- BlackRock released its first quarter results on Friday.
- Assets under management increased 15% in 12 months to reach a record $10.5 trillion.
- The world’s largest asset manager cited strong net client cash inflows and a strong market.
BlackRock’s assets under management jumped 15% year over year to a record $10.5 trillion in the first quarter as more people trusted the firm to put their cash to work and that the markets were performing well.
The Wall Street titan increased its assets under management by $1.4 trillion in 12 months, its first-quarter results revealed Friday. This increase reflects a significant net inflow of client funds and a positive market environment.
BlackRock’s revenue rose 11% to $4.7 billion, helping its operating profit increase 18% to $1.7 billion. Its management also repurchased $375 million worth of stock and increased the quarterly dividend by 2%, to $5.10 per share.
Investors celebrated the strong performance by sending shares of BlackRock up as much as 3% in premarket trading, to around $807. The stock was virtually flat for the year as of Thursday’s close.
“BlackRock’s momentum continues to build,” CEO Larry Fink said in the earnings release.
“Organic growth in core assets and fees accelerated through the end of the quarter, and long-term net inflows of $76 billion in the first quarter are already nearly 40% of full-year levels 2023.”
Indeed, BlackRock’s net inflows were $76 billion in the first quarter, compared to $183 billion for all of 2023. This large inflow is not too surprising as market sentiment has been largely strong this year, helping push stocks and other assets to record highs. .
businessinsider
