The market recovery and new money inflows have further boosted the assets under management of the world's largest investment firm.
Blackrock recorded an inflow of $160 billion in client money into its long-term investment funds in the third quarter of 2024. This brings assets under management (AUM) to a record $11.5 trillion at the end of September, according to the quarterly report published on Friday.
By the end of June 2024, Blackrock had reported a value of $10.65 trillion in this area, compared to $9.10 trillion in the previous year.
The company wants to become a «one-stop-shop» for stocks, bonds, and increasingly private equity. «We are effectively leveraging our technology, scale, and global presence to drive profitable growth,» CEO Larry Fink said.
Better than Expected
Investors poured a total of $97 billion into ETFs and $63 billion into fixed-income assets in the third quarter, Blackrock announced on Friday. According to «Bloomberg», analysts had expected inflows to total around $100 billion in consensus estimates.
Since the beginning of the year, net new inflows have amounted to $360 billion, surpassing the figures from 2022 and 2023. Net inflows into cash management and money market funds amounted to $61 billion during the quarter. In total, net flows reached $221 billion.
Growth Reflected in the Results
The growth was also reflected in the results. Adjusted earnings per share increased by 5 percent compared to the previous year, reaching $11.46. Revenue rose by an even stronger 15 percent, totaling $5.2 billion.
After the end of the quarter, Blackrock also finalized the acquisition of Global Infrastructure Partners as of October 1. This $12.5 billion transaction added $116 billion in private equity assets.
