BlackRock reports record assets under management

(Sharecast News) - BlackRock reported record assets under management of $15.3tn in the second quarter, up from $13.9tn at the end of March, as buoyant markets and strong ETF demand drove net inflows of $192bn. Revenue rose 31% year on year to $7.1bn, while net income increased 20% to $1.9bn and adjusted earnings per share of $13.91 beat market expectations.

The world's largest asset manager said iShares ETFs attracted $178bn, while private markets generated $15.4bn of inflows as BlackRock continued to expand into higher-fee products.

Chief executive Larry Fink said market fundamentals remained strong, with higher corporate margins and earnings momentum supported by new technology.

At 1110 EDT (1610 BST), shares in BlackRock were up 7.44% in New York at $1,101.71.

Reporting by Josh White for Sharecast.com.