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  "documentTitle": "BlackRock | Investor Conference Presentation Deck | 10 slides",
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  "authorName": "BlackRock",
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  "presentationDate": "2014-12-01 00:00:00",
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  "notes": "Includes a line chart showing performance divergence and a table detailing AUM and fee impacts by region/category.",
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      "text": "Negative beta skew toward higher fee products – driving outsized impact on base fees",
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      "text": "1 Effective basis points calculated by dividing base fees including securities lending by average AUM\n2 Difference between average 3Q'14 AUM and entry rate 4Q'14 spot AUM\n3 Difference between actual 3Q'14 base fees and run rate base fees calculated by multiplying effective bps by 4Q'14 entry rate spot AUM",
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      "text": "Beta divergence impact on BLK equity base fees",
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