Following the announcement, BlackRock shares rose 0.5% on the New York Stock Exchange. This brings the cumulative growth so far in 2024 to 4.8%.
BlackRock , the world’s largest and most important fund manager, announced its second quarter financial results , which show solid progress.
First, the company reported revenues of US$4.805 billion , which implies an 8% year-on-year increase, although a total of 1% lower than estimated by Wall Street.
Operating income rose 11% from last year to $1.8 billion, while net profit also improved 11% to $1.55 billion . Adjusted earnings per share closed at $10.36, versus the $9.96 forecast by analysts.
Separately, BlackRock reported total assets under management (AUM) of $10.64 trillion , up 13% from $9.42 trillion in the second quarter of 2023.
The firm said investors added $83 billion to exchange-traded funds (ETFs) and $35 billion to fixed income in general. There was also a net flow of $30 billion to cash management funds. However, there were outflows from institutional clients of $35 billion and a $20 billion refund from a major insurance client.
“BlackRock is executing on the broadest set of opportunities we have seen in years, including private markets, Aladdin, and full portfolio solutions across both ETFs and assets. At the same time, we are opening up significant growth markets for our clients and shareholders with our planned acquisitions of Global Infrastructure Partners and Preqin ,” said Larry Fink , Chairman and CEO.
“BlackRock is defining a unique, integrated approach to private markets, spanning investments, technology workflows and data. We believe this will deepen our client relationships and drive value for our shareholders through premium, diversified organic growth,” he added.
Following the announcement, BlackRock shares rose 0.5% on the New York Stock Exchange . This brings the cumulative growth so far in 2024 to 4.8%.
