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Money Management

BlackRock’s assets up 5% to nearly $6 trillion, sees $76 billion in long-term net inflows

BlackRock (BLK) reported $5.977 trillion in assets under management as of Sept. 30, up 5% from three months earlier and up 17% from a year earlier, the firm said in its earnings statement released Wednesday.

Net inflows to the firm's long-term strategies were $75.8 billion in the third quarter, compared to net inflows of $93.5 billion in the second quarter and net inflows of $55.2 billion in the year-earlier quarter.

The inflows were driven by $59.55 billion going to fixed income, $11.94 billion to equities and $4.33 billion to multiasset strategies. These were partially offset by $14 million of net outflows from alternatives.

BlackRock's institutional business experienced long-term net inflows of $16.13 billion for the third quarter, compared to net inflows of $13.25 billion for the second quarter and net inflows of $6.2 billion for the third quarter of 2016. Assets in BlackRock's institutional business were $3.3 trillion as of Sept. 30, up 4.1% from June 30 and up 13% from Sept. 30, 2016.

BlackRock (BLK)'s actively managed strategies saw net inflows of $5.8 billion during the quarter, while passive strategies saw net inflows of $70 billion.

BlackRock's iShares exchange-traded fund business saw long-term net inflows of $52.3 billion in the third quarter, compared to net inflows of $73.8 billion in the second quarter and net inflows of $51.3 billion in the year-earlier quarter. iShares assets totaled $1.64 trillion as of Sept. 30, up 7.2% from June 30 and up 31.2% from Sept. 30, 2016.

BlackRock's global retail business saw long-term net inflows of $7.4 billion for the quarter, vs. net inflows of $6.5 billion in the prior quarter and net outflows of $2.2 billion in the quarter ended Sept. 30, 2016.

The firm's revenue was $3.23 billion in the third quarter, up 9% from the previous quarter and up 14% from the third quarter of 2016. Net income was $947 million, up 11% from the prior quarter and up 8% from the same period a year ago.