BlackRock assets hit record $15 trillion on boost from buoyant markets, ETF inflows

BlackRock beat Wall Street estimates for second-quarter profit on Wednesday as a stock market rally lifted the value of client assets and investors poured money into its exchange-traded funds, sending its shares up 6% in premarket trading.

Assets managed by the New York-based firm rose to a record $15.34 trillion in the quarter, up from $12.53 trillion a year earlier and $13.89 trillion in the first quarter.

Major U.S. equity indexes ‌ended June with ⁠their biggest quarterly ⁠gains since 2020 as optimism grew over corporate earnings and investors looked beyond the volatility sparked by the conflict in the Middle East.


The ​benchmark S&P 500 index, a gauge of large-cap U.S. equities, gained 15% in the quarter.

The world's largest money manager pulled ​in $192 billion of client cash during the period, underpinned by strength in its iShares ETF franchise. That compares with $68 billion a year earlier and $130 billion in the first quarter.

Equity products accounted for $71.6 billion of net flows in the ​quarter, while fixed-income products accounted for $92 billion.

"Market fundamentals are strong and well ⁠supported, with higher margins ‌and earnings momentum catalyzed by new technology. The scale and depth of our client ​relationships globally have never ​been greater," CEO Larry Fink said in a statement.

On an adjusted basis, BlackRock earned $13.91 ⁠per share in the three months ended June 30, topping expectations of $12.59, according ​to estimates compiled by LSEG.

The company increased its planned share buybacks in 2026 to $2 billion from $1.8 billion. PRIVATE MARKETS PUSH

Traditionally known more for its strong presence in stocks and bonds than private markets, BlackRock stepped up efforts in recent years to become a major player in alternative assets, which include everything other than stocks and bonds.

The company has splurged about $28 billion to buy infrastructure investor Global Infrastructure Partners, private credit firm HPS Investment Partners, and data provider Preqin, turbocharging its private markets push.

However, the multi-trillion-dollar private credit ‌sector has drawn intense scrutiny amid concerns about lending standards and fears of AI-driven disruption at software companies.

Retail-focused private credit investment vehicles such as BlackRock's HPS Corporate Lending Fund (HLEND) have faced slowing flows and elevated redemption requests in recent months as ⁠investor concerns around the asset class intensified.

BlackRock maintained the standard 5% cap on quarterly redemptions at HPS' flagship non-traded private credit fund, HLEND, after investors sought to withdraw 13.3% of shares in the second quarter.

Private credit net ​inflows were $6 billion in the reported period, while infrastructure hauled $5.2 billion. Overall, private markets net inflows stood at $15.4 billion.

Fink earlier this year said institutional demand for private credit was accelerating despite market noise around the asset class.

The firm has set a target of $400 billion in gross private markets fundraising from 2025 to 2030.

Private assets generate significantly higher fees than exchange-traded funds, a core part of BlackRock's business through its market-leading iShares franchise.