BlackRock: Broad-Based Growth in the Third Quarter of 2024

BlackRock, a leading asset management company, reports a net income of $1.63 billion for the third quarter of 2024. This represents an increase of 2% compared to the $1.6 billion in the prior-year period. Notable is the positive development in various areas: revenue increased year-over-year by 15% to $5.19 billion, and assets under management (AUM) rose by an impressive 26% to $11.47 trillion, supported by net inflows and favorable market conditions. The positive changes are also reflected in the operating income, which rose by 23% to $2 billion. The operating margin improved to 38.6%, highlighting the company's increased profitability. Particularly noteworthy are the record-breaking net inflows of $221 billion this quarter, which led to an organic asset growth of 8%. A significant development during this period was the acquisition of GIP, which substantially strengthened the business in private markets, especially through the consolidation of more than $100 billion in AUM and around $750 million in ongoing management fees. Laurence Fink, Chairman and CEO of BlackRock, expressed his satisfaction with the expansion of capabilities in the private markets and the future opportunities arising from the acquisition of GIP, particularly regarding the support of innovations in the field of artificial intelligence. In this context, BlackRock also plans to acquire Preqin to enhance the data and risk analytics required for the growing private markets sector.