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BlackRock assets under management hit record $10.5tn

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Roaring equity markets and the popularity of a new spot bitcoin exchange traded fund powered BlackRock to record assets under management of $10.5tn and net income of $1.57bn that was up 36 per cent year on year.

Revenue of $4.7bn and adjusted net income of $1.47bn during its fiscal first quarter beat the expectations of analysts polled by Bloomberg, but net inflows of $57bn disappointed, dragged down by $19bn of outflows from cash management products. While flows into fixed income have picked up, the wholesale rotation into bonds that some had hoped for has not yet materialised.

Chief executive Larry Fink pointed in a statement to a “strong pipeline . . . We see significant growth potential in infrastructure, technology, retirement and whole portfolio solutions.”

This is a developing story

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