BlackRock, the world’s largest investment manager, managed to attract $104bn of inflows into its funds in the second quarter, taking its total assets under management to a $5.68 trillion.
At a time when the asset management sector is grappling with significant downward pressure on fees, BlackRock – one of the leading operators of exchange traded funds – managed to maintain its adjusted operating margin, which came in at 43.9 per cent, or equal to the same period last year. For the first half as a whole BlackRock’s adjusted operating margin increased year on year by 50 basis points.
The New York-based asset manager said that its revenues for the second quarter rose by 6 per cent year on year to $2.9bn, while net income rose by 8 per cent over the same period to $860m. BlackRock’s assets under management in the second quarter increased by 16 per cent year on year to $5.68 trillion, while diluted earnings per share rose by 10 per cent to $5.24.