BlackRock’s assets hit a record $10.5 trillion in the first quarter, and the investment firm posted a 36% rise in profit as rising global equity markets boosted its revenue from investment advisory services and from the administration, reports the Reuters agency, quoted by News.ro.
Global stock markets rallied in the first quarter on expectations that the world’s major central banks have finished tightening monetary policy and will pivot to cutting interest rates, helping to boost assets under management by BlackRock.
MSCI’s global share index rose 7.7% in the first three months of the year, while the S&P 500 rose 10%.
BlackRock’s assets under management rose 15% in the first quarter from a year earlier, while investment advisory and management fees rose nearly 8.8% to $3.63 billion.
“I see the greatest opportunities we’ve ever seen for BlackRock, for our clients and for our shareholders,” said Larry Fink, the company’s chairman and CEO, during a conference call to discuss the results.
He mentioned the opportunities for investors in areas such as artificial intelligence, certain emerging markets and the need for new infrastructure.
2024-04-14 06:52:57
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