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Friday, January 17, 2020

Crossing the $7T-AUM Mark

Reported by InvestmentWires Staff, 

For the first time in history, there is now an asset manager with more than $7 trillion in AUM.
Laurence D. Fink
Chairman, CEO
On BlackRock's Q4 2019 earnings call (as transcribed by Seeking Alpha, Gary Shedin, chief financial officer, told analysts, "Full year revenue of $14.5 billion was up 2%, while operating income of $5.6 billion increased marginally. Earnings per share of $28.48 was up 6% versus 2018. For the fourth quarter, BlackRock generated revenue of $4 billion and operating income of $1.5 billion, up 16% and 17% respectively from a year ago, when results were impacted by significant market volatility."

Larry Fink, chairman and CEO, says "We generated a record $429 billion of total net inflows for the year representing 7% organic asset growth and 5% organic base fee growth. BlackRock's result reflects the strength of our platform which is diversified across now $2 trillion in active strategies, $5 trillion in iShares and index strategies and now over $500 billion in cash strategies. We generated $226 billion of net inflows in iShares and index, we generated $110 billion in flows in active investing and we generated $93 billion in cash strategies."

Craig Siegenthaler and his equity research team at Credit Suisse note that BlackRock's net flows are higher than expected for Q4 2019, at $129 billion versus an anticipated $115 billion.

According to their earnings release, AUM as of December 31, 2019 was at $7.429 trillion, an increase of 24 percent from $5.975 trillion as of December 31, 2018. This is also a 6.7 percent increase from 6.963 trillion as of September 30, 2019.

Overall, Blackrock beat Q4 Non-GAAP EPS expectations of $8.34 by $0.69, and the New York City-based fund firm beat GAAP EPS expectations of $8.29 by $0.60. Their revenue of $3.98 billion (an increase of 15.7 percent year-on-year) beat expectations by $140 million.  

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