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BlackRock’s assets under management surged to a record $11.5tn,last quarter as the world’s largest money manager benefited from a rally in markets and attracted cash from investors.
Revenue rose 15 per cent to $5.2bn, surpassing analysts’ expectations, while improved margins lifted the group’s net income to $1.63bn.
Assets shot up 26 per cent in the quarter, powered by $160bn in long-term flows and an additional $61bn in new money to cash management products, as BlackRock benefited from investors preparing for interest rates cuts from the US Federal Reserve.
“Our strategy is ambitious, and our strategy is working,” chief executive Larry Fink said on Friday. “We are effectively leveraging our technology, scale, and global footprint to deliver profitable growth.”
BlackRock shares are up nearly 20 per cent this year, nearing a record high $971 set in November 2021. The shares were little changed in pre-market trading on Friday.
Analysts polled by Bloomberg had expected revenue of $5bn. Adjusted operating income rose 26 per cent to $2.1bn, beating expectations of just under $2.0bn.
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