BlackRock's assets up 5% to top $5 trillion; iShares dominates the $55 billion in net inflows

BlackRock (BLK)'s assets under management reached $5.12 trillion as of Sept. 30, up 5% from three months earlier and up 14% from a year earlier, BlackRock said in its earnings statement released Tuesday.

Net inflows to the firm's long-term strategies were $55.2 billion in the third quarter, compared to net inflows of $1.53 billion in the previous quarter and net inflows of $35 billion in the year earlier quarter. The inflows were driven by $37 billion going to fixed income, $13.4 billion to equities, $3 billion to multiasset and $1.8 billion to alternatives.

BlackRock's institutional business experienced long-term net inflows of $6.2 billion for the quarter, compared to net outflows of $7.8 billion in the second quarter and net inflows of $5.2 billion for the third quarter of 2015. Assets in BlackRock's institutional business were $2.92 trillion as of Sept. 30, up 4% from June 30 and up 9.8% from Sept. 30, 2015.

BlackRock's actively managed strategies saw net inflows of $4 billion during the quarter, while passive strategies saw net inflows of $51.2 billion.

BlackRock's iShares exchange-traded fund business saw long-term net inflows of $51.3 billion in the third quarter, compared to net inflows of $16 billion in the previous quarter and net inflows of $23.3 billion in the year-earlier quarter. iShares assets totaled $1.25 trillion as of Sept. 30, up 8.7% from June 30 and up 23.8% from Sept. 30, 2015.

BlackRock's global retail business saw long-term net outflows of $2.2 billion, vs. net outflows of $6 billion in the prior quarter and $6.6 billion in net inflows in the year-earlier quarter.

The firm's revenue was $2.84 billion in the third quarter, up 1% from the previous quarter but down 3% from the third quarter of 2015. Net income was $875 million, compared to net income of $789 million during the second quarter and net income of $843 million the same period a year prior.