BlackRock hits record US$10t in assets, powered by ETFs

[NEW YORK] BlackRock 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. That's the highest since the first quarter of 2015, according to data compiled by Bloomberg.

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 the firm's long-term investment vehicles, including ETFs and mutual funds, in the final three months of the year.

The results reinforce BlackRock's position atop of the fund management industry, with assets under management rebounding from a dip at the end of the third quarter.

The earnings come ahead of an annual letter chief executive officer Larry Fink, 69, sends to corporate leaders, laying out priorities on everything from boardroom diversity to climate change.

New York-based BlackRock saw adjusted earnings per share of US$10.42, beating the US$10.15 average estimate of analysts surveyed by Bloomberg. Revenue in the quarter was US$5.11 billion, missing the US$5.16 billion average estimate.

BLOOMBERG