BlackRock Inc., the world’s largest asset manager, achieved a new milestone last quarter, with its assets under management reaching a record $11.5 trillion.
The firm pulled in $160 billion in client cash into long-term investment funds, positioning itself as a comprehensive investment provider across public and private markets.
The inflows, including $97 billion into exchange-traded funds (ETFs) and $63 billion into fixed-income products, surpassed analysts’ expectations of $100 billion. This brings BlackRock’s total net inflows for the year to $360 billion, already exceeding the full-year totals for both 2022 and 2023.
CEO Larry Fink credited BlackRock’s technology, scale, and global reach for its continued growth. The firm also completed a $12.5 billion acquisition of Global Infrastructure Partners on October 1, adding $116 billion in private market assets to its portfolio. In the third quarter, BlackRock reported $61 billion in net inflows into cash-management and money-market funds, bringing total net flows to $221 billion.
BlackRock’s focus on private assets has been a key growth strategy. The firm is set to finalize a £2.55 billion acquisition of private-markets data firm Preqin and is exploring a potential purchase of HPS Investment Partners, a private credit firm that could be valued at over $10 billion.
The company’s adjusted net income per share rose 5% from a year ago to $11.46, with total revenue increasing 15% to $5.2 billion. BlackRock’s shares have risen about 18% in 2024, slightly underperforming the S&P 500’s 21% gain.
Reuters, Financial Times, and Bloomberg contributed to this report.
