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Updated January 12th, 2024 at 16:56 IST

BlackRock Q4 profit rises 8% on strong assets under management

The dovish stance adopted by the US Federal Reserve, maintaining unchanged interest rates since July, further buoyed investor sentiment.

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Former BlackRock Manager David Tovey to Lead New Hedge Fund Covale Capital
BlackRock | Image:BlackRock
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BlackRock, the world's largest asset manager, reported 8 per cent surge in its fourth-quarter profit on Friday, attributing the positive performance to a market rebound that bolstered the company's assets under management (AUM).

Recent optimism in the markets, fuelled by hopes of a soft landing—where inflation subsides without a sharp increase in unemployment—contributed to BlackRock's strong financial results. The dovish stance adopted by the US Federal Reserve, maintaining unchanged interest rates since July, further buoyed investor sentiment. As a result, BlackRock concluded the fourth quarter with assets under management reaching $10.01 trillion, marking a notable increase from $8.59 trillion a year earlier.

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On an adjusted basis, the firm reported earnings of $1.45 billion, or $9.66 per share, for the three months ending December 31, compared to $1.36 billion, or $8.93 per share, in the same period the previous year. These results exceeded analyst expectations, with the consensus anticipating a profit of $8.84 per share, according to data from LSEG.

The positive performance underscores BlackRock's resilience in navigating market dynamics, and investors are closely monitoring its strategic moves and market insights in the evolving economic landscape.

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(With Reuters inputs)
 

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Published January 12th, 2024 at 16:56 IST

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