The world’s largest asset manager reported US$1.57 billion in net income in the first quarter of the year, up 36 per cent for the same period a year earlier. Revenue increased 11 per cent year over year to US$4.7 billion. While inflows of US$57 billion missed analysts’ expectations, assets under management increased nearly US$500 billion from the previous quarter. (The Logic)
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The world’s largest asset manager reported US$1.57 billion in net income in the first quarter of the year, up 36 per cent for the same period a year earlier. Revenue increased 11 per cent year over year to US$4.7 billion. While inflows of US$57 billion missed analysts’ expectations, assets under management increased nearly US$500 billion from the previous quarter. (The Logic)
Talking point: Most of the gains in asset value were thanks to strong equity markets last quarter. There were also some specific bright spots: investors piled US$18.7 billion into BlackRock’s Bitcoin ETF since it launched in January, helping the firm’s total ETF inflows reach US$67 billion for the quarter. Given BlackRock’s influence, its returns could help boost investor confidence in the crypto sector after a chilly period.
Correction: BlackRock’s assets under management increased nearly US$500 billion from last quarter. This story has been updated.
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