BlackRock’s report for the first quarter of 2024 shows a whooping $10.5T in assets under management (AUM), maintaining an upward trend.
On April 12, 2024, BlackRock disclosed its financial outcomes for the initial quarter of 2024, detailing an unprecedented $10.5 trillion in assets under management (AUM), representing an increase of $1.4 trillion compared to the same period in 2023.
From Q1 2023 to Q1 2024, the company’s diluted earnings per share increased from $7.9 million to $9.81 million.
The firm noted that the increase is due to higher non-operating income and a reduced effective tax rate for the current quarter. Comparatively, net income in Q1 2024 was approximately $1.5 billion, up from $1.2 billion in Q1 2023.
BlackRock additionally disclosed in the report that it implemented a $3 billion debt offering to finance a fraction of the financial consideration associated with the anticipated acquisition of Global Infrastructure Partners (GIP). This infrastructure investment fund primarily invests in debt and equity.
In its Q4 2023 report, BlackRock disclosed an agreement to procure GIP to establish a novel infrastructure investment platform.
BlackRock achieved a record-breaking AUM while managing quarterly long-term net inflows of $76 billion, which accounts for nearly 40% of full-year 2023 levels.
As client activity and the financing of substantial wealth, institutional, and Aladdin mandates increase, BlackRock’s momentum continues to grow, according to the company’s CEO, Larry Fink.
BlackRock sees substantial growth potential in infrastructure, technology, retirement, and whole portfolio solutions, according to the CEO, who further stated:
“Clients are turning to BlackRock to unlock the full potential of their portfolios, reflected in industry-leading total net inflows of $236 billion over the last twelve months.”
BlackRock, which operates the iShares Bitcoin Trust (IBIT), one of the world’s most significant Bitcoin exchange-traded funds, is an essential player in the cryptocurrency industry.
Since the commencement of its trading activities in January 2024, IBIT has amassed 266,580 BTC, equivalent to $18.5 billion as of April 10.
A prominent Bitcoin supporter and industry advocate, Fink is well-known in the cryptocurrency community. Amidst the brisk expansion of IBIT, Fink reaffirmed in March 2024 his extreme optimism regarding the enduring prosperity of Bitcoin.
“IBIT is the ETF with the most rapid growth in the history of ETFs.” “Nothing in the history of ETFs has gained assets faster than IBIT,” stated the CEO.
