BlackRock Inc (NYSE:BLK) reported second-quarter profit that topped Wall Street estimates on Wednesday, powered by record inflows and higher fees.
The world’s largest asset manager posted adjusted earnings of $13.91 per share, beating the average analyst estimate of $12.57 and up 15% from a year earlier
Revenue rose 31% to $7.08 billion, ahead of the $6.72 billion expected by analysts. Assets under management climbed 22% to $15.34 trillion, as the firm pulled in $191.7 billion in total net inflows for the quarter. ETFs led the gains with $177.9 billion in inflows, while active strategies added $53.3 billion.
Fixed income drew $92.1 billion and equities brought in $71.6 billion. Alternatives added $22 billion, including $15.4 billion into private markets. Cash management was the lone laggard, with $7.4 billion in outflows.