NEW YORK, July 15, 2024 – BlackRock amassed $51 billion in client investments for its long-term funds in the second quarter, propelling the world’s largest asset manager to a record $10.6 trillion in assets under management.

The New York-based firm reported on Monday (July 15) that investors added $83 billion to ETFs and $35 billion to fixed-income assets overall.

“Organic growth was driven by private markets, retail active fixed income, and a surge in flows into our ETFs, marking their best start to a year on record,” said CEO Larry Fink in the statement.

During the period, BlackRock also saw $30 billion in net flows to cash-management and money-market funds, with total net flows reaching $82 billion. However, net flows to long-term investment funds fell short of the $86 billion average estimate from Bloomberg-surveyed analysts.

BlackRock's flows were impacted by an approximately $20 billion redemption in active fixed-income from a large insurance client, according to CFO Martin Small during the firm’s call with analysts. The firm also reported $35 billion in institutional outflows from its index funds.

Fink mentioned that BlackRock was recently awarded its first large-scale general account allocation for a private structured-credit mandate. The firm’s ETF inflows included significant growth in its higher-fee Strategic and Precision products.