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    Michael Cyprys • Morgan Stanley

    Michael Cyprys's questions to BlackRock Inc (BLK) leadership

    Michael Cyprys's questions to BlackRock Inc (BLK) leadership • Q2 2025

    Question

    Michael Cyprys of Morgan Stanley inquired about the integration progress of the HPS and GIP acquisitions, particularly regarding insurance clients, and the traction of private market strategies in wealth and retirement channels.

    Answer

    Chairman & CEO Laurence D. Fink explained that client feedback on the acquisitions is extremely strong, citing the oversubscribed GIP V fundraise ($25.2B) as proof. He noted that while the HPS integration is just beginning, flows remain robust. Fink emphasized the significant opportunity in retirement, where 50% of BlackRock's AUM resides, and highlighted the critical future role of analytics from Preqin and eFront in expanding private market access for wealth clients.

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    Michael Cyprys's questions to Robinhood Markets Inc (HOOD) leadership

    Michael Cyprys's questions to Robinhood Markets Inc (HOOD) leadership • Q1 2025

    Question

    Michael Cyprys of Morgan Stanley asked about the traction of 24/5 markets, steps being taken to drive uptake, and the long-term vision for its contribution to trading volumes.

    Answer

    CEO Vladimir Tenev stated that 24-hour trading is continuing to grow, with engagement spiking during after-hours macro events. He believes it will become 'table stakes' for all platforms within five years. He also noted that as Robinhood expands internationally into Europe and Asia, the feature will become even more imperative and will be a tailwind for volume growth, with the long-term trend being 24/7 trading for every asset.

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