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  "documentTitle": "State Street Corporation (STT)",
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      "text": "Despite operating as nearly a pure play passive platform, State Street’s Investment Management margins meaningfully lag the peer average of ~ 45% and BlackRock’s margin of 39%",
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      "text": "Asset Manager Adjusted Operating Margin (CYE 12/31/10)",
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      "text": "Despite operating as nearly a pure play passive platform, State Street's Investment Management margins meaningfully lag the peer average of ~45% and BlackRock's margin of 39%",
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      "text": "There are no pure-play passive managers, but passive products should have higher margins than active. Barclay's Global Investors (BGI) generated a 50% operating margin in 2008, its last fiscal year prior to being purchased by BlackRock in 2009",
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      "text": "operating margin: 28%",
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      "text": "Larry Fink, on BlackRock's 4th Quarter 2010 earnings call, confirmed this: \"There is no question, on ETF and index products our margins are huge. It's the highest margin business for us, or it's one of the highest margin businesses for us\"",
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      "text": "There is no question, on ETF and index products our margins are huge. It’s the highest margin business for us, or it’s one of the highest margin businesses for us — Larry Fink, BlackRock 4th Quarter 2010 earnings call",
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      "text": "Source: SEC filings. Note: Legg Mason and Affiliated Managers excluded due to affiliate model. Note: Margins calculated on revenue net of distribution and servicing costs. (1) Barclay's Global Advisors represents FYE 12/31/08 and excludes interest income from consolidated - 27 - See BlackRock Form 8-k dated 12/4/2009.",
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      "text": "Investment Management Margins Are Also Too Low",
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