BlackRock (NYSE: BLK) the world's largest asset manager, reported better-than-expected third-quarter results on Wednesday.
Total assets under management rose 17% to nearly $6 trillion as net inflows easily beat Wall Street expectations.
Here's how the company's results compare to Wall Street's expectations: EPS came in at $5.92 per share, compared with $5.56 expected. Revenue was $3.233 billion versus $3.096 billion expected.
Total assets under management registered at $5.977 trillion versus experts’ projected $5.94 trillion.
Net inflows were $96 billion versus $71.62 billion expected.
BlackRock also said its iShares exchange-traded funds business saw $52.3 billion in long-term net inflows, led by $33.1 billion in equity inflows. Assets under management for iShares totaled $1.640 trillion, accounting for 27% of BlackRock's total assets.
The company said cash assets rose 6 percent from a year earlier to $425.4 billion.
"One of the greatest problems we still have in the world is how much money is sitting on the sideline," according to CEO Larry Fink. "Even in places like Japan, there's $5 trillion in cash earning negative return. In Germany 72% of savings are in bank accounts. We're seeing some of that unlocked (and), we're seeing people put some of that money to work."
The company's stock has been on fire this year, advancing 21.5%. By comparison, the overall S&P 500 is up about 14% in the period. BlackRock shares have also outperformed the financials sector, which is up 13% in 2017.
BlackRock shares opened Wednesday up $2.80 to $468.29
