BlackRock sees assets under management surge to record high

Assets under management at BlackRock have topped $11trn, the US investment giant confirmed on Friday, a fresh high.

Posting third-quarter numbers, the New York firm said AUM had jumped 26% year-on-year in the three months to September end to $11.5trn. At the end of the second quarter, AUM were $10.65bn.

Third-quarter quarterly net inflows were a record $221.2bn. Revenues, meanwhile, rose 15% to $5.2bn, while net income improved 2% to $1.63bn.

BlackRock benefited from stronger equities during the quarter, boosting the value of client investments. Demand for its exchange-traded funds was also strong

Larry Fink, founder and chief executive, said: "Our strategy is ambitious and our strategy is working.

"We are effectively leveraging our technology, scale and global footprint to deliver profitable growth. The opportunities ahead of us have never been greater."

As well as growing organically, BlackRock snapped up Global Infrastructure Partners this year for $12.5bn.

The deal, which completed last week, significantly boosts BlackRock’s presence in alternative assets. GIP, which has around $106bn AUM, owns both Sydney and London Gatwick airports.

Is also agreed to buy data specialist Prequin in a $3.2bn acquisition which is set to close later this year.

As at 1300 BST, the stock had put on 2% in pre-market trading.