BlackRock, Inc. (NYSE: BLK) announced financial results for the second quarter ended June 30th, 2020. The company reported net inflows of USD 100 Billion due to fixed income and momentum in cash management. Annualize organic asset growth reached 6%. Operating income increased 10% year over year, on lower G&A expense including impact of USD 59 Million of product launch costs in the prior year quarter. BlackRock reported USD 1.1 Billion of share repurchases.
Laurence D. Fink, Chairman and CEO said, “Clients are turning to BlackRock more than ever before as they face increasing uncertainty about the future, and we are bringing together the entirety of our differentiated platform to help them. Clients are relying on BlackRock for our unique insights, guidance and comprehensive investment solutions. This is leading to deeper partnerships, and we’re seeing clients entrust BlackRock with a greater share of their assets. “BlackRock’s globally integrated asset management and technology platform generated $100 billion of total net inflows in the second quarter, representing 10% annualized organic base fee growth. iShares fixed income ETFs and BlackRock’s active equity strategies both saw record inflows, and leadership in cash solutions drove strength in flows as clients sought liquidity. Momentum also continued in sustainable strategies and illiquid alternatives, where we are investing for future growth. “BlackRock’s strong fiduciary culture is resonating in the depth of our relationships and the strength of our results. It is one of the key drivers of growth in our Aladdin technology business, and a critical reason why our Financial Markets Advisory team is working with governments around the world as they support their economies. “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.