A development that continues the firm’s record-setting ways, BlackRock ($BLK) recently surpassed $11.5 trillion in assets under management. The figure is now a new record, with the asset manager setting a new high for the third straight quarter. Thus far, 2024 has continued to establish them as the most prominent asset managers on the planet.
The firm received a notable boost from increased inflows into its exchange-traded funds (ETF). In January, they were one of eleven inaugural issuances of the first crypto-based ETF in the United States. Just a few months later, they featured both a Bitcoin and Ethereum investment option that has only magnified their economic presence.
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BlackRock Assets Under Management Hits Yet Another Record in 2024
There have been few asset managers with the kind of success and prominence of BlackRock. During the first quarter of the year, the New York-based firm held $10.5 trillion in assets, up from just $8.59 trillion in 2022. Throughout 2024, they have seen those figures skyrocket to record marks.
Those increases have culminated in BlackRock officially surpassing $11.5 trillion in assets under management Friday. Moreover, that is the third straight quarter of a record increase, with Q2 reporting $10.65 trillion in assets. The persevering success shows the firm is unlikely to slow down any time soon.
“Our strategy is ambitious, and our strategy is working,” the asset managers chairman and CEO Larry Fink said in a recent statement regarding the record. That strategy has been one that remains focused on expanding offerings and acquisitions.
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Just a week ago, BlackRock acquired Global Infrastructure Partners for $12.5 billion. That move saw more than $100 billion in assets added to the firm’s managed holdings. That isn’t where the high-profile acquisitions are set to end either.
In late 2024, the firm is expected to close a $3.2 billion deal to acquire data provider Preqin. Those moves should be monumental for its presence in private markets, a key growth area for the firm. With it also firmly embracing a position in the crypto sector, its role in the finance sector is growing to be both unmatched and unrelenting.