BlackRock, the world’s largest asset manager, achieved a significant milestone in its second-quarter financial results, with assets under management (AUM) surpassing the $10 trillion mark. The company reported an AUM of $10.6 trillion, representing a 13% increase from the previous year’s $9.43 trillion. This growth was reflected in BlackRock’s earnings per share (EPS), which rose to $9.99 from $9.06 a year earlier, and a 7.7% revenue increase to $4.8 billion. The quarter saw total revenue grow by 8% to $4.81 billion, with net income rising to $1.50 billion. BlackRock recorded total net inflows of $139 billion for the first half of the year, including a record $82 billion in quarterly net inflows for BlackRock ETFs. Investment advisory and administration fees, typically a percentage of AUM, increased by 8.6% to $3.72 billion. Revenue from technology services also saw a 10% rise to $395 million, driven by strong demand for its investment risk management platform, Aladdin. 

Despite these robust results, the asset manager’s stock price dipped 0.028% during pre-market trading on Monday. Last month, BlackRock agreed to acquire data provider Preqin in a deal valued at nearly $3.2 billion, enhancing its private market capabilities. The company is also nearing the completion of its planned acquisition of Global Infrastructure Partners in the third quarter of 2024, expected to double private market base fees and add approximately $100 billion of infrastructure AUM. Despite the broader stock market reaching record highs, BlackRock’s shares have only risen 3.4% this year, underperforming the 18.4% gain of the S&P 500 index. Nevertheless, the company remains optimistic about its growth prospects, with CEO Larry Fink emphasizing a unique, integrated approach to private markets that spans investment, technology workflows, and data.