An SEC-registered investment adviser with USD 1.60 trillion of regulatory assets, registered since 1995, that manages 1 insurance-dedicated fund in our database. This file brings together those funds and what the adviser reports to the SEC about itself.
Funds and platform series in our database that file a Form D under an insurance-dedicated name and are managed by this adviser. Gross assets are as reported in the latest Form ADV that lists each fund.
The rating looks only at the areas below, which matter to a family holding this manager's funds through a private placement policy. Past returns play no part: these funds do not report them in their SEC filings, and they say little about what a policy will earn.
What regulators and courts have recorded against the manager, and for platform series against the platform, as the advisers report it to the SEC. Several proceedings on one set of facts count as one matter. Recent and serious matters count most, matters of other companies in the group count for less, matters of individuals are weighed by the person's role and their bearing on the business, and the size of the firm is taken into account.
What the adviser reports to the SEC for the fund: whether the accounts are audited every year by an accountant registered with the PCAOB and subject to its regular inspection, whether audited statements go to investors and what the audit opinion says, whether the administrator and custodian are outside the adviser's group, and what share of the assets was valued last year by a person not related to the adviser.
The assets the manager runs, its investment staff and how long it has been registered with the SEC.
Investor experience. What policyholders, insurers and advisers tell us is shown separately and never changes the stars. A factual point they raise is checked against the filings, and if it holds, the data is corrected. We never publish names. Tell us about yours
The rating expresses the opinion of PPLI.com on the date shown. It is not a statement of fact about the fund or its manager, not a credit rating, not a forecast of returns and not investment advice. Read about the rating.
Regulatory assets are calculated under the SEC's Form ADV instructions and include all funds and accounts the adviser manages, not only those open to insurers. Figures come from the SEC's adviser files of November 2026.
What the adviser itself discloses in Item 11 of its Form ADV, summarised from the disclosure pages, with a link to the filing. Item 11 is filed for the adviser as a whole, so under each matter the fund it concerns is read from the disclosure itself.
Fund concerned: none named in the filing. The matter concerns another company in the group, not a specific fund, and none of the insurance-dedicated funds in this file is named.
Fund concerned: none named in the filing. The matter concerns another company in the group, not a specific fund, and none of the insurance-dedicated funds in this file is named.
On January 9, 2025, the comisión Nacional Bancaria y de Valores ("CNBV") imposed a fine of approximately $123,000 USD (MXN $2,501,720) regarding the anti-money laundering and counter-terrorist financing program at BlackRock's Mexico City Office. Specifically, the CNBV found that BlackRock Mexico did not have sufficient procedures to assess whether potential transactions involving politically exposed persons were appropriate and to collect certain information about higher risk clients. Further, the CNBV identified instances where BlackRock Mexico did not maintain complete client files.
Fund concerned: public ESG and non-ESG funds. None of the insurance-dedicated funds in this file is named.
On November 27, 2024, the Texas Attorney General and the attorneys general from 10 other States (Alabama, Arkansas, Indiana, Iowa, Kansas, Missouri, Montana, Nebraska, West Virginia, and Wyoming) filed a complaint against BlackRock, Vanguard, and State Street (the "managers") alleging that the managers used their ownership stakes in coal companies to artificially reduce coal output in violation of various State and Federal antitrust laws. Texas also claims BlackRock made false and deceptive statements in connection with the marketing of its non-ESG ETFS.
Fund concerned: public ESG and non-ESG funds. None of the insurance-dedicated funds in this file is named.
On August 22, 2024, the Indiana Securities Commissioner (the "Commissioner") issued a cease and desist order (the "order") against BlackRock, Inc. and several of its advisory affiliates, (collectively, "BlackRock"). The order alleges that BlackRock has made misleading statements about how we manage our non-ESG and ESG Funds. With respect to non-ESG Funds, the order cites to our participation in climate organizations and our statements regarding ESG integration and stewardship activities, among other things, as evidence that our non-ESG Funds actually pursue an ESG strategy. With respect to ESG Funds, the order asserts that BlackRock falsely claims that sustainable investing will generate ...
Fund concerned: none named in the filing. The matter concerns another company in the group, not a specific fund, and none of the insurance-dedicated funds in this file is named.
On March 27, 2024, BlackRock, Inc., BlackRock investments, LLC, BlackRock Advisors, LLC, BlackRock Fund Advisors, and iShares Trust (collectively, "BlackRock") were served with a summary cease and desist order and notice of intent to impose administrative penalty from the Mississippi Secretary of State. The summary order alleges that BlackRock has made misleading statements in Fund prospectuses, marketing material, public statements, and on its website regarding BlackRock's ESG practices and approach to proxy voting. The summary order, which was issued to BlackRock without any prior notice or opportunity to be heard, finds that BlackRock violated the Mississippi Securities laws, and orders ...
Fund concerned: none named in the filing. The matter concerns another company in the group, not a specific fund, and none of the insurance-dedicated funds in this file is named.
On December 18, 2023, the Tennessee Attorney General ("AG") sued BlackRock, Inc. in Tennessee State Court for alleged violations of Tennessee's consumer Protection statute in connection with our ESG practices. The complaint generally alleges that BlackRock has made misleading statements in Fund prospectuses, fact sheets, various public statements, and on its website regarding its ESG practices and its approach to proxy voting.
Fund concerned: a public mutual fund. None of the insurance-dedicated funds in this file is named.
Failure to comply with certain regulations applicable to the Management of mutual Funds and the provision of Investment advisory Services in BlackRock's Mexico City Office.
Fund concerned: none named in the filing. The matter concerns another company in the group, not a specific fund, and none of the insurance-dedicated funds in this file is named.
According to the SEC order, GIM (I) did not offset from applicable Management fees eligible fees paid to it by a Fund portfolio Company, (II) did not offset from applicable Management fees the full amount it owed a Fund's Limited Partners in connection with eligible fees it collected from a Fund portfolio Company and (III) included inconsistent provisions concerning the Management fee calculation methodology in the offering and governing documents for two Funds. In addition, the SEC order found that GIM did not adopt and implement written policies and procedures reasonably designed to prevent the above violations of the Advisers Act.
Fund concerned: none named in the filing. The matter concerns another company in the group, not a specific fund, and none of the insurance-dedicated funds in this file is named.
On dates in 2017 and in 2018, BlackRock, Inc. was late in making certain threshold filings with the Swiss regulator. These late filings were caused by two separate issues: (1) incorrect share issue information provided to BlackRock by its third party vendor; and, (2) BlackRock's outgoing email quarantine System incorrectly quarantining threshold information emails from BlackRock to the Swiss regulator.
Fund concerned: none named in the filing. The matter concerns another company in the group, not a specific fund, and none of the insurance-dedicated funds in this file is named.
The CME concluded that BlackRock violated Chicago Board of Trade (CBOT) Rule 562, which prohibits firms from Holding positions on the CME larger than the limits proscribed by CME rules.
Fund concerned: none named in the filing. The matter concerns another company in the group, not a specific fund, and none of the insurance-dedicated funds in this file is named.
BaFin (the German Financial regulator) reached a decision against BIM UK for approximately 180 incorrect thresholds filings between August 2018 and October 2018 following Brexit restructuring.
Fund concerned: a public mutual fund. None of the insurance-dedicated funds in this file is named.
On October 24, 2023, the SEC announced an agreement with BlackRock Advisors, LLC ("BAL") to settle findings relating to misstatements in annual and semi-annual reports of a mutual Fund for which BAL serves as the registered Investment adviser. The SEC found that the reports inaccurately described the interest rate and Industry classification of a lending facility with a privately held entity in which the mutual Fund invested. Without admitting or denying the SEC'S findings, BAL agreed to the entry of an administrative order containing findings that BAL violated Section 206(4) of the Investment Advisers Act of 1940 and Rule 206(4)-8 thereunder and Section 34(b) of the Investment Company Act ...
Fund concerned: none named in the filing. The matter concerns another company in the group, not a specific fund, and none of the insurance-dedicated funds in this file is named.
BlackRock Investment Management (UK) Limited ("BIM UK") is required to report to the Swedish Financial Services Authority ("SFSA"), within a specified time period, its Holdings in listed issuers where those Holdings cross a certain threshold ("notifications"). On May 5, 2017, an external vendor was unable to provide accurate data resulting in approximately a 5 minute delay in BIM UK's submission of certain short selling notifications to the SFSA. The SFSA was informed in advance of the filing deadline of the likelihood of a delay to the submission of certain short selling notifications. In September 2017, BIM UK responded to an inquiry from the SFSA regarding the late submission on May 5, ...
Fund concerned: iShares MSCI Russia Capped ETF, a public ETF. None of the insurance-dedicated funds in this file is named.
The order specifically concerns the iShares MSCI Russia capped ETF ("Russia Fund ETF"), managed by BlackRock Fund Advisors ("BFA") and whether it was covered by existing exemptive relief granted by Securities and Exchange Commission ("SEC"). In 2010, the Russia Fund ETF began selling its shares as the only series of shares of iShares MSCI Russia capped ETF, Inc. ("Russia Fund Company"). The Russia Fund Company did not have the required exemptive relief until January 2015. Accordingly, by operating the Russia Fund ETF from December 2010 to January 2015, BFA caused the Russia Fund Company to violate the Investment Company Act.
Fund concerned: none named in the filing. The matter concerns another company in the group, not a specific fund, and none of the insurance-dedicated funds in this file is named.
The U.S. Securities and Exchange Commission ("SEC") found that a historic version of BlackRock Inc.'s ("BlackRock") form employee separation and release agreement ("agreement") violated Dodd Frank's whistleblower provisions, (Rule 21f-17 under the Securities and Exchange Act of 1934). The agreement, which was in use between October 2011 and March 2016, did not prohibit former employees from reporting alleged wrongdoing to the SEC. However, employees who accepted a voluntary separation payment from BlackRock waived their right to recover a Monetary reward from the SEC in connection with its whistleblowing program. BlackRock stopped using the agreement at issue before being contacted by the ...
These are the matters BlackRock Financial Management, Inc. reports in Item 11 of its Form ADV, filed 27 August 2026. A reported matter is a fact disclosed by the adviser, not a finding by PPLI.com. None of them concerns the insurance-dedicated funds listed above.
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Prepared by the PPLI.com research desk from the public filings listed, checked on 4 November 2026. Updated every quarter, or sooner when a new filing appears. To report an error, write to [email protected] with the filing that shows it.
Important. Educational research only, not an offer or a recommendation. A matter reported in Form ADV is a fact disclosed by the adviser, not a finding by PPLI.com.
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