BlackRock posted its strongest start to a year on record, as investment inflows doubled and profits surged.
The world’s largest asset manager saw shares rally toward their best single-day performance in over a year.
Strong inflows into exchange-traded funds and rising markets helped BlackRock surpass Wall Street’s earnings expectations for the most recent quarter.
Assets under management reached a new high of $15 trillion during the period.
The firm benefited from a broad market rally that boosted the value of client holdings and attracted new capital.
ETFs remained a key growth driver, with investors continuing to pour money into low-cost, passive investment vehicles.
BlackRock’s profit jump reflected both higher revenue from management fees and gains from its technology and advisory services.
The strong quarterly performance underscores the company’s dominant position in the global asset management industry.
