BlackRock managed assets have broken the US$9 trillion ($11.6 trillion) mark, as the investment giant has surpassed US$150 billion in quarterly inflows across its platform.
BlackRock ended the first quarter of the year on US$9 trillion in assets under management (AUM), surging by $2.6 trillion, or 39 per cent from a year prior.
The group reported US$172 billion in total net inflows over the three months to March, the fourth consecutive quarter with more than US$100 billion in net inflows.
There was a 19 per cent increase in revenue year-on-year, to US$4.3 billion for the first quarter. BlackRock had also seen an 18 per cent increase in adjusted operating income year-on-year, to US$1.5 billion.
The ETF segment grew to US$2.8 trillion in AUM, rocketing from US$1.8 trillion a year prior. The retail segment was up by 53 per cent to US$934.1 billion.
For institutional investors, actively invested managed funds came to US$1.5 trillion, increasing by a quarter year-on-year, while the index segment ended March on US$33 trillion, up by 42 per cent.
BlackRock chief executive and chair Larry Fink credited the company’s pivot towards sustainability for its strong performance.
“BlackRock’s differentiated platform and our insights on some of the biggest issues society is facing today are resonating with clients,” Mr Fink said.
“To help them navigate toward a net zero world, we’re systematically integrating climate and broader sustainability factors into our portfolio management process.
“I am excited by the magnitude of opportunities in front of BlackRock. We remain committed to executing our strategy, evolving our business, strengthening our culture and living our purpose as we invest for the future to deliver value for all of our stakeholders.”
Diluted earnings per share came to US$7.77, climbing by 18 per cent from the prior corresponding period.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].