BlackRock has surpassed $11.5 trillion in assets under management, marking a new record

October 11, 2024 01:26 PM PDT | By Team Kalkine Media

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BlackRock has surpassed $11.5 trillion in assets under management, marking a new record — Image source: Shutterstock

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Highlights

BlackRock Inc. reported a record $11.5 trillion in assets under management (AUM) during the third quarter.
Revenue increased 15% year-over-year to $5.2 billion, surpassing analyst estimates.
Earnings per share (EPS) rose to $11.46, reflecting a higher effective tax rate compared to the previous year.

BlackRock Inc {NYSE:BLK} has announced that its assets under management (AUM) reached a historic high of $11.5 trillion in the third quarter of the fiscal year. This substantial growth in AUM, which increased by $2.4 trillion year-over-year, was propelled by $456 billion in net inflows as well as favorable market movements, as reported by the asset management firm.

The company’s revenue for the quarter rose by 15% compared to the same period last year, amounting to $5.2 billion and exceeding analyst forecasts. The revenue boost was attributed to a combination of factors, including the positive impact of market conditions on average AUM, organic base fee growth, and an increase in performance fees.

Earnings per share (EPS) also saw an upward trend, climbing to $11.46 from $10.91 in the previous year and surpassing the anticipated figure. However, it is noteworthy that this increase came alongside a higher effective tax rate of 26%, which was considerably elevated compared to the 12.4% rate reported in the third quarter of the previous year.

BlackRock CEO Laurence Fink expressed confidence in the firm's strategic direction, stating, “Our strategy is ambitious, and our strategy is working. The assets we manage on behalf of our clients reached a new high, ending the third quarter at $11.5 trillion, having grown $2.4 trillion over the last 12 months.” Fink further highlighted that the firm had secured $456 billion in net inflows during that timeframe, which included a record $221 billion in the third quarter alone.

Following the positive earnings report, BlackRock’s shares experienced an increase of 3%, trading around $984 in late morning on Friday. This performance reflects investor confidence in BlackRock's robust growth strategy and its ability to navigate the competitive landscape of asset management effectively.

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