Asset management giant BlackRock sailed past profit estimates today after investors poured cash into its index and active traded funds in the first three months of the year.
The world’s biggest asset manager shrugged off market turmoil as it notched $114bn inflows in the first quarter, with adjusted profits jumping 18 per cent to $1.46bn.
Assets under management meanwhile hit $9.57tn, up from $9.01tn last year but sliding below the $10tn threshold it passed in the fourth quarter of last year however.
Boss Larry Fink said the firm had provided stability for investors amid a turbulent period on the markets.
“I am incredibly excited by the opportunities ahead of us and believe BlackRock is well-positioned to continue generating durable, differentiated organic growth and delivering value for all of our stakeholders,” he said in a statement today.
“As the world continues to face geopolitical and economic uncertainty, our investments over the years to build BlackRock’s allweather platform position us well to advise our clients and help them pursue their long-term financial goals.”
Revenues jumped 7 per cent year-over-year which bosses said had been driven by organic growth and an 11 per cent surge in technology services revenue.
BlackRock has weathered the worst of the shocks of war in Ukraine due to the diversity of the business, but it revealed last month that it was forced to write down $17bn in assets in Russian holdings.
Fink praised the private sector for waging “economic war” on Russia in a letter to investors last month, but warned the invasion had put an end to the “globalization we have experienced over the last three decades.”