30", "detail": "In a secondary GP-stake transaction, existing equity holders sell their interests to the investment fund and receive the purchase proceeds.", "limit": "Illustrative mechanism; unlike primary capital, the purchase price does not necessarily fund the manager's operations.", "sources": [ "ext-blueowl-gp" ], "layer": "private", "evidence_status": "mechanism" }, { "id": "ext-gp-fee-returns", "from": "gp_managers", "to": "dyalfunds", "type": "cash", "label": "Economic share of fees and investment returns", "date": "Mechanism; source report date 2025-11-30", "detail": "GP-stake owners can receive a share of a manager's cash flow from management fees, carried interest and balance-sheet investments.", "limit": "Illustrative return channel. Cash flow varies by contract and performance; minority stakes do not grant control over partner-manager investment decisions.", "sources": [ "ext-blueowl-gp", "ext-blueowl-platform" ], "layer": "private", "evidence_status": "mechanism" }, { "id": "infra-blackrock-ishares", "from": "blackrock", "to": "ishares", "type": "management", "label": "manages ETF platform", "date": "2024-02-01", "detail": "iShares funds use BlackRock portfolio and risk management.", "limit": "Fund assets belong to the funds for investors.", "sources": [ "infra-ishares-services" ], "layer": "big-three", "evidence_status": "documented" }, { "id": "infra-ishares-statestreet", "from": "ishares", "to": "statestreet", "type": "custody", "label": "custody and fund services", "date": "2024-02-01", "detail": "Named provider for a subset of U.S. iShares ETFs.", "limit": "Services, not corporate ownership; source-date relationship.", "sources": [ "infra-ishares-services" ], "layer": "infrastructure", "evidence_status": "documented" }, { "id": "infra-ishares-bny", "from": "ishares", "to": "bny", "type": "custody", "label": "custody and fund services", "date": "2024-02-01", "detail": "Named U.S. provider; also selected for Irish ETF depositary and administration.", "limit": "2024 Irish transition plan; no current allocation claimed.", "sources": [ "infra-ishares-services" ], "layer": "infrastructure", "evidence_status": "documented" }, { "id": "infra-ishares-citi", "from": "ishares", "to": "citi", "type": "custody", "label": "custody and fund services", "date": "2024-02-01", "detail": "Named provider for a subset of U.S. iShares ETFs.", "limit": "Services, not corporate ownership; source-date relationship.", "sources": [ "infra-ishares-services" ], "layer": "infrastructure", "evidence_status": "documented" }, { "id": "infra-ishares-jpmorgan", "from": "ishares", "to": "jpmorgan", "type": "custody", "label": "custody and fund services", "date": "2024-02-01", "detail": "Named provider for a subset of U.S. iShares ETFs.", "limit": "Services, not corporate ownership; source-date relationship.", "sources": [ "infra-ishares-services" ], "layer": "infrastructure", "evidence_status": "documented" }, { "id": "infra-blackrock-aladdin", "from": "blackrock", "to": "aladdin", "type": "technology", "label": "provides investment technology", "date": "2020-04-07", "detail": "BlackRock supplies Aladdin to institutional investors and wealth managers.", "limit": "Technology coverage does not equal assets owned or managed.", "sources": [ "infra-azure" ], "layer": "infrastructure", "evidence_status": "documented" }, { "id": "infra-aladdin-azure", "from": "aladdin", "to": "microsoft", "type": "technology", "label": "uses Azure cloud infrastructure", "date": "2020-04-07 announcement", "detail": "Partnership to host Aladdin infrastructure on Microsoft Azure.", "limit": "Azure is not described as exclusive.", "sources": [ "infra-azure" ], "layer": "infrastructure", "evidence_status": "documented" }, { "id": "infra-microsoft-aladdin", "from": "microsoft", "to": "aladdin", "type": "technology", "label": "Treasury uses Aladdin", "date": "Adoption began 2002; undated client story", "detail": "Microsoft Treasury uses Aladdin for investment data and portfolio operations.", "limit": "Customer relationship; not BlackRock ownership of Microsoft cash.", "sources": [ "infra-microsoft-treasury" ], "layer": "infrastructure", "evidence_status": "documented" }, { "id": "infra-aladdin-aws", "from": "aladdin", "to": "aws", "type": "technology", "label": "additional cloud option announced", "date": "2025-12-01", "detail": "AWS hosting option announced; U.S. general availability expected second half 2026.", "limit": "Announcement verified; rollout completion not independently confirmed.", "sources": [ "infra-aws" ], "layer": "infrastructure", "evidence_status": "documented" }, { "id": "infra-amazon-aladdin", "from": "amazon", "to": "aladdin", "type": "technology", "label": "named early adopter", "date": "2025-12-01", "detail": "Amazon Treasury named among first adopters of Aladdin on AWS.", "limit": "Prospective statement in 2025 announcement.", "sources": [ "infra-aws" ], "layer": "infrastructure", "evidence_status": "documented" }, { "id": "infra-blackrock-msci", "from": "blackrock", "to": "msci", "type": "technology", "label": "pays index licensing fees", "date": "Year ended 2025-12-31", "detail": "BlackRock generated 10.8% of MSCI revenue; 96.5% of that revenue was asset-based index-product fees.", "limit": "Commercial fee relationship; not an ownership percentage.", "sources": [ "infra-msci" ], "layer": "infrastructure", "evidence_status": "documented" }, { "id": "infra-fmr-fund", "from": "fmr", "to": "fidelity500", "type": "management", "label": "investment adviser / manager", "date": "2025-04-29 prospectus", "detail": "FMR is identified as the fund manager.", "limit": "Fund governance and advisory role; not personal ownership of the portfolio.", "sources": [ "infra-fidelity500" ], "layer": "infrastructure", "evidence_status": "documented" }, { "id": "infra-geode-fund", "from": "geode", "to": "fidelity500", "type": "management", "label": "sub-advises index portfolio", "date": "2025-04-29 prospectus", "detail": "Geode is identified as the fund sub-adviser.", "limit": "Contracted investment role; no Fidelity ownership of Geode inferred.", "sources": [ "infra-fidelity500" ], "layer": "infrastructure", "evidence_status": "documented" }, { "id": "infra-participants-dtcc", "from": "market-participants", "to": "dtcc", "type": "custody", "label": "uses clearing and settlement infrastructure", "date": "Undated; accessed 2026-10-10", "detail": "DTCC centralizes post-trade processing, obligations and final exchange of cash and securities.", "limit": "Infrastructure role; not beneficial ownership of investors' securities.", "sources": [ "infra-dtcc" ], "layer": "infrastructure", "evidence_status": "documented" }, { "id": "infra-fed-finances-ccf", "from": "nyfed", "to": "ccfllc", "type": "public", "label": "financed emergency vehicle", "date": "2020-2021; terminated 2021-12-17", "detail": "New York Fed financed the vehicle for corporate-credit facilities.", "limit": "Historical public mandate; terminated.", "sources": [ "infra-smccf" ], "layer": "infrastructure", "evidence_status": "documented" }, { "id": "infra-treasury-equity-ccf", "from": "treasury", "to": "ccfllc", "type": "public", "label": "provided public equity", "date": "2020-2021; terminated 2021-12-17", "detail": "Treasury made an equity investment; full investment was returned during 2021.", "limit": "Historical facility financing; not a current flow.", "sources": [ "infra-smccf" ], "layer": "infrastructure", "evidence_status": "documented" }, { "id": "infra-fed-blackrock", "from": "nyfed", "to": "blackrock", "type": "public", "label": "appointed investment manager", "date": "2020-03-24; historical 2020-2021", "detail": "BlackRock Financial Markets Advisory retained for the SMCCF.", "limit": "Vendor mandate, not ownership; cash role separately replaced in 2021.", "sources": [ "infra-smccf" ], "layer": "infrastructure", "evidence_status": "documented" }, { "id": "infra-fed-statestreet", "from": "nyfed", "to": "statestreet", "type": "public", "label": "appointed custodian / administrator", "date": "2020-04-15 to 2021-12-16", "detail": "State Street Bank & Trust served the SMCCF.", "limit": "Historical vendor engagement ended December 16, 2021.", "sources": [ "infra-smccf" ], "layer": "infrastructure", "evidence_status": "documented" }, { "id": "infra-ccf-debt", "from": "ccfllc", "to": "corporate-debt", "type": "portfolio", "label": "bought bonds and bond ETFs", "date": "2020 purchases; liquidated by 2021-08-31", "detail": "SMCCF bought eligible securities in secondary markets.", "limit": "All holdings sold or matured by August 31, 2021.", "sources": [ "infra-smccf" ], "layer": "infrastructure", "evidence_status": "documented" }, { "id": "infra-jpm-bear", "from": "jpmorgan", "to": "bearstearns", "type": "history", "label": "merged / acquired", "date": "2008-05-30", "detail": "Bear Stearns merger consummated on May 30, 2008.", "limit": "Historical acquisition; arrow runs from acquirer to acquired institution.", "sources": [ "infra-bear" ], "layer": "banks", "evidence_status": "documented" }, { "id": "infra-jpm-wamu", "from": "jpmorgan", "to": "wamu", "type": "history", "label": "acquired banking operations", "date": "2008-09-25", "detail": "FDIC-facilitated transaction transferred banking operations and about $188 billion of deposits.", "limit": "Banking operations; not a purchase of Washington Mutual holding-company stock.", "sources": [ "infra-wamu" ], "layer": "banks", "evidence_status": "documented" }, { "id": "infra-jpm-firstrepublic", "from": "jpmorgan", "to": "firstrepublic", "type": "history", "label": "assumed deposits / acquired assets", "date": "2023-05-01", "detail": "JPMorgan Chase Bank assumed all deposits and substantially all assets through FDIC receivership.", "limit": "Asset-and-deposit transaction, not acquisition of the failed bank's shareholder equity.", "sources": [ "infra-firstrepublic" ], "layer": "banks", "evidence_status": "documented" }, { "id": "more-blackstone-origin", "from": "blackstone", "to": "blackrock", "type": "history", "label": "Historical origin in 1988", "date": "1988", "detail": "BlackRock's official history describes its founders managing a fixed-income investment division within Blackstone at formation; it adopted the BlackRock name in 1992.", "limit": "Historical connection only. BlackRock (BLK) and Blackstone (BX) are distinct public companies today; this edge does not assert present ownership or a common controlling parent.", "sources": [ "more-blackrock-origin", "more-blackrock-current", "more-air-2024" ], "layer": "private", "evidence_status": "documented" }, { "id": "more-pnc-former-owner", "from": "pnc", "to": "blackrock", "type": "history", "label": "Former owner: acquired 1995; exited 2020", "date": "1995-02-28 to 2020-05-15", "detail": "PNC acquired BlackRock for approximately $240 million in cash and notes in 1995. In May 2020 it closed the sale of 31.6 million shares plus a related BlackRock repurchase.", "limit": "The 2020 release says its holding was sold except 500,000 shares intended for contribution to the PNC Foundation. This is not a current controlling-ownership edge.", "sources": [ "more-pnc-1995", "more-pnc-2020" ], "layer": "banks", "evidence_status": "documented" }, { "id": "more-blackrock-mlim", "from": "blackrock", "to": "merrill-lynch-im", "type": "history", "label": "Combined with MLIM business", "date": "2006-09-29", "detail": "Merrill Lynch contributed its investment-management business in exchange for newly issued BlackRock common and non-voting stock.", "limit": "A historical business combination. It does not mean BlackRock acquired all of Merrill Lynch or its banking/brokerage business.", "sources": [ "more-mlim-2006" ], "layer": "big-three", "evidence_status": "documented" }, { "id": "more-blackrock-bgi", "from": "blackrock", "to": "barclays-global-investors", "type": "history", "label": "Completed BGI merger", "date": "2009-12-01", "detail": "The completed merger included the iShares exchange-traded-funds business and created a combined firm reporting $3.2 trillion managed for clients at announcement.", "limit": "Historical client AUM is not the transaction price, current AUM, or corporate-owned wealth.", "sources": [ "more-bgi-2009" ], "layer": "big-three", "evidence_status": "documented" }, { "id": "more-bgi-ishares", "from": "barclays-global-investors", "to": "ishares", "type": "history", "label": "iShares included in the 2009 deal", "date": "2009-12-01", "detail": "The BGI transaction brought the iShares ETF business into BlackRock; BlackRock retained the iShares brand.", "limit": "Historical provenance, not a claim that BGI remains an independent current parent.", "sources": [ "more-bgi-2009" ], "layer": "big-three", "evidence_status": "documented" }, { "id": "more-blackrock-efront", "from": "blackrock", "to": "efront", "type": "ownership", "label": "Acquired alternatives software business", "date": "2019-05-10", "detail": "BlackRock completed the acquisition of eFront, combining its alternative-investment software capabilities with Aladdin's portfolio and risk technology.", "limit": "Software supports client investment operations; assets using it are not automatically managed or owned by BlackRock.", "sources": [ "more-efront-2019" ], "layer": "infrastructure", "evidence_status": "documented" }, { "id": "more-blackstone-fund-management", "from": "blackstone", "to": "blackstone-funds", "type": "management", "label": "Manages affiliated investment vehicles", "date": "2021 and 2024 transaction examples", "detail": "The source releases name the separate Blackstone-affiliated vehicles that acquired AIR Communities and QTS.", "limit": "This aggregate node stands for multiple legal vehicles, not a single fund. Fund assets and beneficial investor interests differ from the manager's corporate balance sheet.", "sources": [ "more-air-2024", "more-qts-2021" ], "layer": "private", "evidence_status": "documented" }, { "id": "more-funds-air", "from": "blackstone-funds", "to": "air-communities", "type": "ownership", "label": "BREP X completed apartment-company buyout", "date": "2024-06-28", "detail": "Blackstone Real Estate Partners X completed acquisition of AIR's outstanding common shares for $39.12 per share; transaction value approximately $10 billion including assumed debt.", "limit": "The named buyer was a Blackstone investment fund. Transaction value includes debt and is not a measurement of cash paid to the manager or all U.S. rental housing.", "sources": [ "more-air-2024" ], "layer": "private", "evidence_status": "documented" }, { "id": "more-funds-qts", "from": "blackstone-funds", "to": "qts", "type": "ownership", "label": "Affiliated vehicles completed data-center buyout", "date": "2021-08-31", "detail": "Affiliates of Blackstone Infrastructure Partners, BREIT, and Blackstone Property Partners completed the QTS acquisition for approximately $10 billion including debt, removing its securities from public markets.", "limit": "These are the named acquisition vehicles at closing, not a single corporate balance-sheet purchase. This edge establishes the historical completed transaction, not an audited current ownership percentage.", "sources": [ "more-qts-2021" ], "layer": "private", "evidence_status": "documented" }, { "id": "more-statestreet-charlesriver", "from": "statestreet", "to": "charles-river", "type": "ownership", "label": "Acquired investment-management software business", "date": "2018-10-01", "detail": "State Street completed acquisition of Charles River Systems, Inc., known as Charles River Development.", "limit": "The purchase concerned a technology business; it did not transfer beneficial ownership of every client's investment portfolio.", "sources": [ "more-charles-river-2018" ], "layer": "infrastructure", "evidence_status": "documented" }, { "id": "more-statestreet-alpha", "from": "statestreet", "to": "state-street-alpha", "type": "technology", "label": "Operates integrated investment-services platform", "date": "2026-09-14", "detail": "Alpha combines front-office technology with State Street servicing, markets and data capabilities across investment workflows.", "limit": "Platform integration is a service relationship, not beneficial ownership of investments processed through it.", "sources": [ "more-alpha-2026" ], "layer": "infrastructure", "evidence_status": "documented" }, { "id": "more-charlesriver-alpha", "from": "charles-river", "to": "state-street-alpha", "type": "technology", "label": "Supplies front-office technology", "date": "2020-12-15; confirmed 2026-09-14", "detail": "Charles River product and engineering capabilities form part of Alpha, connecting investment-management technology with State Street services and data.", "limit": "Using a platform does not establish that the platform provider sets every client investment decision.", "sources": [ "more-alpha-2020", "more-alpha-2026" ], "layer": "infrastructure", "evidence_status": "documented" }, { "id": "hold-vanguard-msft", "from": "vanguard", "to": "microsoft", "type": "portfolio", "label": "8.95% — 2025 proxy disclosure", "date": "Underlying holdings 2023-12-29; disclosed in 2025 proxy", "detail": "664,882,153 reported shares. Sole voting power: zero; shared voting: 9,755,991. Sole disposal: 633,135,715; shared disposal: 31,746,438. Vanguard's clients receive dividends and sale proceeds.", "limit": "Historical disclosure, not a current stake. Beneficial ownership and delegated powers do not establish full ownership or direct corporate control.", "sources": [ "hold-msft-proxy", "hold-msft-vanguard13g" ], "layer": "big-three", "evidence_status": "documented" }, { "id": "hold-blackrock-msft", "from": "blackrock", "to": "microsoft", "type": "portfolio", "label": "7.30% — 2025 proxy disclosure", "date": "Underlying holdings 2023-12-31; disclosed in 2025 proxy", "detail": "540,020,228 reported shares; sole voting: 487,219,696; sole disposal: 540,020,228. No shared powers reported. Underlying filing identifies other persons' rights to dividends and sale proceeds.", "limit": "Historical disclosure, not a current stake. Reported management powers do not establish full ownership or direct corporate control.", "sources": [ "hold-msft-proxy", "hold-msft-blackrock13g" ], "layer": "big-three", "evidence_status": "documented" }, { "id": "hold-vanguard-apple", "from": "vanguard", "to": "apple", "type": "portfolio", "label": "9.63% — 2026 proxy disclosure", "date": "Underlying holdings 2025-06-30; 13G/A filed 2025-07-29; disclosed in 2026 proxy", "detail": "1,415,826,462 reported shares. Shared voting: 19,800,347; sole disposal: 1,343,278,627; shared disposal: 72,547,835.", "limit": "Historical reported holdings; proxy percentage uses its table basis. Voting authority differs from shares reported; no full ownership or direct control implied.", "sources": [ "hold-apple-proxy" ], "layer": "big-three", "evidence_status": "documented" }, { "id": "hold-blackrock-apple", "from": "blackrock", "to": "apple", "type": "portfolio", "label": "7.10% — 2026 proxy disclosure", "date": "Underlying holdings 2023-12-31; 13G/A filed 2024-02-12; disclosed in 2026 proxy", "detail": "1,043,713,019 reported shares; sole voting: 936,902,208; sole disposal over all reported shares.", "limit": "Historical reported holdings; proxy percentage uses its table basis. No full ownership or direct corporate control implied.", "sources": [ "hold-apple-proxy" ], "layer": "big-three", "evidence_status": "documented" }, { "id": "hold-statestreet-lockheed", "from": "statestreet", "to": "lockheed", "type": "portfolio", "label": "14.9% — 2026 proxy disclosure; includes plan trustee", "date": "Underlying holdings 2023-12-31; disclosed in 2026 proxy", "detail": "37,056,708 reported shares; shared voting: 33,487,726; shared disposal: 37,049,916; no sole powers. Includes 27,695,096 shares held by State Street Bank as benefit-plan trustee.", "limit": "Older disclosure, not current control. Trustee and investment-manager totals overlap within State Street; do not add them.", "sources": [ "hold-lockheed-proxy" ], "layer": "big-three", "evidence_status": "documented" }, { "id": "hold-vanguard-lockheed", "from": "vanguard", "to": "lockheed", "type": "portfolio", "label": "8.9% — 2026 proxy disclosure", "date": "Underlying holdings 2023-12-31; disclosed in 2026 proxy", "detail": "22,098,899 reported shares; sole disposal: 21,149,603; shared disposal: 949,296; shared voting: 275,335; sole voting: zero.", "limit": "Older disclosure; no full ownership or direct control implied.", "sources": [ "hold-lockheed-proxy" ], "layer": "big-three", "evidence_status": "documented" }, { "id": "hold-blackrock-lockheed", "from": "blackrock", "to": "lockheed", "type": "portfolio", "label": "7.4% — 2026 proxy disclosure", "date": "Underlying holdings 2023-12-31; disclosed in 2026 proxy", "detail": "18,292,313 reported shares. Proxy reports sole voting over all reported shares and sole disposal over 17,167,976; no shared powers.", "limit": "Older disclosure; rights reproduced as reported, without reconciling differing counts. No full ownership or direct control implied.", "sources": [ "hold-lockheed-proxy" ], "layer": "big-three", "evidence_status": "documented" }, { "id": "fp-vcm-proxy", "from": "vanguard-capital-management", "to": "member-funds", "type": "voting", "label": "Proxy voting for assigned fund portfolios", "date": "2026-01-12", "detail": "The advisory reorganization assigns portfolio management and proxy-voting administration to separately managed advisers with distinct stewardship teams.", "limit": "Applies to assigned fund mandates. Delegated voting administration differs from owning the economic interests or controlling each portfolio company.", "sources": [ "core-vanguard-reorganization" ], "layer": "big-three", "evidence_status": "documented" }, { "id": "fp-vpm-proxy", "from": "vanguard-portfolio-management", "to": "member-funds", "type": "voting", "label": "Proxy voting for assigned fund portfolios", "date": "2026-01-12", "detail": "Vanguard Portfolio Management is one of the two wholly owned advisers introduced in the reorganization, with its own management and stewardship teams.", "limit": "Assigned funds differ by adviser. The existence of a stewardship team does not establish how it voted on a particular resolution.", "sources": [ "core-vanguard-reorganization" ], "layer": "big-three", "evidence_status": "documented" }, { "id": "fp-vanguard-investor-choice", "from": "fund-investors", "to": "member-funds", "type": "voting", "label": "Eligible participants choose voting policies", "date": "2025 proxy season; report 2025-09-10", "detail": "Vanguard's 2025 Investor Choice report describes participating investors selecting policies for votes attributed to eligible fund investments.", "limit": "Participation covers a subset of investors and eligible funds. Choosing a policy does not mean directly casting every corporate ballot.", "sources": [ "fp-vanguard-voting" ], "layer": "big-three", "evidence_status": "documented" }, { "id": "fp-blackrock-client-votes", "from": "institutional-clients", "to": "blackrock", "type": "voting", "label": "Participating clients direct eligible proxy votes", "date": "Program figures as of 2025-06-30", "detail": "Voting Choice gives participating clients options for directing voting policy for eligible index-equity assets.", "limit": "Eligible assets, participating assets and votes actually directed differ. This does not apply to every BlackRock-managed share.", "sources": [ "fp-blackrock-voting" ], "layer": "big-three", "evidence_status": "documented" }, { "id": "fp-statestreet-client-votes", "from": "institutional-clients", "to": "statestreet-im", "type": "voting", "label": "Participating clients select voting approaches", "date": "2025-06-18 report; Q1 2025 adoption", "detail": "State Street reported growing institutional adoption of proxy voting choice for eligible index-equity mandates.", "limit": "A subset of eligible institutional assets participated. Do not treat the whole AUM total as either one voting bloc or directly investor-controlled.", "sources": [ "fp-statestreet-voting" ], "layer": "big-three", "evidence_status": "documented" } ], "sources": [ { "id": "core-vanguard-ownership", "title": "Vanguard: Ownership", "url": "https://corporate.vanguard.com/content/corporatesite/us/en/corp/why-vanguard/sets-us-apart/ownership.html", "date": "Accessed 2026-10-10" }, { "id": "core-vanguard-reorganization", "title": "SEC Vanguard funds supplement: advisory reorganization", "url": "https://www.sec.gov/Archives/edgar/data/788606/000119312526009903/f43758d1.htm", "date": "2026-01-12" }, { "id": "core-blackrock-proxy-2025", "title": "BlackRock 2025 proxy statement, ownership disclosures pages 48-49", "url": "https://www.sec.gov/Archives/edgar/data/2012383/000130817925000388/ny-20250404.htm", "date": "2025-04-04" }, { "id": "core-statestreet-proxy-2025", "title": "State Street 2025 proxy statement, beneficial owners page 103", "url": "https://www.sec.gov/Archives/edgar/data/93751/000114036125012033/ny20039865x1_def14a.htm", "date": "2025-04-03" }, { "id": "core-gip-close", "title": "BlackRock completes acquisition of Global Infrastructure Partners", "url": "https://www.blackrock.com/corporate/newsroom/media/press-releases/blackrock-completes-acquisition-of-global-infrastructure-partners", "date": "2024-10-01" }, { "id": "core-preqin-close", "title": "BlackRock completes Preqin acquisition", "url": "https://www.blackrock.com/corporate/newsroom/media/press-releases/blackrock-completes-preqin-acquisition", "date": "2025-03-03" }, { "id": "core-preqin-filing", "title": "SEC BlackRock acquisition of Preqin Form 8-K", "url": "https://www.sec.gov/Archives/edgar/data/2012383/000119312525044184/d919939d8k.htm", "date": "2025-03-03" }, { "id": "core-hps-close", "title": "BlackRock completes acquisition of HPS", "url": "https://www.blackrock.com/corporate/newsroom/media/press-releases/blackrock-acquires-hps-investment-partners", "date": "2025-07-01" }, { "id": "core-statestreet-rename", "title": "State Street Global Advisors rebrands as State Street Investment Management", "url": "https://investors.statestreet.com/investor-news-events/press-releases/news-details/2025/State-Street-Global-Advisors-Rebrands-as-State-Street-Investment-Management/default.aspx", "date": "2025-06-30" }, { "id": "core-blackrock-results-2025", "title": "BlackRock full-year 2025 financial results", "url": "https://www.blackrock.com/corporate/newsroom/media/press-releases/blackrock-reports-fourth-quarter-2025", "date": "2026-01-15" }, { "id": "core-vanguard-scale", "title": "Vanguard: What makes us different? page 5", "url": "https://www.vanguard.co.uk/content/dam/intl/europe/documents/en/what-makes-us-different-eu-en.pdf", "date": "2026-02; data 2025-12-31" }, { "id": "core-statestreet-results-2025", "title": "State Street fourth-quarter and full-year 2025 results", "url": "https://investors.statestreet.com/investor-news-events/press-releases/news-details/2026/State-Street-Corporation-NYSE-STT-Reports-Fourth-Quarter-and-Full-Year-2025-Financial-Results/default.aspx", "date": "2026-01-16" }, { "id": "core-sec-fund-flows", "title": "SEC Investor.gov: Mutual funds", "url": "https://www.investor.gov/introduction-investing/investing-basics/investment-products/mutual-funds-and-exchange-traded-funds-etfs/mutual-funds", "date": "Accessed 2026-10-10" }, { "id": "core-sec-fees", "title": "SEC: How fees and expenses affect your investment portfolio", "url": "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/updated", "date": "2025-07-23" }, { "id": "core-blackrock-results-2024", "title": "BlackRock 2024 results: AUM reconciliation and corporate revenue", "url": "https://ir.blackrock.com/files/doc_financials/2024/Q4/BLK-4Q24-Earning-Release.pdf", "date": "2025-01-15" }, { "id": "core-common-ownership-2018", "title": "Azar, Schmalz and Tecu: Anticompetitive effects of common ownership", "url": "https://www.ecgi.global/publications/paper-publications/anticompetitive-effects-of-common-ownership", "date": "2018-08-31" }, { "id": "core-common-ownership-2022", "title": "Azar and Vives: Revisiting the anticompetitive effects of common ownership", "url": "https://www.ecgi.global/publications/working-papers/revisiting-the-anticompetitive-effects-of-common-ownership", "date": "2022-06-10" }, { "id": "core-sec-13f", "title": "SEC: Frequently asked questions about Form 13F", "url": "https://www.sec.gov/files/divisions/investment/13ffaq.htm", "date": "Accessed 2026-10-10" }, { "id": "ext-apollo-sec", "title": "Apollo SEC filing: merger effective January 1, 2022", "url": "https://www.sec.gov/Archives/edgar/data/1858681/000119312522000274/d285518d8k12b.htm", "date": "2022-01-03" }, { "id": "ext-apollo-pr", "title": "Apollo completes merger with Athene", "url": "https://www.apollo.com/insights-news/pressreleases/2022/01/apollo-completes-merger-with-athene-and-finalizes-key-governance-enhancements-120051006", "date": "2022-01-03" }, { "id": "ext-kkr-ga", "title": "KKR completes acquisition of remaining 37% of Global Atlantic", "url": "https://media.kkr.com/news-details?download=1&news_id=b7ce0ee4-d0a9-4049-8b75-6a975ae32ea9", "date": "2024-01-02" }, { "id": "ext-bws-ael", "title": "Brookfield Reinsurance completes acquisition of American Equity", "url": "https://bnt.brookfield.com/generation/pdf/document-file.pdf?path=/press-releases/brookfield-reinsurance-completes-acquisition-ael", "date": "2024-05-02" }, { "id": "ext-bws-name", "title": "Brookfield Wealth Solutions FAQ: September 2024 name change", "url": "https://bnt.brookfield.com/stock-distributions/faqs", "date": "Undated; accessed 2026-10-10" }, { "id": "ext-bam-ael", "title": "Brookfield Asset Management Q1 2024 report: separate American Equity transaction participants", "url": "https://bam.brookfield.com/sites/brookfield-bam-v2/files/brookfield-bam-v2/report-fillings/annual-quarterly-reports/quarterly/2024q1-report-brookfield-asset-management-ltd.pdf", "date": "2024-Q1" }, { "id": "ext-ares-gcp", "title": "Ares SEC exhibit: acquisition of GCP International", "url": "https://www.sec.gov/Archives/edgar/data/1176948/000162828025009215/exhibit991blossomclosingpr.htm", "date": "2025-03-03" }, { "id": "ext-amundi-lyxor", "title": "Amundi 2021 results: Lyxor acquired December 31, 2021", "url": "https://legroupe.amundi.com/article/resultats-annuels-et-du-4eme-trimestre-2021", "date": "2022-02-09" }, { "id": "ext-amundi-close", "title": "Amundi and Societe Generale: finalisation of Lyxor acquisition", "url": "https://about.amundi.com/article/finalisation-lyxor-acquisition", "date": "2021-12-31" }, { "id": "ext-ms-etrade", "title": "Morgan Stanley closes acquisition of E*TRADE", "url": "https://www.morganstanley.com/press-releases/morgan-stanley-closes-acquisition-of-e-trade", "date": "2020-10-02" }, { "id": "ext-ms-eaton", "title": "Morgan Stanley closes acquisition of Eaton Vance", "url": "https://www.morganstanley.com/press-releases/morgan-stanley-closes-acquisition-of-eaton-vance", "date": "2021-03-01" }, { "id": "ext-bnp-axa", "title": "BNP Paribas Cardif completes AXA IM acquisition", "url": "https://www.bnpparibas.de/app/uploads/sites/21/2025/07/20250701-pr-bnp-paribas-cardif-closing-acquisition-axa-im-1.pdf", "date": "2025-07-01" }, { "id": "ext-bnp-unified", "title": "BNP Paribas creates unified asset manager owned by Cardif", "url": "https://group.bnpparibas/en/press-release/bnp-paribas-creates-a-leading-european-asset-manager-with-a-global-reach", "date": "2026-01 (describes 2025-12-31 merger)" }, { "id": "ext-sp-ihs", "title": "S&P Global completes merger with IHS Markit", "url": "https://press.spglobal.com/2022-02-28-S-P-Global-Completes-Merger-with-IHS-Markit%2C-Creating-a-Global-Leader-to-Power-the-Markets-of-the-Future", "date": "2022-02-28" }, { "id": "ext-lseg-refinitiv", "title": "LSEG completes all-share acquisition of Refinitiv", "url": "https://www.lseg.com/en/media-centre/press-releases/2021/lseg-all-share-acquisition-refinitiv-transaction-completion-and-admission-trading", "date": "2021-01-29" }, { "id": "ext-blueowl-formation", "title": "Owl Rock and Dyal complete combination forming Blue Owl", "url": "https://ir.blueowl.com/Investors/news/news-details/2021/Owl-Rock-and-Dyal-Complete-Business-Combination-Newly-Formed-Blue-Owl-Commences-Trading-on-NYSE/default.aspx", "date": "2021-05-20" }, { "id": "ext-blueowl-gp", "title": "Blue Owl GP minority stakes: primary, secondary and cash-flow mechanics", "url": "https://wealth.blueowl.com/solutions/investment-strategy-gp-strategic-capital-gp-stakes", "date": "Report date 2025-11-30; accessed 2026-10-10" }, { "id": "ext-blueowl-platform", "title": "Blue Owl GP Strategic Capital: non-control investments", "url": "https://www.blueowl.com/gp-strategic-capital", "date": "Undated; accessed 2026-10-10" }, { "id": "ext-dyal-vista", "title": "Vista announces passive minority investment led by Dyal", "url": "https://www.blueowl.com/news/vista-equity-partners-announces-minority-investment", "date": "2015-07-14" }, { "id": "ext-dyal-silverlake", "title": "Silver Lake announces passive non-voting minority investment by Dyal", "url": "https://www.blueowl.com/news/silver-lake-announces-strategic-minority-investment-dyal-capital-partners", "date": "2016-07-12" }, { "id": "ext-dyal-hig", "title": "H.I.G. announces passive non-voting minority investment by Dyal", "url": "https://www.blueowl.com/news/hig-capital-announces-strategic-minority-investment-dyal-capital", "date": "2016-08-03" }, { "id": "infra-ishares-services", "title": "BlackRock strengthens ETF operating platform", "url": "https://www.blackrock.com/corporate/newsroom/media/press-releases/blackrock-strengthens-operating-platform", "date": "2024-02-01" }, { "id": "infra-ishares-original", "title": "BlackRock diversifies U.S. iShares post-trade service providers", "url": "https://ir.blackrock.com/news-and-events/press-releases/press-releases-details/2021/BlackRock-Strengthens-ETF-Operating-Platform-by-Diversifying-Post-Trade-Service-Providers/default.aspx", "date": "2021-12-07" }, { "id": "infra-azure", "title": "BlackRock and Microsoft form strategic partnership", "url": "https://www.blackrock.com/corporate/newsroom/media/press-releases/blackrock-microsoft-form-strategic-partnership", "date": "2020-04-07" }, { "id": "infra-microsoft-treasury", "title": "Microsoft Treasury and Aladdin client story", "url": "https://www.blackrock.com/aladdin/discover/client-story/microsoft-treasury-case-study", "date": "Undated; describes adoption from 2002 and 2021 portfolio data" }, { "id": "infra-aws", "title": "BlackRock partners with AWS to deliver Aladdin", "url": "https://press.aboutamazon.com/aws/2025/12/blackrock-partners-with-aws-to-deliver-aladdin-on-secure-scalable-cloud-infrastructure", "date": "2025-12-01" }, { "id": "infra-msci", "title": "MSCI 2025 Form 10-K", "url": "https://www.sec.gov/Archives/edgar/data/1408198/000140819826000011/msci-20251231.htm", "date": "2025-12-31 reporting period" }, { "id": "infra-fidelity500", "title": "Fidelity 500 Index Fund summary prospectus", "url": "https://www.sec.gov/Archives/edgar/data/819118/000081911825000146/filing8627.htm", "date": "2025-04-29" }, { "id": "infra-dtcc", "title": "DTCC clearing and settlement services", "url": "https://www.dtcc.com/products-and-services/clearing-settlement-services", "date": "Undated; accessed 2026-10-10" }, { "id": "infra-smccf", "title": "New York Fed Secondary Market Corporate Credit Facility record", "url": "https://www.newyorkfed.org/markets/secondary-market-corporate-credit-facility", "date": "2020-2021 historical facility" }, { "id": "infra-bear", "title": "JPMorgan Chase 2008 annual report: management discussion and analysis", "url": "https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/2008-AR-Management-discussion-and-analysis.pdf", "date": "2008 reporting year" }, { "id": "infra-wamu", "title": "FDIC 2008 bank failures", "url": "https://www.fdic.gov/resources/resolutions/bank-failures/in-brief/2008", "date": "2008-09-25 transaction" }, { "id": "infra-firstrepublic", "title": "FDIC First Republic Bank question and answer guide", "url": "https://www.fdic.gov/bank-failures/question-and-answer-guide-first-republic-bank-san-francisco-ca", "date": "2023-05-01 transaction" }, { "id": "more-blackrock-origin", "title": "BlackRock official history: 1988 fixed-income business at Blackstone", "url": "https://www.blackrock.com/tw/about-blackrock/rising-giant", "date": "Historical overview; accessed 2026-10-10" }, { "id": "more-pnc-1995", "title": "PNC March 1995 Form 8-K: acquisition of BlackRock", "url": "https://investor.pnc.com/sec-filings/all-sec-filings/content/0000950128-95-000053/8-K.txt", "date": "1995-03-14; transaction 1995-02-28" }, { "id": "more-pnc-2020", "title": "PNC announces closing of sale of BlackRock stock", "url": "https://investor.pnc.com/news-events/financial-press-releases/detail/66/pnc-announces-closing-of-sale-of-blackrock-stock", "date": "2020-05-15" }, { "id": "more-mlim-2006", "title": "SEC Merrill Lynch announcement: completed MLIM merger with BlackRock", "url": "https://www.sec.gov/Archives/edgar/data/65100/000095012306012207/y25597exv99w1.htm", "date": "2006-10-02; transaction 2006-09-29" }, { "id": "more-bgi-2009", "title": "SEC BlackRock announcement: completed Barclays Global Investors merger", "url": "https://www.sec.gov/Archives/edgar/data/1364742/000134100409002413/blackrock_ex99-1.htm", "date": "2009-12-01" }, { "id": "more-efront-2019", "title": "BlackRock completes acquisition of eFront", "url": "https://www.blackrock.com/corporate/newsroom/media/press-releases/blackrock-efront-acquisition", "date": "2019-05-10" }, { "id": "more-air-2024", "title": "Blackstone Real Estate completes privatization of AIR Communities", "url": "https://www.blackstone.com/news/press/blackstone-real-estate-completes-privatization-of-air-communities-for-approximately-10-billion/", "date": "2024-06-28" }, { "id": "more-qts-2021", "title": "Blackstone funds complete acquisition of QTS Realty Trust", "url": "https://www.blackstone.com/news/press/blackstone-funds-complete-acquisition-of-qts-realty-trust/", "date": "2021-08-31" }, { "id": "more-charles-river-2018", "title": "State Street completes acquisition of Charles River Development", "url": "https://investors.statestreet.com/investor-news-events/press-releases/news-details/2018/State-Street-Completes-Acquisition-of-Charles-River-Development-10-01-2018/default.aspx", "date": "2018-10-01" }, { "id": "more-alpha-2026", "title": "State Street announces leadership for Alpha and Enterprise Operations and Technology", "url": "https://investors.statestreet.com/investor-news-events/press-releases/news-details/2026/State-Street-Announces-Leadership-for-Alpha-and-Enterprise-Operations-and-Technology/default.aspx", "date": "2026-09-14" }, { "id": "more-alpha-2020", "title": "State Street launches cloud-native Alpha Data Platform", "url": "https://investors.statestreet.com/investor-news-events/press-releases/news-details/2020/State-Street-Launches-Cloud-Native-Alpha-Data-Platform-for-Institutional-and-Wealth-Managers-12-15-2020/default.aspx", "date": "2020-12-15" }, { "id": "more-blackrock-current", "title": "BlackRock 2025 full-year results, publicly traded BLK", "url": "https://www.blackrock.com/corporate/newsroom/media/press-releases/blackrock-reports-fourth-quarter-2025", "date": "2026-01-15" }, { "id": "fp-sec-primary", "title": "SEC Investor.gov: Primary market", "url": "https://www.investor.gov/introduction-investing/investing-basics/glossary/primary-market", "date": "Accessed 2026-10-10" }, { "id": "fp-sec-secondary", "title": "SEC Investor.gov: Secondary market", "url": "https://www.investor.gov/introduction-investing/investing-basics/glossary/secondary-market", "date": "Accessed 2026-10-10" }, { "id": "fp-vanguard-voting", "title": "Vanguard 2025 Investor Choice participation report", "url": "https://corporate.vanguard.com/content/corporatesite/us/en/corp/who-we-are/pressroom/press-release-vanguard-more-than-doubles-participation-in-investor-choice-09092025.html", "date": "2025-09-10" }, { "id": "hold-msft-proxy", "title": "Microsoft 2025 proxy: Principal Shareholders, page 59", "url": "https://www.sec.gov/Archives/edgar/data/789019/000119312525245150/d908201ddef14a.htm", "date": "2025-10-21; table dated 2025-09-30" }, { "id": "hold-msft-vanguard13g", "title": "Vanguard Microsoft Schedule 13G/A", "url": "https://www.sec.gov/Archives/edgar/data/102909/000110465924021466/tv01455-microsoftcorp.htm", "date": "Filed 2024-02-13; holdings 2023-12-29" }, { "id": "hold-msft-blackrock13g", "title": "BlackRock Microsoft Schedule 13G/A", "url": "https://www.sec.gov/Archives/edgar/data/789019/000108636424006985/us5949181045_021224.txt", "date": "Filed 2024-02-13; holdings 2023-12-31" }, { "id": "hold-apple-proxy", "title": "Apple 2026 proxy: Security Ownership of Certain Beneficial Owners and Management", "url": "https://www.sec.gov/Archives/edgar/data/320193/000130817926000008/aapl014016-def14a.htm", "date": "Filed 2026-01-08; table dated 2026-01-02" }, { "id": "hold-lockheed-proxy", "title": "Lockheed Martin 2026 proxy: Certain Beneficial Owners, page 67", "url": "https://www.sec.gov/Archives/edgar/data/936468/000093646826000004/lmt-20260326.htm", "date": "2026-03-26; underlying holdings 2023-12-31" }, { "id": "fp-blackrock-voting", "title": "BlackRock client Voting Choice: dated 2025 response", "url": "https://www.blackrock.com/corporate/insights/thought-leadership/public-policy/viewpoints-letters-consultations/financial-officers-response-letter", "date": "2025; figures as of 2025-06-30" }, { "id": "fp-statestreet-voting", "title": "State Street proxy voting choice Q1 2025 adoption", "url": "https://investors.statestreet.com/investor-news-events/press-releases/news-details/2025/State-Street-Global-Advisors-Sees-Strong-and-Growing-Market-Adoption-of-Proxy-Voting-Choice-in-Q1-2025/default.aspx", "date": "2025-06-18" } ], "timeline": [ { "date": "2018-08-31", "title": "Common ownership raises a competition question", "body": "Azar, Schmalz and Tecu's airline study associates overlapping holdings with higher ticket prices. It is research evidence, not proof that every overlap is collusion.", "source": "core-common-ownership-2018", "layer": "big-three" }, { "date": "2022-06-10", "title": "A reanalysis complicates the causal story", "body": "Azar and Vives find different associations for within-industry and across-industry overlap; Big Three overlap is associated with lower airline prices in their analysis.", "source": "core-common-ownership-2022", "layer": "big-three" }, { "date": "2024-10-01", "title": "BlackRock completes GIP acquisition", "body": "Infrastructure investment management joins BlackRock, concentrating a management platform while client funds retain distinct investment interests.", "source": "core-gip-close", "layer": "private" }, { "date": "2025-03-03", "title": "BlackRock completes Preqin acquisition", "body": "Private-market data, benchmarks and analytics join an investment manager and technology provider.", "source": "core-preqin-close", "layer": "infrastructure" }, { "date": "2025-06-30", "title": "State Street renames its investment-management business", "body": "State Street Global Advisors becomes State Street Investment Management.", "source": "core-statestreet-rename", "layer": "big-three" }, { "date": "2025-07-01", "title": "BlackRock completes HPS acquisition", "body": "Credit investment management joins the Private Financing Solutions platform.", "source": "core-hps-close", "layer": "private" }, { "date": "2026-01-12", "title": "Vanguard introduces two wholly owned advisers", "body": "Vanguard Capital Management and Vanguard Portfolio Management take on aligned fund portfolios and separate stewardship teams.", "source": "core-vanguard-reorganization", "layer": "big-three" }, { "date": "2015-07-14", "title": "Manager stakes add another ownership layer", "body": "A Dyal-led group invests passively in Vista. The transaction illustrates investors owning part of a manager's fee business while the manager retains operating control.", "source": "ext-dyal-vista", "layer": "private" }, { "date": "2016-07-12", "title": "Primary capital goes into Silver Lake", "body": "Dyal buys a passive, non-voting stake below 10% in an all-primary transaction, directing new capital into the management business.", "source": "ext-dyal-silverlake", "layer": "private" }, { "date": "2016-08-03", "title": "H.I.G. sells a minority economic stake", "body": "Dyal buys a passive, non-voting interest below 15%, intended to support investment commitments and expansion.", "source": "ext-dyal-hig", "layer": "private" }, { "date": "2020-10-02", "title": "Morgan Stanley adds E*TRADE", "body": "The all-stock acquisition brings digital brokerage distribution into Morgan Stanley's wealth-management platform.", "source": "ext-ms-etrade", "layer": "banks" }, { "date": "2021-01-29", "title": "LSEG acquires Refinitiv", "body": "The all-share transaction combines exchange infrastructure with a major financial data and analytics business.", "source": "ext-lseg-refinitiv", "layer": "infrastructure" }, { "date": "2021-03-01", "title": "Morgan Stanley adds Eaton Vance", "body": "A stock-and-cash transaction expands asset-management and distribution capabilities.", "source": "ext-ms-eaton", "layer": "banks" }, { "date": "2021-05-20", "title": "Blue Owl combines lending and GP stakes", "body": "Owl Rock and Dyal complete their combination with Altimar, placing direct lending and investments in other managers under Blue Owl.", "source": "ext-blueowl-formation", "layer": "private" }, { "date": "2021-12-31", "title": "Amundi buys Lyxor", "body": "EUR 825 million cash buys the management business; EUR 148 billion of managed client assets is integrated, a distinct measure from the sale price.", "source": "ext-amundi-lyxor", "layer": "banks" }, { "date": "2022-01-01", "title": "Apollo and Athene combine", "body": "The merger aligns an alternative asset-management business and a retirement-services insurer under one public parent.", "source": "ext-apollo-sec", "layer": "private" }, { "date": "2022-02-28", "title": "S&P Global and IHS Markit merge", "body": "Financial data, analytics and benchmark businesses consolidate, with specified divestitures alongside the merger.", "source": "ext-sp-ihs", "layer": "infrastructure" }, { "date": "2024-01-02", "title": "KKR reaches full Global Atlantic ownership", "body": "The acquisition of the remaining 37% takes KKR from majority ownership to 100%; its asset-management relationship began in 2021.", "source": "ext-kkr-ga", "layer": "private" }, { "date": "2024-05-02", "title": "Brookfield Reinsurance buys American Equity", "body": "American Equity's fixed-annuity business joins the insurance organization subsequently renamed Brookfield Wealth Solutions.", "source": "ext-bws-ael", "layer": "private" }, { "date": "2025-03-01", "title": "Ares acquires GCP International", "body": "Ares adds international logistics, real estate and digital-infrastructure management operations. Greater China is excluded.", "source": "ext-ares-gcp", "layer": "private" }, { "date": "2025-07-01", "title": "Cardif acquires AXA IM", "body": "The corporate sale comes alongside a distinct long-term agreement to manage a large portion of AXA's insurance assets.", "source": "ext-bnp-axa", "layer": "banks" }, { "date": "2025-12-31", "title": "BNP asset-management entities legally combine", "body": "Main entities of AXA IM, BNPP AM and BNPP REIM merge into a Cardif-owned unified BNP Paribas Asset Management structure.", "source": "ext-bnp-unified", "layer": "banks" }, { "date": "2002", "title": "Microsoft Treasury begins adopting Aladdin", "body": "A corporate treasury becomes a customer of BlackRock investment technology.", "source": "infra-microsoft-treasury", "layer": "infrastructure" }, { "date": "2008-05-30", "title": "Bear Stearns merger closes", "body": "JPMorgan Chase completes its Bear Stearns merger.", "source": "infra-bear", "layer": "banks" }, { "date": "2008-09-25", "title": "Washington Mutual banking operations transfer", "body": "JPMorgan acquires banking operations from FDIC receivership.", "source": "infra-wamu", "layer": "banks" }, { "date": "2020-03-24", "title": "BlackRock appointed to crisis facility", "body": "New York Fed selects BlackRock FMA as SMCCF investment manager.", "source": "infra-smccf", "layer": "infrastructure" }, { "date": "2020-04-07", "title": "Aladdin and Azure partnership", "body": "BlackRock and Microsoft announce Aladdin cloud hosting partnership.", "source": "infra-azure", "layer": "infrastructure" }, { "date": "2020-04-15", "title": "State Street appointed to crisis facility", "body": "Custodian and administrator engagement begins.", "source": "infra-smccf", "layer": "infrastructure" }, { "date": "2021-12-07", "title": "iShares broadens fund-service providers", "body": "BNY Mellon, Citi and JPMorgan selected to join State Street for U.S. ETFs.", "source": "infra-ishares-original", "layer": "infrastructure" }, { "date": "2021-12-17", "title": "Crisis credit vehicle terminated", "body": "CCF LLC ends; portfolio holdings had already been liquidated.", "source": "infra-smccf", "layer": "infrastructure" }, { "date": "2023-05-01", "title": "First Republic deposits and assets transfer", "body": "FDIC transaction places all deposits and substantially all assets with JPMorgan Chase Bank.", "source": "infra-firstrepublic", "layer": "banks" }, { "date": "2024-02-01", "title": "Irish iShares adds BNY Mellon", "body": "BlackRock announces a planned split of Irish ETF depositary and administration with State Street.", "source": "infra-ishares-services", "layer": "infrastructure" }, { "date": "2025-12-01", "title": "Aladdin adds an AWS hosting option", "body": "Partnership announced, with Amazon Treasury among planned first adopters.", "source": "infra-aws", "layer": "infrastructure" }, { "date": "1988", "title": "BlackRock begins within Blackstone", "body": "Its official history describes a fixed-income division managed by the founding team. The BlackRock name followed in 1992; this is a historical origin.", "source": "more-blackrock-origin", "layer": "private" }, { "date": "1995-02-28", "title": "PNC acquires BlackRock", "body": "PNC's contemporary filing reports approximately $240 million in cash and notes for BlackRock.", "source": "more-pnc-1995", "layer": "banks" }, { "date": "2006-09-29", "title": "Merrill Lynch's investment business combines with BlackRock", "body": "The MLIM business moves into BlackRock in exchange for new BlackRock shares.", "source": "more-mlim-2006", "layer": "big-three" }, { "date": "2009-12-01", "title": "BGI and iShares join BlackRock", "body": "The completed Barclays Global Investors merger brings index and ETF capabilities, retaining the iShares brand.", "source": "more-bgi-2009", "layer": "big-three" }, { "date": "2018-10-01", "title": "State Street acquires Charles River Development", "body": "Investment-management software joins investment servicing within the group.", "source": "more-charles-river-2018", "layer": "infrastructure" }, { "date": "2019-05-10", "title": "BlackRock completes eFront acquisition", "body": "Alternative-investment software expands capabilities alongside Aladdin.", "source": "more-efront-2019", "layer": "infrastructure" }, { "date": "2020-05-15", "title": "PNC closes its BlackRock stock sale", "body": "PNC sells its investment except shares designated for its foundation; historical ownership should not be drawn as current control.", "source": "more-pnc-2020", "layer": "banks" }, { "date": "2020-12-15", "title": "State Street launches Alpha Data Platform", "body": "The platform connects technology, services and data; those relationships are distinct from investment ownership.", "source": "more-alpha-2020", "layer": "infrastructure" }, { "date": "2021-08-31", "title": "Blackstone-affiliated vehicles privatize QTS", "body": "The approximately $10 billion transaction including debt moves a data-center business out of public markets.", "source": "more-qts-2021", "layer": "private" }, { "date": "2024-06-28", "title": "Blackstone Real Estate Partners X privatizes AIR Communities", "body": "The apartment-company acquisition values the transaction at approximately $10 billion including debt.", "source": "more-air-2024", "layer": "private" } ], "metrics": { "asOf": "2025-12-31", "currency": "USD", "caution": "AUM measures assets managed for clients, not manager-owned wealth. Reported totals can include different scopes and are not a deduplicated measure of underlying assets. Custody/admin totals must not be added to AUM.", "entries": [ { "entity": "blackrock", "label": "Reported client AUM", "value": 14, "unit": "trillion", "category": "AUM", "source": "core-blackrock-results-2025" }, { "entity": "vanguard", "label": "Reported global AUM", "value": 12, "unit": "trillion", "category": "AUM", "source": "core-vanguard-scale" }, { "entity": "statestreet-im", "label": "Reported AUM", "value": 5.7, "unit": "trillion", "category": "AUM", "source": "core-statestreet-results-2025", "detail": "Includes approximately $173 billion SPDR assets for which an affiliate acts solely as marketing agent." }, { "entity": "statestreet", "label": "Custody and/or administration", "value": 53.8, "unit": "trillion", "category": "AUC/A", "source": "core-statestreet-results-2025" } ], "blackrock2024Waterfall": { "unit": "billion USD", "source": "core-blackrock-results-2024", "start": 10008.995, "netClientFlows": 641.351, "acquisitions": 73.949, "marketMovements": 992.964, "foreignExchange": -166.008, "end": 11551.251 }, "blackrock2024CorporateFlows": { "unit": "billion USD", "source": "core-blackrock-results-2024", "revenue": 20.407, "netIncomeAttributable": 6.369, "dividendsAndRepurchases": 4.7 } }, "pathways": { "savings": { "title": "Savings → securities → returns", "intro": "A simplified pooled-fund arrangement. Retirement plans and account structures differ.", "steps": [ { "title": "People & pensions", "tag": "Capital enters", "text": "Savings or contributions enter an investment account.", "detail": "Households and institutional investors provide capital and bear investment risk. A pension or retirement-plan trustee can sit between the saver and the investment product.", "sources": [ "core-sec-fund-flows" ] }, { "title": "A fund or account", "tag": "Economic claim", "text": "Investors receive fund shares or account interests.", "detail": "Fund shares give an economic interest in the portfolio. They do not normally let each investor directly operate every company in it. Account-level and fund-level rights differ.", "sources": [ "core-sec-fund-flows", "core-vanguard-ownership" ] }, { "title": "Manager & services", "tag": "Authority is delegated", "text": "Investment decisions, votes and servicing are assigned.", "detail": "An investment manager acts under a mandate; a custodian safeguards and services assets. Some voting choices are delegated back to investors or institutions. The same portfolio can appear in several service metrics.", "sources": [ "core-sec-13f", "infra-ishares-services" ] }, { "title": "Stocks, bonds & assets", "tag": "Capital is deployed", "text": "The fund buys securities in primary or secondary markets.", "detail": "New securities can finance an issuer. Buying existing securities pays the seller. Dividends, interest and sale proceeds can return to the fund; asset values can also decline.", "sources": [ "core-sec-fund-flows" ] } ], "returns": "Dividends, interest and investment gains or losses affect the fund’s value. Distributions, withdrawals or retirement benefits reach the investors under the relevant product rules.", "fees": "Fund expenses, management and servicing charges reduce investor returns. Fees become income to the businesses providing the services." }, "insurance": { "title": "Insurance liabilities → managed investment assets", "intro": "An illustrative life-insurance and annuity pathway, informed by Apollo–Athene and KKR–Global Atlantic.", "steps": [ { "title": "Policyholders", "tag": "A promise is funded", "text": "Premiums or annuity payments create insurer obligations.", "detail": "An insurer receives premiums or annuity considerations and owes contractual benefits. Policyholders generally hold a claim on the insurer, rather than direct title to each asset in its general account.", "sources": [ "ext-apollo-pr", "ext-kkr-ga" ] }, { "title": "Insurer", "tag": "Assets and liabilities", "text": "The insurer invests assets to support its promises.", "detail": "Apollo and Athene combined under one corporate parent in 2022. KKR increased Global Atlantic ownership to 100% in 2024. Corporate ownership of the insurer and management of its investments are two distinct links.", "sources": [ "ext-apollo-pr", "ext-kkr-ga" ] }, { "title": "Investment manager", "tag": "Mandate & fees", "text": "Affiliated or outside managers invest under constraints.", "detail": "Management of insurance assets can bring a continuing flow of investment mandates and fee income to an asset manager. Actual asset allocation and related-party transactions require insurer-level disclosures.", "sources": [ "ext-kkr-ga" ] }, { "title": "Loans & other assets", "tag": "Investment cash flow", "text": "Investments generate interest, proceeds and risks.", "detail": "Private credit and other assets can finance borrowers and earn returns. Credit losses, liquidity and mismatches with insurer liabilities matter. A corporate tie alone does not establish what every portfolio holds.", "sources": [ "ext-kkr-ga", "ext-apollo-pr" ] } ], "returns": "Investment cash flows help support claims and annuity benefits. Guarantees are insurer obligations; performance and solvency must be examined at the insurer.", "fees": "Management fees and related arrangements can move income to affiliated investment businesses. The map establishes the ownership and mandate, not the fairness of every fee." }, "takeover": { "title": "Consideration moves one way; control moves the other", "intro": "A conceptual acquisition pathway. Deal structures may use cash, shares, debt or combinations.", "steps": [ { "title": "Buyer / investors", "tag": "Capital assembled", "text": "Corporate cash, fund capital or debt finance a deal.", "detail": "A corporate buyer can acquire a manager directly. A private-equity fund can instead acquire a portfolio company. The sponsor, the fund and the acquired business should be distinguished.", "sources": [ "core-preqin-filing", "core-gip-close" ] }, { "title": "Transaction", "tag": "Price paid", "text": "Cash or shares are exchanged for the acquired interests.", "detail": "BlackRock’s Preqin acquisition is a concrete corporate transaction: cash consideration purchased a private-market data business. Its purchase price and assets managed elsewhere are different measures.", "sources": [ "core-preqin-filing" ] }, { "title": "Selling owners", "tag": "Proceeds received", "text": "The sellers receive the consideration.", "detail": "In an equity acquisition, consideration generally goes to the selling security holders. Some deals also refinance liabilities, inject primary capital or buy selected assets; the agreement determines the actual flows.", "sources": [ "core-preqin-filing" ] }, { "title": "Acquired business", "tag": "Ownership transfers", "text": "The buyer receives the agreed business and governance rights.", "detail": "Buying an investment manager transfers a business, not personal ownership of all its client portfolios. The acquisition can still consolidate decision-making capacity, distribution and fee streams.", "sources": [ "core-gip-close", "core-hps-close" ] } ], "returns": "Operating earnings, dividends or eventual sale proceeds can return to the buyer or investment fund. Lenders receive contractual debt payments, subject to default risk.", "fees": "Advisory, financing and management charges may arise. No transaction-specific fee total is implied unless its agreement or financial statements disclose one." }, "managers": { "title": "Investment funds can buy stakes in investment managers", "intro": "A purchase can supply primary capital to the manager or pay an existing owner. These are alternative routes to an economic stake; minority rights need not include control.", "steps": [ { "title": "GP-stakes fund", "tag": "Capital pooled", "text": "Investors fund a strategy that buys manager interests.", "detail": "Blue Owl / Dyal GP-stakes funds invest in other private investment-management businesses. The economic interest is in the manager, which itself may manage many separate funds.", "sources": [ "ext-blueowl-gp", "ext-blueowl-platform" ] }, { "title": "Primary purchase", "tag": "One possible route", "text": "Cash enters the manager’s balance sheet.", "detail": "Newly issued manager equity supplies capital to the business and dilutes existing owners. This is a different recipient of cash from a secondary purchase.", "sources": [ "ext-blueowl-gp" ] }, { "title": "Secondary purchase", "tag": "An alternative route", "text": "Cash goes to owners selling existing equity.", "detail": "Selling owners receive the purchase proceeds. The transaction does not necessarily add that money to the manager’s operating balance sheet.", "sources": [ "ext-blueowl-gp" ] }, { "title": "Economic participation", "tag": "Rights are negotiated", "text": "The stake can share in fee income and other returns.", "detail": "Historical Dyal examples include passive, non-voting minority stakes in Silver Lake and H.I.G. Capital. Their records explicitly distinguish economic participation from day-to-day control.", "sources": [ "ext-dyal-silverlake", "ext-dyal-hig" ] } ], "returns": "A stake may participate in management fees, carried interest and balance-sheet investments. Returns depend on contract terms and performance.", "fees": "The underlying manager earns fees from its funds. A GP-stakes investor can share in those economics. This is a fee-income ownership layer, rather than direct ownership of every underlying portfolio company." }, "public": { "title": "2020–2021 / The emergency corporate-credit facility", "intro": "A historical public program. The vehicle terminated in December 2021; these are not current standing mandates.", "steps": [ { "title": "Treasury & New York Fed", "tag": "Public resources", "text": "Treasury equity and Fed financing support a vehicle.", "detail": "The Corporate Credit Facilities LLC combined Treasury equity and New York Fed financing. Financing a facility is different from a contractor owning or setting monetary policy.", "sources": [ "infra-smccf" ] }, { "title": "Credit facility LLC", "tag": "Public mandate", "text": "The vehicle buys eligible bonds and bond ETFs.", "detail": "The Secondary Market Corporate Credit Facility bought eligible existing corporate bonds and ETFs. Secondary-market purchases pay sellers. Its purchases stopped at year-end 2020.", "sources": [ "infra-smccf" ] }, { "title": "BlackRock & State Street", "tag": "Contracted roles", "text": "Manager and custodian perform different assignments.", "detail": "The New York Fed appointed BlackRock FMA as investment manager and State Street Bank & Trust as custodian and administrator. These operational contracts did not grant ownership of the Federal Reserve.", "sources": [ "infra-smccf" ] }, { "title": "Assets sold or matured", "tag": "Program unwound", "text": "Bond and ETF holdings were gone by August 31, 2021.", "detail": "The facility’s LLC terminated December 17, 2021. State Street’s engagement ended the prior day. BlackRock’s cash-management role had separately been replaced during 2021.", "sources": [ "infra-smccf" ] } ], "returns": "Interest, sales and maturities returned cash to the program as it unwound. The authorized capacity of a facility is different from the actual investments it made.", "fees": "Contracted vendors provided specified services. The appointments document public reliance on private infrastructure; they do not establish private ownership of public policy." } } }