BlackRock assets swell to over USD13 trillion on market rally
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The news: BlackRock’s total assets under management have surged on the back of a dealmaking spree and market rally during the third quarter.
The numbers: BlackRock ended Q3 with USD13.46 trillion ($20.88 trillion) in assets under management, up 17% from USD11.48 trillion the year prior to shatter its own record.
The money manager brought in USD205 billion in new client money in the three months to 30 September, led by a record quarter for iShares ETFs, alongside private markets and cash net inflows.
BlackRock reported adjusted earnings of USD1.91 billion, or USD11.55 per share, for the period, up from USD1.72 billion, or USD11.46 per share, a year earlier.
The fees BlackRock collects from fund investors, excluding the impact of market moves, rose at an annualised rate of 10%.
The context: A softening labour market and moderating inflation prompted the US Federal Reserve to cut interest rates last month and continued expectations of more easing later in 2025 has fuelled inflows into BlackRock's fixed-income exchange-traded funds.
The inflow of funds worked to offset softer performance fees and the higher costs tied to BlackRock’s USD12 billion purchase of private credit player HPS Investment Partners in July. BlackRock’s Q3 results were the first to include results from HPS which saw the asset manager add USD165 billion of client AUM and USD118 billion of fee-paying AUM to its books.
What they said: Chairman and CEO of BlackRock, Larry Fink said: “Clients around the world are coming to BlackRock for deeper, more dynamic partnerships across public and private asset classes. AUM reached a new high of $13.5 trillion, and our iShares and cash franchises surpassed new AUM milestones of $5 trillion and $1 trillion, respectively. “We’re executing on some of the largest and most multifaceted mandates in our history, as clients choose BlackRock for portfolio management and technology across the full range of capital markets.
The source: BlackRock earnings
