BlackRock’s assets under management ballooned to a record $9tn in the first quarter, boosted by record fund inflows across its investment platform, led by fixed income.
The world’s biggest fund manager reported a 19 per cent year-on-year rise for first-quarter revenue to $4.4bn, beating a forecast $4.3bn, boosted by strong organic growth and higher performance fees.
Total net investment flows rose to a record $172bn during the first three months of the year, marking the fourth straight quarter BlackRock has attracted more than $100bn of net inflows. Long-term investment flows increased $133bn in the period, with fixed income accounting for $60.8bn and equity funds swelling by $49.8bn.
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