Recovery Benefits BlackRock Who Attracted $ 100 Billion More
World’s # 1 Asset Manager BlackRock Attracted $ 100 Billion in New Funds to Place in the Second Quarter as Financial Markets Recover from March March Breakdown of the Covid-19 Pandemic -United.
The group led by former trader Larry Fink now manages $ 7.318 billion in assets, up 7% from a year ago, according to a statement on Friday.
Investors put money back on the table after the turbulence at the start of the year – the Wall Street star index, the Dow Jones, gained almost 18% in the second quarter – and while the American Central Bank injected thousands of billions of dollars to stabilize the markets.
Asset managers benefit from this influx of investments since they take commissions on the amounts they supervise. “Customers are turning to Blackrock more than ever at a time when they face increasing uncertainty about their future,” said Larry Fink in the release.
Blackrock’s clients mainly entrusted their money so that it could be invested in financial products on the bond market (60 billion).
Blackrock’s cash management business attracted $ 24 billion in new funds in the second quarter. With this influx of money to manage, the company generated net profit of $ 1.21 billion, up 21% year on year.
Reported per share and excluding exceptional items, this amounts to 7.85 dollars, much more than the 6.97 dollars expected by analysts. Quarterly sales rose 3.5% year on year to $ 3.65 billion, higher than the 3.46 billion expected on average by analysts. (AWP)