BlackRock Financial Management, Inc. - blackrock financial management inc

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Item 1 Cover Page
BlackRock Financial Management, Inc.
Park Avenue Plaza
55 East 52nd Street
New York, NY 10055
212-810-5300
March 27, 2013
This Brochure provides information about the qualifications and business practices of BlackRock Financial
Management, Inc. as well as certain other affiliated registered investment adviser subsidiaries of BlackRock, Inc.
(together with its subsidiaries, "BlackRock"). If you have any questions about the contents of this Brochure, please
contact BlackRock Financial Management, Inc. at 212-810-5300. The information in this Brochure has not been
approved or verified by the United States Securities and Exchange Commission ("SEC") or by any state securities
authority.
BlackRock Financial Management, Inc. is registered as an investment adviser with the SEC. Registration as an
investment adviser does not imply any level of skill or training.
Additional information about BlackRock Financial Management, Inc. is available on the SEC's website at
www.adviserinfo.sec.gov.
Item 2 Material Changes
Item 2 Material Changes
Below is a summary of changes, deemed to be material, that were made to the Brochure from March 30, 2012
through March 27, 2013.
On March 30, 2012, the Brochure was updated to reflect that on January 20, 2012, BlackRock Institutional Trust
Company, N.A. ("BTC"), a management person of BlackRock Financial Management, Inc., as that term is defined
for purposes of the Brochure, entered into an Offer of Settlement with the Commodities Futures Trading
Commission ("CFTC"), without admitting or denying wrongdoing, under which BTC agreed to the imposition of a
$250,000 penalty and the entry of an Order to resolve allegations by the CFTC that two trades by BTC violated
Section 4c(a)(1) of the Commodity Exchange Act and CFTC Regulation 1.38(a). BTC also agreed to cease and
desist from any further violations of these statutes. The CFTC did not allege that any clients of BTC, BlackRock or
any related affiliate were harmed in any way in the execution of these two trades.
The principal item within the Brochure that was updated on March 30, 2012 was Item 9 ("Disciplinary Information").
On July 12, 2012, the Brochure was updated to reflect that on May 29, 2012, BlackRock, Inc. repurchased from
Barclays Bank PLC. (together with its subsidiaries, "Barclays") the ownership interest that Barclays previously held
in BlackRock, Inc. ("Barclays Repurchase"). Prior to the transaction, Barclays owned approximately 19.6% of the
total capital stock of BlackRock, Inc. and approximately 2.2% of BlackRock, Inc.'s voting common stock (as of
March 31, 2012). While Barclays was not considered an affiliate of BlackRock for purposes of the Investment
Advisers Act of 1940, as amended, or the Investment Company Act of 1940, as amended, at the time, this Brochure
had described the relationships or arrangements with Barclays because its interest in BlackRock, Inc. created a
possible conflict of interest or the appearance of a conflict of interest between the Advisers (as defined below) and a
client. Barclays exited its entire ownership position in BlackRock, Inc. as a result of the Barclays Repurchase.
The principal items within the Brochure that were updated on July 12, 2012 included Item 10 ("Other Financial
Industry Activities and Affiliations") and Item 11 ("Code of Ethics, Participation or Interest in Client Transactions and
Personal Trading").
Page ii
Item 3 Table of Contents
Item 3 Table of Contents
Item 1 Cover Page........................................................................................................................i
Item 2 Material Changes.............................................................................................................ii
Item 3 Table of Contents ...........................................................................................................iii
Item 4 Advisory Business ..........................................................................................................1
OVERVIEW OF BLACKROCK REGISTERED INVESTMENT ADVISERS ....................................1
ADVISORY SERVICES .................................................................................................................1
Institutional Separate Accounts and Separately Managed Accounts ..............................3
SERVICES OF AFFILIATES..........................................................................................................4
Item 5 Fees and Compensation .................................................................................................6
ADVISORY FEES..........................................................................................................................6
FEE SCHEDULES.........................................................................................................................6
US Registered Funds......................................................................................................6
Private Funds..................................................................................................................6
Institutional Separate Accounts.......................................................................................6
Private Investors Accounts..............................................................................................6
Separately Managed Accounts (Other than Private Investors Accounts)........................9
Dual Contract SMA Program Accounts...........................................................................9
TIMING AND PAYMENT OF ADVISORY FEES ..........................................................................10
OTHER FEES AND EXPENSES .................................................................................................11
Item 6 Performance-Based Fees and Side-By-Side Management ........................................12
Item 7 Types of Clients.............................................................................................................13
OVERVIEW OF CLIENTS ...........................................................................................................13
US Registered Funds....................................................................................................14
Private Funds................................................................................................................14
Other Pooled Investment Vehicles................................................................................16
Separately Managed Accounts .....................................................................................16
Item 8 Methods of Analysis, Investment Strategies and Risk of Loss .................................17
FIXED INCOME MANDATES ......................................................................................................17
EQUITY MANDATES ..................................................................................................................18
CASH MANAGEMENT MANDATES ...........................................................................................18
ALTERNATIVE MANDATES .......................................................................................................18
MULTI-ASSET MANDATES ........................................................................................................18
INDEX MANDATES.....................................................................................................................18
OTHER STRATEGIES ................................................................................................................19
Borrowing and Leverage ...............................................................................................19
INVESTMENT STRATEGY RISKS..............................................................................................19
Item 9 Disciplinary Information................................................................................................22
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