BlackRock Assets Exceed $9 Trillion in Wake of Bank Failures
- Net inflows totaled $110 billion in quarter, beating estimates
- Fink cites ‘crisis of confidence’ in health of regional banks
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BlackRock Inc.’s assets swelled to $9.09 trillion in the first quarter as depositors sought cover following the collapse of several US banks by pouring money into the firm’s cash-management funds.
Net flows into all of the firm’s funds totaled $110 billion, New York-based BlackRock said Friday in a statement, with investors and clients adding money to bond ETFs. Long-term investment products, which include mutual funds and ETFs, added $103 billion, beating the $84.1 billion average estimate of analysts in a Bloomberg survey.