BlackRock enjoys record inflows for 2017

Mae Love
January 13, 2018

Earnings of $2.3 billion or $14.07 a share were boosted by $1.2 billion of benefits from the recently signed USA tax cut act.

BlackRock, which managed $6.29 trillion in assets as of the end of the fourth quarter that closed December 31, reported $2.3 billion in profits, or $14.07 a share, compared with $851 million, or $5.13 a share a year ago.

"We're winning more and more clients, and we're winning more of their wallet", chief executive Larry Fink told CNBC, who said he is generally optimistic about the trajectory of U.S. stocks.

Revenue at BlackRock rose to $3.47 billion, an increase of 20% from $2.89 billion a year ago.

The bulk of new funds came via iShares, which brought in $245 billion in 2017.

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Analysts polled by Thomson Reuters were expecting adjusted earnings of $6.02 per share.

The company ended the quarter with US$6.29 trillion in assets under management, up 22 per cent from US$5.98 trillion at the end of the third quarter. Total net flows during the quarter were $102.93 billion.

Laurence Fink, chairman and chief executive officer at Blackrock, said: "Blackrock's record 2017 results reflect the long-term investments we've consistently made in our business to better serve clients. iShares ETFs generated $245bn of full year net inflows, as an increasingly diverse set of institutional and retail clients are using ETFs for asset allocation and alpha generation".

BlackRock shares were up almost two per cent in pre-market trading on Friday.

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