BlackRock Inc (NYSE:BLK) reported that its assets under management (AUM) hit a record $11.5 trillion during the third quarter, sending the firm’s shares higher on Friday.
AUM grew by $2.4 billion year-over-year, driven by $456 billion of net inflows and positive market movements, the asset management firm said.
Revenue increased 15% from the year-ago quarter to $5.2 billion, topping estimates of $5 billion.
The increase was attributed to the positive impact of markets on average AUM, organic base fee growth, and higher performance fees.
Earnings per share (EPS) were up year-over-year at $11.46 from $10.91, above the $10.35 expected, which BlackRock noted reflected a higher effective tax rate of 26%, compared to 12.4% in the third quarter of 2023.
“Our strategy is ambitious, and our strategy is working. The assets we manage on behalf of our clients reached a new high, ending the third quarter at $11.5 trillion, having grown $2.4 trillion over the last 12 months,” BlackRock CEO Laurence Fink said in a statement.
“In that time, clients have entrusted BlackRock with $456 billion of net inflows, including a record $221 billion in the third quarter.”
Shares of BlackRock added 3% at about $984 late morning on Friday.