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Surge into passive funds boosts Blackrock

Assets under management at the end of March jumped to US$5.4trn
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Trackers on the up for Blackrock

A switch by investors into passives or trackers helped fund manager Blackrock Inc (NYSE:BLK) surge past market forecasts in its latest quarter.

Assets under management at the end of March jumped to US$5.4trn from US$(4.74trn, while revenues rose almost 8% to US$2.82bn.

The fund giant has been shifting emphasis to more automated trading in recent months at the expense of its stock picking/active operations as that has been the trend for investors recently.

Over the past three months, the group’s active funds saw a US$1.84bn decline in money held in managed products while $82.2bn surged into its iShares and indexed arms.

Earnings for the quarter were US$5.23 against forecasts of about US$4.90 with profits at US$862mln (US$657mln). 

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October 14 2015

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