BlackRock Inc was founded in 1988. It is a publicly traded investment management firm with employees in more than 30 countries who serve clients in over 100 countries. It provides a range of investment and risk management services. The Company's clients are retail, including net worth, and institutional investors, comprised of pension funds, official institutions, endowments, insurance companies, corporations, financial institutions, central banks and sovereign wealth funds. Its product range includes single- and multi-asset portfolios investing in equities, fixed income, alternatives and or money market instruments. The Company offers its products directly and through intermediaries in a variety of vehicles, including open-end and closed-end mutual funds, iShares exchange-traded funds "ETFs" and other exchange-traded products "together with ETFs, "ETPs", collective investment funds and separate accounts. The Company also offers its BlackRock Solutions "BRS" risk management and advisory services to institutional investors. The Company focuses on providing alpha for active products and limited or no tracking error for passive products. The Company's management directs its operations as one business, the asset management business. Its products include Equity, Fixed Income, Multi-Asset Class, Alternatives, Cash Management, BlackRock Solutions and Advisory, Transition Management Services and Product Performance Notes. It serves its clients across the regions including; Americas, EMEA, and Asia-Pacific. The Company competes with investment management firms, mutual fund complexes, insurance companies, banks, brokerage firms and other financial institutions that offer products that are similar to, or alternatives to, those offered by it. The Company and certain of its U.S. subsidiaries are subject to regulation, at the federal level, by the SEC, the Department of Labor, the "DOL", the Federal Reserve, the OCC, the Financial Industry Regulatory Authority "FINRA".