BlackRock on Friday reported having $9.43 trillion in assets under management as of the end of the second quarter, an 11% jump year over year and a 4% increase from end of the first quarter of 2023.
The New York-based asset manager's second quarter AUM slightly beat analysts' expectations of $9.36 trillion.
"Our strong investment performance and deep partnerships with clients have led to sustained organic growth, which when combined with improving market and currency movements has resulted in an $831 billion increase in BlackRock's AUM since year-end 2022," BlackRock CEO and Chairman Larry Fink said in his note to investors.
Net inflows, however, missed analysts' consensus expectations. The company reported $80.2 billion of net inflows in the second quarter, down 10% year-over-year and down 27% from the $110.3 billion in inflows BlackRock saw in the first quarter this year.
Long-term net flows were also slower in the second quarter, down to $57 billion compared to the previous quarter's $103 billion. The long-term flows were dominated by inflows into the asset manager's ETFs, which saw $48 billion in new cash last quarter. Cash management accounted for $23 billion of inflows.
Despite the reduction in inflows, BlackRock's earnings for the second quarter were $4.46 billion, beating expectations by a hair.
BlackRock reported adjusted earnings per share of $9.28 for the second quarter, up 26% from $7.36 year over year.
