Asset management giant BlackRock beat earnings estimates today after investors poured cash into its index and active traded funds in the first three months of the year.
The world’s largest asset manager shrugged off market turmoil as it posted inflows of $114 billion in the first quarter, with adjusted earnings jumping 18% to $1.46 billion.
Assets under management meanwhile reached $9.57 billion, down from $9.01 billion last year, but slipping below the $10 billion threshold it crossed in the fourth quarter of the year. last.
Boss Larry Fink said the company had provided stability for investors amid a period of market turbulence.
“I am incredibly excited about the opportunities ahead of us and believe BlackRock is well positioned to continue to drive sustainable and differentiated organic growth and create value for all of our stakeholders,” he said. said in a statement today.
“As the world continues to face geopolitical and economic uncertainty, our investments over the years to build BlackRock’s all-weather platform positions us well to advise our clients and help them pursue their long-term financial goals. ”
Revenue jumped 7% year-over-year, which bosses said was driven by organic growth and an 11% increase in technology services revenue.
BlackRock withstood the worst of the shocks of the war in Ukraine due to the diversity of the business, but revealed last month that it had been forced to write down $17 billion in assets in Russian holdings.
Fink praised the private sector for waging an “economic war” against Russia in a letter to investors last month, but warned that the invasion had ended the “globalization we have known for the past three decades. “.