BlackRock’s assets under management swelled to a record $9.5tn in the second quarter, boosted by robust financial markets that spurred inflows into actively managed and exchange traded fund products.
The world’s biggest fund manager reported a 32 per cent year-on-year rise in revenue in the three months to June to $4.8bn, beating a forecast of $4.6bn, boosted by strong organic growth and higher performance fees. The group’s operating margin expanded to 40.1 per cent from 38.5 per cent a year ago.
“Strong annualised organic base fee growth of 10 per cent in the second quarter was driven by our top-performing active platform and industry-leading iShares ETF franchise,” said chief executive Larry Fink.
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