Blackrock has reported an attributable profit of $1.2bn in Q1 2021, a 49% jump from the prior year as a result of record net inflows across all regions and investment styles.
The asset manager’s total net inflows through the quarter was $171.64bn in Q1 2021, compared to $34.98bn a year ago.
Fixed income had the biggest inflows with $60.8bn, with equities contributing $49.9bn.
Net income was $7.77 a share in the January-March quarter, versus $806m or $5.15 a share in the prior year.
Revenue increased to $4.4bn from $3.71bn. Investment advisory, administration fees and securities lending revenue increased to $3.46bn from $2.9bn.
Technology services revenue grew to $306m from $274m.
The firm’s assets under management reached $9trn at the end of March 2021, versus $6.47trn.
Blackrock chairman and CEO Laurence Fink said: “We generated a record $172 billion of total net inflows in the quarter, our fourth consecutive quarter with over $100 billion of net inflows. Flows represented 8% annualised organic asset and a record 14% annualised organic base fee growth, as clients contributed $59 billion to BlackRock’s active platform and demand remained strong for ETFs and cash.
“Consistently strong results, including 14% organic base fee growth over the last twelve months, reflect the benefits of our investments over time.”
BlackRock was recently in the news for eyeing the asset management unit of Credit Suisse that has been hit heavily by exposure to the collapsed Greensill Capital and Archegos Capital Management.
Recently, the firm also acquired California-based personalised index provider Aperio Group, from Golden Gate Capital and Aperio employees. The all-cash deal was valued at $1.05bn.