BlackRock assets hit record $10.6 trillion high as markets soar

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(Reuters) -Assets of BlackRock, the world’s largest money manager, hit a record high of $10.65 trillion in the second quarter and the firm posted a 9% jump in profit on Monday, as stronger equity markets drove robust fee income growth.

Shares of the company rose 1.2% in premarket trading.

Stock markets have scaled record highs in the last few months amid rising hopes of a soft landing for the U.S. economy and investor frenzy around artificial intelligence-linked stocks.

That has boosted BlackRock’s assets under management to $10.65 trillion in the quarter, up from $9.43 trillion a year earlier. Fees earned from managing and servicing its client assets make up a substantial portion of BlackRock’s revenue.

The company’s investment advisory and administration fees, typically a percentage of AUM, rose 8.6%, to $3.72 billion.

Net income rose to $1.50 billion, or $9.99 per share in the three months ended June 30, from $1.37 billion, or $9.06 per share, a year earlier.

(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Pooja Desai)



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Alexandra Williams
Alexandra Williams
Alexandra Williams is a writer and editor. Angeles. She writes about politics, art, and culture for LinkDaddy News.

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