BlackRock’s assets under management have surged to a record $11.48 trillion, marking the third consecutive quarter of growth for the world’s largest asset manager. This milestone, announced on Friday, represents a significant increase from $9.10 trillion a year ago and up from $10.65 trillion in the previous quarter.
The surge in assets is attributed to a rebound in the U.S. stock market, which saw a rally following an August sell-off, fueled by renewed optimism about a potential soft landing for the economy. BlackRock’s efforts to broaden its reach into private markets have also played a crucial role in this growth.
“Our strategy is ambitious, and our strategy is working,” said Larry Fink, BlackRock’s chairman and CEO, emphasizing the firm’s goal of becoming an all-encompassing platform for investors by merging public and private market offerings.
On Friday, BlackRock’s shares rose by 3.6%, contributing to an 18% increase for the year, although this lags slightly behind the S&P 500’s 21% gain during the same period.
In a notable strategic move, the New York-based firm recently finalized its $12.5 billion acquisition of Global Infrastructure Partners, adding over $100 billion in assets. Additionally, it is expected to complete a $3.2 billion acquisition of Preqin, a private markets data provider, later this year.
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