Financial Data and Key Metrics - The company generated $221 billion of net inflows, the highest net flows quarter ever, with 8% annualized organic asset growth [6] - Third quarter revenue of $5.2 billion was 15% higher year-over-year, driven by 5% organic base fee growth and market movements on average AUM [11] - Operating income of $2.1 billion was up 26% year-over-year, with an operating margin of 45.8%, up 350 basis points [12][16] - Earnings per share of $11.46 increased 5%, reflecting a higher tax rate compared to a year ago [12] - The company ended the quarter with AUM near $11.5 trillion, a 26% increase over the last 12 months [11][29] Business Line Performance - iShares led the industry in global flows with approximately $250 billion through the third quarter, with fixed income ETF assets now over $1 trillion, nearly 40% higher than at year-end 2021 [7] - Aladdin logged 15% ACV growth, consistent with the long-term low to mid-teens target, with key wins and momentum [7] - Fixed income delivered over $60 billion of net inflows, with sustained inflows expected across bond funds, ETFs, and institutional accounts [7] - Private markets saw significant growth, with the acquisition of Global Infrastructure Partners (GIP) tripling infrastructure AUM and doubling private markets run rate management fees [8][13] - Technology services revenue was down 1% year-over-year, but would have increased 9% excluding the impact of eFront on-premises license renewals [14] Market Performance - ETF net inflows were $97 billion in the third quarter, with positive flows across all segments and major regions, including double-digit organic growth in Europe [20][44] - Institutional clients raised $56 billion of net inflows, with $27 billion in active strategies and $29 billion in index strategies [22] - Retail net inflows of $7 billion were led by strength in U.S. active fixed income mutual funds, with demand for illiquid alternative strategies continuing [23] - Cash management saw net inflows of $61 billion, driven by U.S. government and international prime funds [24] Strategic Direction and Industry Competition - The company is focusing on higher secular growth areas like private markets, technology, whole portfolio mandates, and model portfolios, aiming for 5% organic base fee growth over the long term [10] - The acquisition of GIP and the planned acquisition of Preqin are expected to enhance private markets capabilities and data analytics, with GIP adding $250 million of management fees in Q4 2024 [8][13][19] - The company is leveraging its technology, scale, and global footprint to deliver profitable growth, with a strong pipeline expected to drive momentum into 2025 [30][31] Management Commentary on Operating Environment and Future Outlook - Management expressed optimism about the growth trajectory, citing strong client sentiment and a broad global opportunity set for new asset management and technology mandates [6][11] - The company expects the fourth quarter to be historically strong for inflows, with significant opportunities to deepen client relationships and grow market share [24][25] - The integration of GIP and Preqin is expected to unlock growth synergies, with private markets becoming increasingly important in the financing of the economy [34][35] Other Important Information - The company repurchased $375 million worth of common shares in the third quarter and plans to repurchase at least $375 million in the fourth quarter [19] - The planned acquisition of Preqin is expected to close around year-end 2024, subject to regulatory approvals [19] - The company launched an Ethereum ETF, which garnered over $1 billion of net inflows in the first two months of trading [45] Q&A Session Summary Question: Net Flow Trajectory and Money Market Business - The company expects strong net inflows to continue, with a healthy trajectory on asset growth and a focus on re-risking periods [48][49] - Money market fund business is largely institutional and durable, with $61 billion of flows in the quarter and $850 billion in assets, nearly 70% bigger than five years ago [50] Question: Investment Spending and Margin Expansion - The company is focused on driving operating leverage and industry-leading margins through disciplined investments, variablizing expenses, and fixed cost scale [54][55] - Technology, automation, and firm footprint are major levers for margin expansion, with market movements also contributing to margin growth [56] Question: GIP Financials and Private Markets - GIP is expected to add $1 billion of fees with an FRE margin north of 50% in 2025, with strong momentum in fundraising and growth synergies [58][59] Question: M&A Appetite and Integration - The company is focused on integrating GIP and closing Preqin, with inorganic investments being a tool to optimize organic growth but not necessary to meet growth targets [61][62] Question: EPS Growth and Fee Rate Potential - The company expects double-digit EPS growth with 5% organic growth and margin expansion, with the fee rate expected to benefit from growth in private markets [66][71][72] Question: Wealth Management Opportunity - The company aims to revolutionize wealth management by integrating public and private markets into model portfolios, with a focus on digital enablement and partnerships [74][75][76] Question: Digital Assets and Regulatory Changes - The company sees significant opportunities in digital assets, with Bitcoin and Ethereum playing key roles, and expects broader market acceptance as analytics and transparency improve [83][84][85] Question: Fixed Income RFP Activity - The company is seeing large institutional mandates and RFP activity, with money in motion and opportunities for growth in fixed income [87][88] Closing Remarks - Management expressed confidence in the company's position and growth prospects, with a focus on delivering strong performance for clients and shareholders [91]

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

BlackRock's (BLK) third-quarter 2024 adjusted earnings of $11.46 per share handily surpassed the Zacks Consensus Estimate of $10.34. The figure reflects a rise of 5% from the year-ago quarter. Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar. Shares of BLK are trending almost 2.1% higher in the pre-market trading session today on the back of solid improvement in assets under management (AUM) balance, which drove the quarterly performance. The results benefited from a rise in revenues ...

BlackRock Finance (BLK) reported $5.2 billion in revenue for the quarter ended September 2024, representing a year-over-year increase of 14.9%. EPS of $11.46 for the same period compares to $10.91 a year ago. The reported revenue represents a surprise of +3.93% over the Zacks Consensus Estimate of $5 billion. With the consensus EPS estimate being $10.42, the EPS surprise was +9.98%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wa ...

BlackRock brought in $221 billion in net inflows in the third quarter, the most in its history.The world's largest asset manager, though, is focused on growing its private markets business.After growing to $11.5 trillion in assets thanks to cheap ETFs, the firm is focused on higher-fee products. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Go to newsletter preferences Thanks for signing up! Access y ...

BlackRock Finance (BLK) came out with quarterly earnings of $11.46 per share, beating the Zacks Consensus Estimate of $10.42 per share. This compares to earnings of $10.91 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 9.98%. A quarter ago, it was expected that this investment firm would post earnings of $9.96 per share when it actually produced earnings of $10.36, delivering a surprise of 4.02%.Over the last four quarters, t ...

BlackRock, Inc. BLK will release earnings results for its third quarter, before the opening bell on Friday, Oct. 11. Analysts expect the San Francisco, California-based company to report quarterly earnings at $10.38 per share, down from $10.91 per share in the year-ago period. BlackRock projects to report revenue of $5.01 billion for the quarter, according to data from Benzinga Pro. On Oct. 1, BlackRock said it completed the acquisition of Global Infrastructure Partners. BlackRock shares fell 0.1% to close ...

If you are looking for a stock that has a solid history of beating earnings estimates and is in a good position to maintain the trend in its next quarterly report, you should consider BlackRock Finance (BLK) . This company, which is in the Zacks Financial - Investment Management industry, shows potential for another earnings beat.This investment firm has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. The average surprise for the last two quarters was 4 ...

Recently, BlackRock (BLK, Financial) announced that it has completed the acquisition of Global Infrastructure Partners (a private company), marking a strategic expansion in its infrastructure capabilities. With this acquisition, BlackRock positions itself as a global leader in infrastructure investment, boasting an impressive $170 billion investment in assets under management (AUM) across developed and emerging markets.The newly formed entity will retain the GIP brand within BlackRock's broader infrastructu ...

BlackRock (NYSE: BLK ) is firing on all cylinders as the world's largest asset manager pursues growth opportunities in the high-margin, fast-growing data and technology business. Indeed, Aladdin's integration with Preqin, expected to close in the fourth quarter of 2024, will enable BlackRock to offerExperience as an investment analyst for a major BB-Bank, as well as private equity consultant for MBB. Currently working towards the CFA charter, having completed I&II. Passion for risk-assets (Growth, Contraria ...