- July 15, 2021
- Posted by: Stratford Team
- Category: Business
NEW YORK, July 14 (Reuters) – BlackRock Inc (BLK.N), the world’s largest asset manager, reported a better-than-expected quarterly profit on Wednesday as investors poured more money into the company’s funds, driving robust fee growth and boosting its assets under management to a record high.
BlackRock’s assets under management jumped to a record $9.49 trillion in the second quarter from $7.32 trillion a year earlier.
“More than ever, our voice is resonating deeper and more broadly with our clients worldwide,” BlackRock’s chief executive, Larry Fink, said in an interview.
The company continued to gather assets at a robust pace as investors deployed money across BlackRock’s product types and asset classes.
Global equity markets’ strength during the second quarter helped boost both assets under management as well as fee growth.
The U.S. economy displayed signs of a recovery over the past quarter, helped by large government stimulus and steady vaccination…