Asset managers have benefited from rising global financial markets in recent quarters as investors put money to work, making the most of the post-pandemic economic reopening, driven by progress on vaccinations and strong fiscal and monetary aid.
BlackRock ended the past quarter with $9.46 trillion in assets under management, up from $7.81 trillion a year earlier.
The fund manager’s size and reach into every corner of the market, equity, fixed income, multi-asset, and alternatives, places it in a favorable position relative to smaller peers, analysts said.
Revenue rose 16 percent to $5.05 billion, driven by growth in revenue from its technology services segment which offset a drop in performance fees during the quarter.
BlackRock long-term net flows for the quarter stood at $98 billion, same as last year, but organic inflows exceeded the fund manager’s 5 percent target for a sixth consecutive quarter.
“Organic growth was broad-based, spanning our active platform as well as in each of our ETF (exchange traded fund) product categories,” BlackRock CEO Larry Fink said.
Adjusted net income rose 19 percent to $1.69 billion, or $10.95 per share, in the quarter ended Sept. 30 from a year earlier.
Analysts on average were expecting the company to report a profit of $9.35 per share, according to IBES data from Refinitiv.