BlackRock’s assets under management rise as Wall Street earnings roll in

BlackRock’s assets under management rose to a record $13.5 trillion in the third quarter, supported by strong inflows across its iShares exchange-traded fund business.

The New York-based company said it attracted $205 billion in new capital from clients in the three months to the end of September, ahead of analysts’ expectations.

Revenues rose 25 percent from the previous year to $6.5 billion, also beating expectations. The world’s largest asset manager said its profits fell 19 percent from a year earlier, due to non-cash acquisition costs associated with its acquisition of private investment management firm HPS Investment Partners, which closed in the quarter.

BlackRock’s results kick off a busy earnings day on Wall Street.

Four of the nation’s largest lenders are scheduled to report third-quarter earnings before Wall Street’s opening bell: JPMorgan, Goldman Sachs, Citigroup and Wells Fargo.

Investment banking is expected to be a bright spot, reflecting optimism among bankers that the expected increase in mergers, acquisitions and listings in the market resulting from the return of US President Donald Trump to the White House is beginning to materialize.