BlackRock, Inc. (NYSE: BLK), the world's largest asset manager, today reported strong financial results for the first quarter of 2023. Net income attributable to common shareholders was $1.3 billion, or $7.64 per diluted share, compared to $1.0 billion, or $6.13 per diluted share, in the first quarter of 2022. Adjusted net income attributable to common shareholders was $1.4 billion, or $7.93 per diluted share, compared to $1.1 billion, or $6.53 per diluted share, in the first quarter of 2022.
Assets under management (AUM) increased to $10.6 trillion at the end of the first quarter of 2023, from $9.9 trillion at the end of the first quarter of 2022. AUM growth was driven by strong net inflows of $125 billion, as well as positive market performance.
"We are pleased to report strong financial results for the first quarter of 2023," said Larry Fink, Chairman and CEO of BlackRock. "Our clients continued to invest with us, and we were able to generate attractive returns for them. We are also pleased with the progress we are making on our strategic initiatives, including our focus on sustainable investing and our efforts to expand our capabilities in areas such as artificial intelligence and machine learning."
BlackRock's strong financial performance was driven by a number of factors, including:
- Strong net inflows: BlackRock attracted net inflows of $125 billion in the first quarter of 2023, driven by strong demand for its investment products across all asset classes.
- Positive market performance: The global equity market rose by 6.7% in the first quarter of 2023, while the global fixed income market rose by 2.4%.
- Continued growth in AUM: BlackRock's AUM increased to $10.6 trillion at the end of the first quarter of 2023, from $9.9 trillion at the end of the first quarter of 2022.
BlackRock's strong financial performance is a testament to the strength of its business model and the resilience of its clients. The company is well-positioned for continued growth in the years ahead.
People also ask
⚐ What are the top stocks to invest in right now?☵ What happens to stocks when they're delisted?