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BlackRock was boosted by improving markets in Q3

(New York) BlackRock, the world's largest asset manager, beat the most optimistic forecasts in the third quarter and posted strong results showing a strong recovery in financial markets as the real economy continues to be affected due to the pandemic of the coronavirus.

Posted Oct 13, 2020 at 8:56 am

Agence France-Presse

The group led by former broker Larry Fink now manages approximately $ 7.810 billion in assets, up more than 12% year-over-year, according to a statement Tuesday.

BlackRock, which invests money entrusted to it by pension funds, large fortunes, sovereign wealth funds and local communities in businesses and financial assets, is taking full advantage of healthy markets.

In the third quarter, they continued the recovery that had begun in the second, confident that the central banks will do whatever it takes to avoid a liquidity crisis.

As a result, many investors have continued to hand over money to asset managers in an effort to capitalize on the general upswing, even though uncertainties remain regarding the US presidential election on November 3.

BlackRock thus attracted an additional $ 129 billion, up 53% year-on-year, mainly from European and Asian investors.

Asset managers take advantage of this influx of investments by receiving commissions on the amounts they oversee.

"At a time when investors around the world are facing uncertainties, including the pandemic and the reboot of the economy, BlacRock responds by providing them with analysis and strategic advice," said Larry Fink, quoted in the press release.

BlackRock's net income thus increased 22% to $ 1.36 billion in the three months ended September 30, with revenues of $ 4.37 billion (+ 18.3%).

Adjusted earnings per share, a barometer closely monitored by markets, came in at $ 9.22, higher than the $ 7.77 average analysts expected.

The share increased by more than 4% in electronic commerce before the official opening of the meeting.

Written by Rahis

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