US - BlackRock reported assets under management of US$1.43trn as of September 30, a jump of over $61bn during the third quarter, the firm said in an earnings release today.
Assets under management were up 14% from the previous year. The increase in assets was a result of strong flows into the firm's equity and balanced strategies and positive flows into its fixed income offerings.
Chairman and chief executive Larry Fink said: "Improving investor sentiment was the most important factor in third quarter results. Clients are putting money back to work in the markets, driving inflows in equities and bonds, and outflows in money market funds industry-wide. This shift drove the rally in global stocks and tighter credit spreads, as well as a favourable revenue mix in net new business."
The firm also said it had $42.5bn of new business waiting to be funded as of October 15. The new mandates include $36.8bn in long-dated strategies, $4.9bn in cash management and $800m in advisory assets.
BlackRock reported net income of $317m for the quarter, up 45% from three months earlier and 46% from a year earlier.
Revenues of $1.14bn were 11% higher than the previous quarter, but down 13% from last year. The firm said this was a result of a drop in advisory and administration fees, performance fees, and a drop in the BlackRock Solutions and advisory revenues.
The firm said it was still on track to complete it's acquisition of Barclays Global Investors on December 1.
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