Business

BlackRock’s assets top $7.8trn

The world’s largest asset manager, BlackRock Inc’s, quarterly results exceeded analysts’ estimates on Tuesday helped by broadbased strength in its businesses, as the recovery rally in global financial markets helped the corporation end the quarter with a record $7.81 trillion in assets under management, according to Reuters.

“Each of our strategic investment areas, including iShares ETFs, alternatives and technology, continue to grow, while strong investment performance has driven positive active flows over the last year,” said BlackRock’s chief executive, Larry Fink. Financial markets rallied in the third quarter, extending the second quarter’s dramatic rebound from a pandemic-fueled low hit in March, as accommodative global central banks and improving growth prospects lifted risk appetite.

The S&P 500 .SPX rose 8.5 per cent for the quarter ended Sept. 30, even as investors remained wary of the U.S. presidential election on November3 and data underlined an uneven economic recovery against the backdrop of a resurgence of coronavirus cases around the world. “Good markets always help, but they continue to take market share from smaller rivals,” said Kyle Sanders, an analyst with St. Louis-based financial services firm Edward Jones.

“We had pretty high expectations coming into the quarter and they far exceeded those,” said Sanders. The New York-based company’s net income rose 27 per cent to $1.42 billion, or $9.22 per share, in the third quarter, from $1.12 billion, or $7.15 per share, a year earlier. Analysts had expected earnings of $7.80 per share, according to IBES data from Refinitiv.

 

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