LONDON (ShareCast) - (Sharecast News) - Investment manager Blackrock saw assets under management hit a new record in the third quarter of the year as a broad stock market rally helped the firm top both revenue and profit guidance.
Blackrock saw revenues jump 18% year-on-year to $4.37bn, while net income grew over 27% to $1.41bn - buoyed by $532.0m of performance fee revenues generated during the period.

Earnings per share came to $9.22 each on an adjusted basis and $8.87 on a diluted basis, topping expectations.

The New York-based firm also posted net inflows of $129.0bn for the third quarter, which helped AUM grow to $7.8trn, besting the group's previous record of $7.4trn recorded in the fourth quarter of 2019.

Chief executive Larry Fink said: "Our results are a validation of our globally integrated asset management and technology business model, which allows us to consistently invest and evolve ahead of client needs."

"Each of our strategic investment areas, including iShares ETFs, alternatives and technology, continue to grow, while strong investment performance has driven positive active flows over the past year."

As of 1310 BST, Blackrock shares were up 6.31% in pre-market trading at $653.69 each.

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