BlackRock became the first public asset manager to hit $10-trillion in assets, propelled by a surge in fourth-quarter flows into its exchange traded funds.
The world’s largest asset manager also benefited from a rally in markets, with the S&P 500 climbing 11% in the latest quarter and 27% in 2021. Investors added a net $169bn to BlackRock’s long-term investment vehicles, including ETFs and mutual funds, in the final three months of the year. The results reinforce BlackRock’s position atop the industry, with assets under management rebounding from a dip at the end of the third quarter. The earnings come ahead of an annual letter that Fink sends to corporate leaders, laying out priorities on everything from boardroom diversity to climate change.
Employee compensation and benefits increased $218m from the fourth quarter of 2020, reflecting the firm’s move to increase staff pay as inflation surged in the US. Starting in September, base salaries rose 8% for all staff at the director level and below.
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