BlackRock’s Assets Hit Record $13.5 Trillion After Market Rally, Dealmaking Spree

Core Insights - BlackRock achieved a record $13.46 trillion in assets under management, marking a 17% increase year-over-year, driven by strong market performance and $205 billion in new client inflows [1][2] - The company's base fees rose at an annualized rate of 10%, surpassing the long-term growth target set by CEO Larry Fink [2] - The growth in fees was primarily fueled by the demand for exchange-traded funds (ETFs) and BlackRock's expansion into private markets, including the recent acquisition of HPS Investment Partners [3][5] Financial Performance - Net income decreased by 19% to $1.32 billion, equating to $8.43 per share, although adjusted earnings of $11.55 per share exceeded Wall Street expectations [4] - BlackRock's private-markets segment reported $320.9 billion in assets as of the end of September [7] Strategic Initiatives - BlackRock aims to raise $400 billion for private-market funds by 2030, positioning itself as a comprehensive money manager [6] - The company is focusing on alternative investments such as private credit, real estate, and infrastructure, which typically command higher fees from institutional clients [5][6] - BlackRock's iShares ETF business remains a significant revenue driver, with the iShares Bitcoin Trust accumulating nearly $100 billion in assets within two years of its launch [7]