BlackRock’s Assets Surge Past $12 Trillion

The investment firm’s assets rose to a record $12.53 trillion in the second quarter, buoyed by record-high US stock prices and $68 billion of net client inflows

BlackRock has become the world’s first $12 trillion money manager.

BlackRock has become the world’s first $12 trillion money manager.

The investment firm’s assets rose to a record $12.53 trillion in the second quarter, buoyed by record-high U.S. stock prices and $68 billion of net client inflows. That’s up 18% from a year ago.

Net income rose 6.5% to $1.59 billion from $1.5 billion in the year earlier period. Excluding certain one-time expenses, BlackRock earned $12.05 a share in the most-recent quarter. On that basis, the company’s profits beat the average estimate of $10.78 from analysts polled by FactSet.

BlackRock’s fee revenue is growing in part due to a major push into private-market assets. The money manager closed its acquisition of private credit firm HPS Investment Partners on July 1, just after the end of the quarter.

“Our recent closing of HPS will help us build even more with clients as we head into our seasonally strongest second half of the year,” Larry Fink, BlackRock’s chairman and CEO, said in a statement. “These are just the early days in our next phase of even stronger growth.”

Revenue rose 13% to $5.42 billion. Analysts had expected $5.45 billion.

Write to Jack Pitcher at jack.pitcher@wsj.com