Rock on! 🤘 Both BlackRock and Blackstone have just posted their quarterly earnings, and they’re pretty solid.
BlackRock always rocks! By how much this time?
Revenue and profit of the world’s largest asset manager both beat Wall Street’s expectations amid a strong global equity market.
- More money poured in! BlackRock’s asset under management (AuM) jumped by 30% to USD 9.5 tln, as investors put more money into BlackRock-managed funds.
- Call me “ETF giant”. Most of the growth came from it’s biggest ETF business. BlackRock now takes 35% market share in the global ETF market.
How about a salary hike? 🤑 BlackRock decided to boost wages by 8% for all employees following other banks, as a token of appreciation.
Share price must go up? Not really 📉 BlackRock lost 3% last week on disappointing money inflow, as they lost one big client.
Wait… How about Blackstone?
Don’t count Blackstone out either! It doubled its profits on the back of a record investment gain across portfolios. AuM also jumped 21% from strong money inflows.
- Better than the market: Its private equity portfolio climbed 13.8% last quarter, outpacing S&P’s 8% gain.
- The new strategy works! Its new emphasis on investing in fast growing companies worked really well, adding gains to both PE and real estate divisions.
Blackstone’s stock jumped nearly 4% as the market closed after seeing the strong results. What a solid “stone”!