BlackRock reports record $10.5T in assets under management for Q1
Published: 10:10 12 Apr 2024 EDT
BlackRock Inc (NYSE:BLK) saw its assets under management hit a record $10.5 trillion in the first quarter, up by $1.4 trillion or 15% from the same period last year.
The investment firm also saw higher profits, which surged by 36% to $1.57 billion.
Earnings per share (EPS) were up 24% from $7.93 to $9.81, above the expected $9.42 per share.
Revenue grew 11% to $4.73 billion, ahead of estimates of $4.24 billion.
Revenue growth was attributed to the positive impact of markets on average assets under management, organic base fee growth, and higher performance fees and technology revenue.
“Clients are turning to BlackRock to unlock the full potential of their portfolios, reflected in industry-leading total net inflows of $236 billion over the last 12 months,” BlackRock CEO Laurence Fink commented.
“We continue to deliver sustained asset and technology services growth at scale, with a double-digit increase in technology services revenue, 180 basis points of margin expansion and 24% growth in EPS year-over-year, as adjusted.”
Shares of BlackRock traded modestly lower at Friday’s open, down 0.2% at about $784.
