Economy

BlackRock Beats Q3 Views As Investors Keep Pouring Money Into ETFs

BlackRock Inc, the world's biggest asset manager, reported a 8.2 percent rise in quarterly profit that beat Wall Street estimates on Wednesday, helped by higher fees as investors moved more money into low-priced exchange traded funds.

A $52.3bn chunk of the long-term net inflows came from from BlackRock's iShares franchise, a range of passive exchange-traded funds (ETFs) which track an index.

With the third quarter inflows, BlackRock has now added US$264.3bn to its funds this year, which beats last year's record total with three months to spare.

News of the rise came as the U.S. investment management giant comfortably beat Wall Street expectations with its third quarter results.

We're seeing clients looking to put more money to work", BlackRock CEO Larry Fink told CNBC's "Squawk Box" shortly after the company's results were released."What's going on is we're seeing a change in market sentiment.

Net inflows were $96 billion versus $71.62 billion expected.

Total net inflows for the business were $96bn in Q3 while revenues increased 14 per cent year on year, which the firm attributes to the growth in base fees, performance fees and revenue from technology and risk management.

BlackRock, the largest asset manager in the world, posted better-than-expected quarterly results on Wednesday.

"Strong organic asset and base fee growth are a direct result of the investments we are making in our platform".

Fees from the company's index-tracking iShares rose 38 percent to $1.07 billion.

The firm's share price was up 0.75 per cent in premarket trading at 2pm United Kingdom time.

The asset management giant had previously merged its fundamental active equity and scientific active equity groups into a unified business.



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