BlackRock assets reach $7.32T as crisis drives record investments
The firm added $100B in assets during the second quarter
U.S. Attorney General William Barr says money managers should put American companies first.
BlackRock Inc. profit jumped 22 percent in the second quarter as money poured into the firm’s iShares fixed-income exchange-traded funds and active stock strategies at a record pace.
The New York-based wealth manager earned $1.21 billion, or $7.85 per share, as revenue rose 3.5 percent from a year ago to $3.65 billion. Wall Street analysts surveyed by Refinitiv were expecting earnings of $6.99 a share on revenue of $3.54 billion.
The firm raked in $100 billion in assets during the quarter, raising its total assets under management to $7.32 trillion. BlackRock is the world’s largest asset manager.
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“Clients are turning to BlackRock more than ever before as they face increasing uncertainty about the future, and we are bringing together the entirety of our differentiated platform to help them,” CEO Laurence Fink said in a statement. "Our steadfast focus is on serving all our stakeholders through this crisis."
The firm's fixed-income ETFs business brought in $57.3 billion while active stock strategies attracted $7.6 billion of new money.
BlackRock bought back $1.1 billion of its stock during the quarter as PNC Financial Services Group Inc. divested its entire 22 percent stake.
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BlackRock shares climbed 13 percent year-to-date through Thursday, outperforming the S&P 500's 0.47 percent decline.