BlackRock announced it reported a record $11.48 trillion of assets under management (AUM) for the third quarter. This is up from $9.1 trillion one year ago and $10.65 trillion in the last quarter.
The equity markets’ nearly record highs have helped boost the firm’s overall assets. Long-term net fund flows into BlackRock products were $160 billion, compared to $12.6 billion of net outflows a year earlier.
BlackRock registered $160 billion in long-term net flows for the third quarter. And the total net flows saw a quarterly record of $221.18 billion, which is up from $2.57 billion a year ago.
A majority of these inflows were driven by ETFs at $97.41 billion. And the firm’s clients added $62.74 billion into BlackRock’s fixed-income products.
For the quarter, BlackRock’s net income increased to $1.63 billion ($10.90 per share) in the three months ended September 30 compared to $1.6 billion ($10.66 per share) one year earlier.
KEY QUOTES:
“Our strategy is ambitious, and our strategy is working. The assets we manage on behalf of our clients reached a new high, ending the third quarter at $11.5 trillion, having grown $2.4 trillion over the last twelve months. In that time, clients have entrusted BlackRock with $456 billion of net inflows, including a record $221 billion in the third quarter. Third quarter organic base fee growth of 5% and technology services ACV growth of 15% are each at multi-year highs.”
“We are effectively leveraging our technology, scale, and global footprint to deliver profitable growth. Quarterly revenue and operating income both set new records, up 15% and 26% year-over-year, respectively. Our 45.8% operating margin is up 350 basis points.”
“Through coordinated investments and initiatives, we are evolving our private markets capabilities to best serve our clients. We’re already seeing the power of BlackRock and GIP together as we drive access to the enormous investment potential of infrastructure, especially to support AI innovation. We believe the model portfolio solution we are building will democratize retail access to private markets. And our planned acquisition of Preqin will enhance data and risk analytics needed to support growing private markets allocations.”
“Our relentless focus on clients, growth mindset and willingness to evolve has generated a compounded annual total return of over 20% for our shareholders since our IPO 25 years ago, well in excess of broader markets. The opportunities ahead of us have never been greater, and we look forward to driving growth for our clients, shareholders and employees in the years to come.”
-Laurence D. Fink, Chairman and CEO
