BlackRock crosses $15 trillion in assets under management as Larry Fink hails ‘strong’ market fundamentals Asset management giant BlackRock (BLK) crossed $15 trillion in assets under management in the second quarter, propelled by strong investor interest in the firm’s…
change-traded fund (ETF) products. BlackRock stock advanced 7% on Wednesday following the release of its earnings report
Driving assets across the $15 trillion mark was $192 billion in new net client cash in the door during the quarter, with $53 billion in new money added to the firm’s actively managed funds. The firm also set a record for net inflows over the first half of the year, bringing in $321 billion. Net flows into long-term investment funds came in at $199 billion, outperforming analyst expectations of $170 billion, per Bloomberg, while BlackRock’s ETF arm brought in $178 billion.
The firm’s cash and money-market funds lost $7 billion on a net basis. “Market fundamentals are strong and well supported, with higher margins and earnings momentum catalyzed by new technology,” CEO Larry Fink said in a statement. Outside of the public markets, BlackRock also plays a major role in private assets, leading a push over the recent year to integrate private markets and other alternative assets into retirement portfolios. The firm brought in $22 billion in liquid alternative and private assets in the quarter.