Record AUM and Revenue Growth
BlackRock finished the second quarter with record AUM of $12.5 trillion. Revenue of $5.4 billion was 13% higher year-over-year, driven by organic growth and higher average AUM.
Strong Net Inflows
Excluding low-fee institutional index redemptions, BlackRock delivered approximately $116 billion of net inflows in the quarter.
Successful Acquisitions and Expansions
BlackRock closed its acquisition of HPS Investment Partners and announced plans to acquire ElmTree Funds. These acquisitions are expected to significantly contribute to growth in private markets and technology.
Significant Growth in Technology Services
Quarterly technology services revenue and subscription revenue was up 26% compared to a year ago, driven by sustained demand for Aladdin technology offerings and the impact of the Preqin transaction.
Private Markets Fundraising Success
GIP V closed above its $25 billion target, making it the largest private market fundraise in BlackRock's history.