BlackRock Third-Quarter Profit Rises to $1.66 Billion

BlackRock reported a rise in third-quarter profit to $1.66 billion, an increase from $1.32 billion in the previous year. The growth was driven by higher fees and resilient equity markets, with assets under management growing to $15.49 trillion. This increase was supported by rising investment valuations and $134.5 billion in new flows into iShares ETFs.

The company is expanding into private credit markets to capture higher fees, with a target of over $35 billion in revenue by 2030. BlackRock intends for more than 30% of that revenue to come from technology and private markets. Redemption requests for the HPS Corporate Lending Fund decreased to 11.5% during the third quarter, despite ongoing concerns regarding valuation opacity in private credit and AI disruption.

CEO Larry Fink attributed the strong market fundamentals to higher margins and earnings momentum catalyzed by new technology.