Updated with a correction.
BlackRock’s assets under management hit a new high — $9.01 trillion — in the quarter ended March 31.
Data from BlackRock’s earnings report Thursday showed that AUM run by the world’s largest money manager rose 3.8% compared with the prior quarter.
The firm not only recovered from a 12.9% decline in AUM to $6.47 trillion in the first quarter of 2020, caused by the early impact of the outbreak of the COVID-19 on markets, assets rose 39.3% for the year ended March 31, 2021.
During Thursday’s earnings call with analysts, Gary S. Shedlin, senior managing director and chief financial officer, attributed a good portion of the firm’s growth in the first quarter to total net inflows of $171.6 billion in the first quarter, a new high for a three-month period and the fourth quarter in a row of net inflows of more than $100 billion.
In contrast, the firm’s net inflows in the quarter ended Dec. 31 totaled $126.9 billion and $35 billion in the first quarter 2020.
Laurence D. “Larry” Fink, chairman and CEO, told analysts on the call that the firm had “a very strong first quarter,” noting that net inflows for the three-month period were “very diverse” coming from many strategies.