Staff or Guest writer for The Dog of Wall Street.

2020-07-17 14:58

Here the highlights:

• $100 billion of quarterly total net inflows, driven by fixed income and continued momentum in cash management
• 6% annualized organic asset growth in the quarter and higher organic base fee growth reflect strength of diversified investment management platform, especially in active capabilities and strategic focus areas of iShares®
• 4% increase in revenue year-over-year reflects higher performance fees and 17% growth in technology services revenue, driven by continued Aladdin® momentum
• 10% increase in operating income year-over-year also reflects lower G&A expense, including the impact of $59 million of product launch costs in the prior year quarter
• 22% increase in diluted EPS reflects higher year-over-year nonoperating income, a lower effective tax rate and a lower diluted share count in the current quarter
• $1.1 billion of shares repurchases in the quarter as part of PNC’s successful sale of its entire 22% ownership position
  

Laurence D. Fink, Chairman and CEO, said the following:

“Our steadfast focus is on serving all of our stakeholders through this crisis. I am honored by the trust that clients, governments and communities have placed in us, which we approach with a deep sense of responsibility. I am also incredibly proud of our employees, who have come together, even while working remotely, to partner with clients, uphold our One BlackRock culture and live our purpose."

BlackRock's stock has been a good performer during the Covid-19 pandemic, stock is up 12% YTD.