BlackRock Just Became the First Company Ever to Manage $15 Trillion. Here's What That Record Means for the Stock.
The asset management giant's second-quarter report was about much more than a big round number.
Overview
Asset management giant BlackRock (NYSE: BLK) reported second-quarter results on Wednesday, and the numbers came with a milestone: assets under management (AUM) of $15.3 trillion. No company has ever managed more, and none had crossed $15 trillion until now.
Investors cheered, sending shares 6.6% higher on the day.
Details
Round numbers usually make better headlines than investment theses. But in BlackRock's case, the record arrived alongside accelerating client inflows, 31% revenue growth, and the company's highest adjusted operating margin in almost five years.
Source
Originally published at www.fool.com.
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