BlackRock AUM hits record high of $11.5tn
BlackRock’s assets under management hit a new high of $11.5tn (£8.8tn) by the end of the third quarter, thanks to record inflows and positive market movements.
The world’s largest asset manager reported $221bn of net inflows in the third quarter, bringing total investment up to $456bn over the past 12 months.
BlackRock’s third-quarter results also revealed a 15 per cent increase in revenue year-on-year to $5.2bn and a two per cent rise in net income to $1.63bn.
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“Our strategy is ambitious, and our strategy is working,” said Larry Fink, chairman and chief executive. “We are effectively leveraging our technology, scale, and global footprint to deliver profitable growth.
“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.”
BlackRock has been expanding its alternatives business, including the revamp of its private credit division and a management shake-up.
It recently acquired Global Infrastructure Partners and is reportedly mulling a purchase of private credit manager HPS.