RT.com
14 Jan 2022, 23:42 GMT+10
The New York-based multinational has been propelled thanks to a surge into ETFs
BlackRock has become the first public asset manager with assets reaching the $10 trillion milestone, reinforcing the company's position at the top of the entire sector.
Assets under management stood at $10.01 trillion at the end of the quarter, up from $8.68 trillion recorded a year earlier.
The surge is attributed to flows into its exchange-traded funds (ETFs) that soared from October through December. Investors added a net $104 billion into ETFs in the fourth quarter of 2021, the firm said on Friday in a statement.
An ETF is a type of security that tracks an index, sector, commodity or other asset, but which can be purchased or sold on a stock exchange in the same way as a regular stock.
According to data compiled by Bloomberg, the reported amount of investment into ETFs is the highest since the first quarter of 2015.
In the fourth quarter, the company's revenue from investment advisory, securities lending, and administration fees, which was its most significant segment, increased to $3.9 billion amid global dealmaking volumes soaring to a record high in 2021 and crossing $5 trillion for the first time.
The world's largest asset manager, BlackRock also gained from the latest rally in markets that saw the S&P 500, growing by 11% in the fourth quarter and by 27% in 2021. During the latest quarter, investors reportedly poured a net $169 billion into long-term investment vehicles, including ETFs and mutual funds.
"Our business is more diverse than ever before, delivering over 60% of 2021 organic base-fee growth with active strategies, including alternatives," Chief Executive Officer Larry Fink said in a statement.
Meanwhile, the adjusted profit was down 2.5% in the quarter ended December 31, from $1.57 billion, or $10.18 per share, one year earlier, to $1.61 billion, or $10.42 per share.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Brazil Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Brazil Sun.
More InformationNew Delhi [India], July 12 (ANI): The Ministry of External Affairs (MEA) has released its annual report for 2024, highlighting India's...
(Photo credit: Raymond Carlin III-Imagn Images) American Chris Gotterup delivered a course-record 9-under-par 61 to take a two-shot...
New Delhi [India], July 11 (ANI): Prime Minister Narendra Modi will distribute more than 51,000 appointment letters to newly appointed...
(Photo credit: Anne-Marie Sorvin-Imagn Images) New York City FC acquired midfielder Nicolas Fernandez Mercau from Spanish side Elche...
(Photo credit: Dale Zanine-Imagn Images) Atlanta United FC loaned midfielder Edwin Mosquera to Millonarios FC in his native Colombia...
Rio showed that the bloc isnt in crisis its in transition The idea of a multipolar world has long been used in two distinct contexts....
REDMOND, Washington: Artificial intelligence is transforming Microsoft's bottom line. The company saved over US$500 million last year...
WASHINGTON, D.C.: A federal rule designed to make it easier for Americans to cancel subscriptions has been blocked by a U.S. appeals...
BASTROP, Texas: In a surprising turn at Elon Musk's X platform, CEO Linda Yaccarino announced she is stepping down, just months after...
NEW YORK CITY, New York: Former British prime minister Rishi Sunak will return to Goldman Sachs in an advisory role, the Wall Street...
LONDON, U.K.: Physically backed gold exchange-traded funds recorded their most significant semi-annual inflow since the first half...
AMSTERDAM, Netherlands: Some 32 percent of global semiconductor production could face climate change-related copper supply disruptions...