BlackRock has reported a net income of $1.68bn for the third quarter of 2021, a surge of more than 23% compared to $1.36bn a year ago.
For the quarter ended 30 September 2021, the American money management giant’s revenue increased by approximately 16% to $5.05bn from $4.37bn in the year-ago quarter.
However, BlackRock’s operating margin during the quarter declined to 38.3% from 40.2% in the year ago quarter.
The asset manager reported $98bn of long-term net inflows driven by continued momentum in ETFs and active strategies.
Total net inflows stood at $75bn as the company suffered outflows from low-fee cash management and advisory AUM.
The company’s total assets under management during the quarter stood at $9.5 trillion, up from $7.8 trillion a year earlier.
Commenting on the performance, BlackRock chairman and CEO Laurence Fink said: “Clients continue to seek BlackRock’s insights and advice regarding their entire portfolios, reflecting the benefits of the investments we have made to better serve their evolving needs. BlackRock generated $98bn of long-term net inflows in the third quarter, representing 9% annualised organic base fee growth and our 6th consecutive quarter in excess of our 5% target, once again demonstrating the strength of our diversified investment and technology platform.
“Organic growth was broad-based, spanning our active platform as well as in each of our ETF product categories. We delivered our tenth consecutive quarter of active equity inflows and client demand for ESG remains strong, with $31bn of inflows across our sustainable active and index strategies.
“Our long-term strategy remains centered on staying ahead of our clients’ needs and living our purpose of helping more and more people experience financial well-being. Whether through expanding investment choices, developing new retirement solutions, or enhancing our data analytics and technology capabilities, BlackRock remains committed to investing in high growth opportunities and industry-leading innovation.”