BlackRock’s assets under management surged to an all-time high of $11.5tn last quarter as the world’s largest money manager benefited from a rally in markets and attracted record new cash from investors.
The inflows helped push revenues up 15 per cent to $5.2bn, surpassing analysts’ expectations. Improved margins lifted the group’s net income to $1.63bn.
Assets shot up 26 per cent in the quarter, powered by $160bn in long-term flows and investors pouring an additional $61bn into its cash management products.
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