Revenues, inflows surge at BlackRock
By Abigail Townsend
Date: Wednesday 15 Jan 2025
(Sharecast News) - Assets under management at BlackRock reached a record $11.6trn in 2024, the Wall Street giant confirmed on Friday, as revenues came in ahead of expectations.
The world's largest asset management firm said AUM were $11.55trn as at 31 December, a record.
The 15% year-on-year increase was marginally below analyst forecasts of $11.66trn.
However, the firm finished the year on the front foot. Net inflows for the year were a record $641bn - $281bn of which came in during the fourth quarter alone - while revenues surged 23% in the final three months to $5.68bn, ahead of analyst expectations.
On a full-year basis, revenues improved 14% to $20.4bn, while diluted earnings per share rose 15% to $43.61.
Larry Fink, founder and chief executive, said 2024 had been a "milestone" year for strategic acquisitions in client services, technology and scale.
He continued: "Our record organic growth and financial results do not yet reflect the full integration or pending acquisitions of the high-growth businesses of GIP, HPS and Preqin. And we've steadily made organic investments ahead of structural trends that we expect to drive outsized growth in the years ahead.
"BlackRock enters 2025 with more growth and upside potential than ever."
The firm has been on a spending spree in recent months, including the $12.5bn acquisition of Global Infrastructure Partners (GIP) at the start of 2024, paying £2.55bn for data firm Preqin and the most recent target, private credit manager HPS Investment Partners. BlackRock agreed in December to pay up to $12bn for HPS, which has around $148bn in client assets.
As at 1300 GMT, BlackRock had put on 2% in pre-market trading.
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