"BlackRock Surpasses $10.5 Trillion in Assets Under Management, Profits Soar"
BlackRock reported a record $10.5 trillion in assets under management in the first quarter, with a 36% jump in profit driven by a rebound in global equity markets. Despite a 15% increase in AUM and an 8.8% rise in investment advisory and administration fees, total net inflows fell to $57 billion from $110 billion a year earlier as clients await interest rate cuts before re-entering risky assets. The company's total revenue rose 11% to $4.73 billion, fueled by higher performance fees and technology revenue, while its net income increased to $1.57 billion.