- BlackRock released its first quarter earnings on Tuesday.
- Visit Business Insider’s homepage for more stories.
BlackRock bounced back in the first quarter with assets picking up after a volatile end to 2018.
Assets increased to $US6.52 trillion, up 3% year-over-year. That beat analysts’ expectations of $US6.38 trillion in assets.
Here are the rest of the key numbers:
- Revenue: $US3.35 billion, just slightly over analysts’ expectations of $US3.34 billion and down 7% year-on-year
- Net income: $US1.05 billion, over analysts’ predictions of $US965.25 million and down 3% year-on-year
- Adjusted earnings per share: $US6.61, beating expectations of $US6.13
Total net flows: $US59 billion
- iShares: $US30.7 billion
- Institutional: $US29.1 billion
BlackRock continued to see strong growth in its technology business, a key long-term focus as the firm seeks to differentiate itself from other asset managers. Aladdin, the investment management platform, grew revenue 11% year-on-year. Technology as a whole added $US204 million in first quarter revenue, or 6% of the firm’s total revenue.
Last quarter, BlackRock said it would buy an alternatives technology platform to complement Aladdin’s capabilities in a $US1.3 billion deal.
- Read more:
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- As asset management growth grinds to a halt, firms have to get creative. Here are the 3 avenues analysts say will best boost revenue.
- 3 Marks, 2 Robs, one Rich: Meet the 6 potential successors to replace Larry Fink as head of the world’s largest asset manager
- A new ETF is actually paying investors to hold it and it’s the latest sign in how insane the fee war has gotten
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