BlackRock assets hit record $13.46T

BlackRock, the world’s biggest asset manager, reached a record $13.46 trillion in assets for the third quarter, up from $11.48 trillion last year. 

Strong markets, more investors, and recent company purchases helped boost its growth.

Long-term investments brought in $171 billion, mainly from its popular ETFs, which remain the main source of growth. 

Fixed-income ETFs also gained after the Federal Reserve cut interest rates in September, making government bonds more attractive.

BlackRock earned $1.91 billion, or $11.55 per share, beating analysts’ predictions. Revenue rose to $6.5 billion, helped by higher fees and $500 million from recent acquisitions, including HPS Investment Partners.

CEO Larry Fink said the results show the strength of BlackRock’s global business. Investor demand remains strong for ETFs, private markets, and technology services.

Shares rose 3.5% to a record high, adding to a 14% gain this year.