BlackRock AuM Growth Continues; CEO Trumpets Acquisitions

Expansion into the alternative investments market, including the acquisition this year of infrastructure management company and data provider Preqin, provided a strong backdrop for the US asset manager’s second-quarter results.

BlackRock, the world’s largest asset manager, which recently expanded its alternative investments business with the acquisition of Preqin, last week reported second-quarter 2024 adjusted net income of $1.55 billion, compared with $1.399 billion in the same period in 2023.

Adjusted operating margin rose to 44.1% from 42.5%, BlackRock said in a statement.

GAAP revenue rose to $4.805 billion from $4.463 billion.

Assets under management rose to $10.645 trillion from $9.425 trillion; total net inflows rose to $81.6 billion in the latest quarter, compared with $80.1 billion a year earlier.

“BlackRock is pursuing the broadest set of capabilities we’ve seen in years, including private markets, Aladdin, and full portfolio solutions across ETFs and actives. At the same time, we’re opening significant new growth markets for our clients and shareholders with our planned acquisitions of Global Infrastructure Partners and Preqin,” said Laurence Fink, CEO.

Aladdin is a portfolio management software that allows investment professionals to view and manage their daily investments. As for Preqin, it is a provider of data on alternative investments such as private equity, venture capital, private credit, hedge funds, and property. A few days ago, BlackRock announced that it had agreed to buy Preqin. Earlier this year, it also bought Global Infrastructure Partners in a deal that signaled the company’s ambitions to expand its capabilities in the infrastructure space.)