The world’s largest asset manager BlackRock has seen its asset under management (AUM) surge by a whopping $160 billion during the third quarter of the year, to now have a record-breaking $11.5 trillion in AUM.
According to a recent Bloomberg report, investors were particularly drawn to BlackRock’s exchange-traded fund (ETF) offerings – which include a spot Bitcoin ETF, the iShares Bitcoin Trust ETF (IBIT) – investing $97 billion in these funds.
Additionally, fixed-income investments saw a significant influx of $63 billion, leading the company’s year-to-date inflows to $360 billion, a figure that surpasses its total net flows seen in both 2022 and 2023.
BlackRock has garnered an impressive $360 billion in net inflows year-to-date, surpassing its total net flows for both 2022 and 2023. BlackRock has further solidified its position as a one-stop shop for investments by completing the acquisition of Global Infrastructure Partners for $12.5 billion.
The deal added $116 billion in private market assets to BlackRock’s portfolio, which has also seen strong demand for cash management and money-market funds, attracting $61 billion in net flows during the quarter.
The firm’s growth has been fueled by a favorable market environment, with a surge in stocks and increasing investor interest in fixed-income and private funds. The S&P 500 Index’s ‘unstoppable’ rise so far this year and expectations for a less aggressive Federal Reserve rate hike have contributed to this positive trend.
BlackRock’s financial performance saw its adjusted net income per share rise 5% to $11.46 and revenue 15% to $5.2 billion.
Its market-leading spot Bitcoin ETF, according to CoinGlass data, currently has around $17.2 billion of assets under management, far above its closest competitors, Grayscale’s GBTC and Fidelity’s FBTC, which have $13.1 billion and $9.9 billion in AUM, respectively.
Featured image via Unsplash.
