BlackRock sees 'record' inflows as ETF unit dominates

BlackRock's Fink who oversees $6 trillion says he's still 'quite bullish&apos on stocks due to global growth

BlackRock sees 'record' inflows as ETF unit dominates

The company's profit was boosted by a US$1.2 billion gain related to the recent enactment of the USA tax laws, and the company also raised its quarterly cash dividend by 15 per cent.

BlackRock Inc charged past a record $6 trillion in assets, its profit beating Wall Street forecasts, as investors flooded into the relatively low-priced funds of the world's largest asset manager.

'BlackRock's record 2017 results reflect the long-term investments we've consistently made in our business to better serve clients, ' said Laurence Fink, chair and chief executive of BlackRock.

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Prem Watsa decreased its stake in Leucadia Natl Corp (LUK) by 66.67% based on its latest 2017Q3 regulatory filing with the SEC. Several other institutional investors have also sold shares of the company. 30 funds opened positions while 48 raised stakes.

The bulk of new funds came via iShares, which brought in $245 billion in 2017. Earnings on an adjusted basis were $1.02 billion, or $6.24 a share, up 20% from $852 million, or $5.14 a share for the same period. Excluding that benefit, earnings amounted to $6.24 a share, beating the consensus analyst estimate of $6.01.

BlackRock's board approved a 15% rise in the quarterly dividend to $2.88 a share.

For Q4, total net inflows at the asset manager were $103bn taking total assets under management at 31 December 2017 to $6.3trn, a 22 per cent increase on the $5.1trn assets under management at the end of 2016.

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