BlackRock beat quarterly profit forecasts and brought in $205 billion of client money, lifting assets under management to $15.49 trillion. Shares rose 5% in premarket trade.
01Summary
- 01BlackRock reported third-quarter adjusted profit of $15.93 per share, above the $14.13 expected by Wall Street.
- 02Total inflows reached $205 billion in the quarter, including $134.5 billion into iShares ETFs.
- 03Assets under management rose to $15.49 trillion from $13.46 trillion a year earlier and $15.34 trillion in the second quarter.
- 04Net flows into debt products were $78.2 billion, while private markets net flows were $15.31 billion.
- 05Redemption requests for BlackRock's HPS Corporate Lending Fund fell to about 11.5% of shares from 13.3% in the second quarter.
02Why it matters
The results suggest investors are still putting money to work in markets and BlackRock is benefiting from that trend. Strong inflows and higher assets also support earnings at the world's biggest asset manager.
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