Blackrock becomes first public money manager to oversee $10tn of assets as US finance giants report bumper profits
Blackrock became the first public money manager to oversee $10trillion of assets as US financial giants reported bumper profits.
The New York-based group said assets grew by 15 per cent in 2021 to £732billion – or just over the $10 trillion mark.
Boom: Blackrock said assets grew by 15 per cent in 2021 to £732billion – or just over the $10 trillion mark
The group, led by Larry Fink, said it benefited from a boom in trading as people ploughed money into its funds and passive vehicles that track the wider stock market.
Blackrock’s figures came as JP Morgan beat Wall Street’s forecasts and reported record annual profits of £35billion – despite a slowling down in its trading arm.
It benefited from a surge in deal-making worldwide last year.