BlackRock's assets under management hit a record for the third consecutive quarter. The growth was helped by increased inflows into exchange-traded funds and a strong rally in stocks that boosted the value of its clients' investments.
The broader stock market benchmarks finished higher in the third quarter, with the S&P 500 gaining 5.4%, while the MSCI index of stocks around the world rose 6.2%.
Assets managed by BlackRock rose to $11.48 trillion in the third quarter, up from $9.10 trillion a year earlier and $10.65 trillion in the second quarter.
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The world's largest asset manager reported $160 billion in long-term net flows in the third quarter. Total net flows reached a quarterly record of US$221.18 billion, up from US$2.57 billion recorded a year ago.
The majority of inflows were captured by ETFs, with $97.41 billion. Meanwhile, clients deposited $62.74 billion into BlackRock's fixed income products.
The Federal Reserve, the American central bank, has finally begun its long-awaited cycle of monetary easing this period and asset managers are ready to benefit, as the huge accumulation of liquidity that was on the sidelines of the process is being transferred to riskier assets.
BlackRock's net income rose to $1.63 billion, or $10.90 per share, in the three months ended Sept. 30, compared with $1.60 billion, or $10.66 per share. , a year earlier.