BlackRock’s Assets Surge Past $12 Trillion
The investment firm’s assets were boosted by record-high U.S. stock prices and $68 billion of net client inflows
By Jack Pitcher
BlackRock’s revenue rose 13% to $5.42 billion. Photo: brendan mcdermid/ReutersKey Points
- BlackRock’s assets under management reached a record $12.53 trillion in the second quarter, an 18% increase year-over-year.
- Net income increased 6.5% to $1.59 billion, with earnings per share surpassing analysts’ estimates by $1.27.
- BlackRock’s revenue grew 13% to $5.42 billion, fueled by expansion into private markets, including the acquisition of HPS.
BlackRock has become the world’s first $12 trillion money manager.
The investment firm’s assets rose to a record $12.53 trillion in the second quarter, buoyed by record-high U.S. stock prices and $68 billion of net client inflows.
That’s up 18% from a year ago.
Net income rose 6.5% to $1.59 billion from $1.5 billion in the year earlier period.
Excluding certain one-time expenses, BlackRock earned $12.05 a share in the most-recent quarter.
On that basis, the company’s profits beat the average estimate of $10.78 from analysts polled by FactSet.
BlackRock’s fee revenue is growing in part due to a major push into private-market assets.
The money manager closed its acquisition of private credit firm HPS Investment Partners on July 1, just after the end of the quarter.
“Our recent closing of HPS will help us build even more with clients as we head into our seasonally strongest second half of the year,” Larry Fink, BlackRock’s chairman and CEO, said in a statement.
“These are just the early days in our next phase of even stronger growth.”
Revenue rose 13% to $5.42 billion.
Analysts had expected $5.45 billion.
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