BlackRock now manages assets equal to half the size of the U.S. economy after 15% growth
BlackRock now manages assets equal to half the size of the U.S. economy after 15% growth
Chairman and CEO Larry Fink presides over BlackRock, which has nearly $15.5 trillion in assets under management.Photo: Patrick T. Fallon/
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BlackRock reported its assets under management reached nearly $15.5 trillion after growing 15%.
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The fund-management giant’s third-quarter adjusted earnings per share rose 38% to $15.93, beating analyst expectations.
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Most of BlackRock’s $205 billion of net inflows went to its iShares line of exchange-traded funds.
Fund-management giant BlackRock said Wednesday that its assets under management reached nearly $15.5 trillion after growing by 15%.
BlackRock reported $205 billion in net inflows and said its third-quarter adjusted earnings per share jumped 38% to $15.93, as revenue rose 19% to $7.75 billion.
Analysts polled by FactSet expected earnings of $14.32 per share on revenue of $7.42 billion. The assets under management of $15.49 trillion — basically, half of U.S. gross domestic product of $31.1 trillion annualized in the third quarter — narrowly missed expectations of $15.52 trillion.
BlackRock shares rose 3% in early New York trade. The stock has languished all year, down 0.4% heading into Wednesday.
“The range of flows is impressive across the board and based on management’s comments, momentum seems to be building into year-end,” said analysts at Goldman Sachs led by Alexander Blostein.
The analysts estimated BlackRock’s operating margins, excluding performance fees, to have reached 49%, about 2 percentage points higher than last year.
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