BlackRock CEO Larry Fink announced the company’s first-quarter earnings on Friday, reporting that assets under management had grown by 15% in the past 12 months to reach a record high of $10.5 trillion. This increase was largely attributed to significant net inflows of client cash and a strong market performance. The world’s largest asset manager saw its assets under management surge in the first quarter to reach $10.5 trillion, a 15% increase from the previous year.
The growth was driven by substantial net inflow of client funds and favorable market conditions. Additionally, BlackRock’s management implemented several strategic measures, including buying back $375 million worth of stock and increasing the quarterly dividend by 2% to $5.10 per share. These actions were well-received by investors, with BlackRock shares rising by as much as 3% in premarket trading to around $807.
BlackRock CEO Larry Fink expressed optimism about the company’s performance, noting that BlackRock’s momentum continued to grow and that first-quarter results were already nearly 40% of the full year’s net inflows for 2023. Despite concerns that the large net inflow of $76 billion in the first quarter may be unsustainable, Fink remains confident that BlackRock’s strong performance will continue in the foreseeable future.
The company’s revenue also rose by 11% to $4.7 billion, leading to an 18% increase in operating income to $1.7 billion. These impressive numbers are a testament to BlackRock’s ability to adapt and innovate in a rapidly changing market environment, as well as its commitment to delivering value for its clients and stakeholders alike.
