BlackRock, the world’s largest asset manager, surpassed $10 trillion in assets under management (AUM) in its second-quarter results, reaching $10.6 trillion—a 13% increase from the previous year.
Earnings per share (EPS) rose to $9.99 from $9.06, and revenue increased by 7.7% to $4.8 billion, with net income at $1.50 billion. The company saw total net inflows of $139 billion for the first half of the year, including a record $82 billion quarterly net inflows for its ETFs.
Investment advisory and administration fees increased by 8.6% to $3.72 billion, and technology services revenue grew by 10% to $395 million, driven by demand for its Aladdin platform. BlackRock holds the largest public Bitcoin position through its iShares Bitcoin Trust (IBIT) ETF, now containing over 300,000 BTC.
Despite these strong results, BlackRock’s stock price dipped slightly by 0.028% in pre-market trading. CEO Larry Fink highlighted opportunities in private markets, Aladdin, and portfolio solutions.
The company is also acquiring data provider Preqin for $3.2 billion. It is close to completing its acquisition of Global Infrastructure Partners, expected to double private market base fees and add $100 billion in infrastructure AUM.
The S&P 500 index’s 11% increase in the quarter contributed to BlackRock’s AUM growth, although BlackRock’s shares have risen only 3.4% this year, underperforming the S&P 500’s 18.4% gain. Fink emphasized BlackRock’s integrated approach to private markets, investment, technology workflows, and data as key to its growth strategy.
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