April 12, 2016

BlackRock, founded in 1988 under the umbrella of The Blackstone Group, focused initially on fixed-income securities. In 1995, as wholly-owned subsidiary of the PNC Financial Services Group, BlackRock gained access to a large distribution network and began managing open-end mutual funds, including equity funds. In 1998, PNC consolidated its asset management subsidiary names under BlackRock and the following year, BlackRock went public with broad employee ownership (NYSE: BLK). Today, BlackRock provides a breadth of investment solutions across active management, quantitative and index strategies with more than $4 trillion in assets under management, spanning equity, fixed income, real estate, liquidity, alternatives, and asset allocation/balanced strategies for institutional and retail clients.