BlackRock assets hit record US$10T, powered by ETFs
BNN Bloomberg
BlackRock Inc. became the first public asset manager to hit US$10 trillion in assets, propelled by a surge in fourth-quarter flows into its exchange-traded funds.
BlackRock Inc. became the first public asset manager to hit US$10 trillion in assets, propelled by a surge in fourth-quarter flows into its exchange-traded funds.
Investors poured a net US$104 billion into ETFs in the three months ended Dec. 31, the firm said Friday in a statement -- a record for the company.
The world’s largest asset manager also benefited from a rally in markets, with the S&P 500 climbing 11 per cent in the latest quarter and 27 per cent in 2021. Investors added a net US$169 billion to BlackRock’s long-term investment vehicles, including ETFs and mutual funds, in the final three months of the year.
“Our business is more diversified than ever before,” Chief Executive Officer Larry Fink said in the statement. “Active strategies, including alternatives, contributed over 60 per cent of 2021 organic base fee growth.”
The results reinforce BlackRock’s position atop the industry, with assets under management rebounding from a dip at the end of the third quarter. The earnings come ahead of an annual letter that Fink, 69, sends to corporate leaders, laying out priorities on everything from boardroom diversity to climate change.
