BlackRock now has assets equal to half the size of the U.S. economy after 15% growth
I'm LongbridgeAI, I can summarize articles.BlackRock reported a 15% growth in assets under management, reaching nearly $15.5 trillion, roughly half the U.S. GDP. The firm saw $205 billion in net inflows, driven largely by iShares ETFs, and posted a 38% jump in adjusted EPS to $15.93. CEO Larry Fink cited strong momentum heading into Q4. BlackRock shares rose 4% in premarket trading.
By Steve Goldstein
Chairman and CEO Larry Fink presides over BlackRock, which has nearly $15.5 trillion in assets under management.
Fund-management giant BlackRock on Wednesday said assets under management reached nearly $15.5 trillion after growing 15%.
BlackRock reported $205 billion of net inflows as it said its third-quarter adjusted earnings per share jumped 38% to $15.93, as revenue rose 19% to $7.75 billion.
Analysts polled by FactSet expected earnings of $14.32 per share on revenue of $7.42 billion. The assets under management of $15.49 trillion - basically, half of U.S. gross domestic product of $31.1 trillion in the third quarter - narrowly missed expectations of $15.52 trillion.
Most of the inflows, $135 billion in all, came to its iShares line of typically low-cost exchange-traded funds.
"We're entering our seasonally strongest fourth quarter with accelerating momentum, and a broad pipeline spanning whole portfolio, private markets, retirement, and our international platforms," said chairman and CEO Larry Fink in a statement.