Money

BlackRock exceeds estimates, with assets under management close to $ 8.7 trillion

Image source: BlackRock

BlackRock, the world’s largest money management company, reported that its fourth quarter was better than expected, ending 2020 with double-digit increases in both revenue and revenue.

Investors posted net income of $ 1.3 billion to $ 1.5 billion and revenue of $ 4.5 billion, up 13%, in the last three months of 2020, according to a fourth-quarter earnings report released Thursday. did.

On a per-share basis, fourth-quarter diluted earnings were $ 10.02 per share and adjusted to $ 10.18. Full-year diluted earnings were $ 31.85 per share and adjusted to $ 33.82.

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BlackRock has a record $ 8.68 trillion in total wealth, up 17% from 2019. Approximately $ 2.7 trillion in assets under management is in BlackRock’s iShares Exchange Traded Fund (ETF), up 19% from the end of 2019. ..

CEO Larry Fink said he expects the momentum to continue in 2021 as the global economy recovers from the COVID-19 pandemic.

2020 as clients record demand for active equity, sustainable, cash and alternative investment strategies, net inflows to iShare ETFs reached $ 185 billion and technology services revenue exceeded $ 1 billion. Our strategic investment space has flourished, ”says Fink. statement.

“We will start 2021 in the right place and continue to invest in our business to drive long-term growth and lead the evolution of the asset management industry,” he said. “By doing so, we have millions of people building savings throughout their lives, making investments easier and more affordable, promoting sustainable investment, and more resilience that benefits more people. We continue to work to help contribute to a certain economy. “

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Source: Stock News

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