BlackRock's Record-Breaking $10.5 trillion Assets Under Management

BlackRock, the world's largest asset manager, reported record-breaking results for Q1 2024. The company's assets under management (AUM) increased to  $10.5 trillion. 

According to report, BlackRock saw $76 billion in Q1 long-term net inflows, accounting for nearly 40% of the full-year 2023 level.

This influx of client cash, combined with a positive market backdrop, drove assets under management to higher heights. 

Financial Performance and Growth

BlackRock's revenue surged with a  11% jump  to $4.7 billion in Q1 2024, boosting its operating income by 18% to $1.7 billion.

The company also bought $375 million in stocks and increased its quarterly dividend by 2% to $5.10 per share.

Bitcoin ETF Success 

A main facilitator to BlackRock's success is the iShares Bitcoin Trust (IBIT), one of the world's largest Bitcoin exchange-traded funds (ETFs). Since its launch in January, it has accumulated 266580 BTC worth $18.5 billion as of Yesterday. 

Outlook and Market Reaction

The news were highly welcomed by the investors. The strong performance was a good news for investors as the share surged 3 % in premarket trading to around $807 during the day of the reporting.

Despite the stock being virtually flat the previous year, the record results and optimistic outlook boosted investor confidence.