BlackRock has reported a record $11.5 trillion in assets under management (AUM) for the third quarter of 2024, marking a significant increase from previous figures. This surge in AUM was bolstered by quarterly net inflows of $221 billion, with long-term inflows accounting for $160 billion. Notably, $97 billion of these inflows came from exchange-traded funds (ETFs), while $62.7 billion was attributed to fixed-income products. CEO Larry Fink emphasized the company's strategy of integrating public and private markets, which has been a key driver of growth [24e36043].
In addition to its impressive inflows, BlackRock has been actively expanding its portfolio through acquisitions. The firm recently completed a $12.5 billion acquisition of Global Infrastructure Partners and is in the process of finalizing a $3.2 billion acquisition of Preqin. These strategic moves are expected to enhance BlackRock's capabilities in the private market sector [24e36043].
The company's net income for Q3 rose to $1.63 billion, translating to earnings of $10.90 per share. Shares of BlackRock have increased by 18% in 2024, reflecting strong investor confidence and market performance. Analysts suggest that the Federal Reserve's easing of interest rates could further boost inflows into the firm [24e36043].
In the broader context of wealth management, Dynasty Financial Partners has surpassed $100 billion in platform assets, capitalizing on the anticipated transfer of trillions of dollars in assets as Baby Boomers pass on. The firm provides services including investment banking and M&A advisory, targeting high-net-worth individuals looking for independence [7f1a6e69].
Mutual of America has promoted John Greed, the leader of its $29 billion registered investment advisor (RIA) business, to group CEO, reflecting its commitment to expanding its RIA business in the retirement plan market [ad0d2366]. Bluespring Wealth Partners has also welcomed $500 million in assets as an affiliate, aiming to enhance its service offerings [a15fa119].
Ameriprise Financial reported a 9% increase in second-quarter adjusted profit, driven by strong client asset values and fee-based income, with AUM reaching $1.43 trillion [49f432fb]. Meanwhile, Asian wealth management firms are targeting a doubling of assets under management to US$260 trillion by 2026, focusing on high-net-worth individuals and offshore investing capabilities [cad85f1a].
Overall, the strong performance of BlackRock, Dynasty Financial Partners, Mutual of America, and Ameriprise Financial reflects the resilience and growth of the global wealth management market, as firms continue to innovate and adapt to changing market conditions. The wealth management industry is increasingly leveraging technology to enhance services and improve efficiency, with firms like BridgeFT and AdvicePay making significant strides in this area [7ea15a78].