Q2 2024 BlackRock Inc Earnings Call Transcript
Key Points
- BlackRock Inc (BLK) reported double-digit operating income growth and expanded its margin by 160 basis points year over year.
- The company saw net new assets of over $80 billion, with total net inflows of $82 billion in the second quarter.
- BlackRock Inc (BLK) ended the second quarter with a record AUM of over $10.6 trillion.
- The company is executing on strong opportunities in core business areas and building for future growth, particularly in private markets and technology.
- BlackRock Inc (BLK) announced planned acquisitions of Global Infrastructure Partners and Preqin, expected to accelerate growth in private markets and technology services.
- Flows were impacted by an approximately $20 billion active fixed income redemption from a large insurance client linked to M&A activity.
- Institutional index net outflows of $35 billion were concentrated in low-fee index equities.
- Total expense increased 5% year over year, driven by higher incentive compensation, G&A, and sales asset and account expense.
- Employee compensation and benefit expense was up 4% year over year, reflecting higher incentive compensation.
- G&A expense was up 7% year over year, primarily due to the timing of technology spend in the prior year and higher professional services expense.
Please stand-by. We're about to begin. Good morning. My name is Jennifer, and I will be your conference facilitator today. At this time, I'd like to welcome everyone to the BlackRock Incorporated second quarter 2024 earnings teleconference. Our host for today's call will be Chairman and Chief Executive Officer, Laurence D. Fink; Chief Financial Officer, Martin S Small; President Rob Goldstein (technical difficulty)
(Operator Instructions) Mr. Meade, you may begin your conference.
Thank you, operator. Good morning, everyone. I'm Chris Meade, the General Counsel of BlackRock. Before we begin, I'd like to remind you that during the course of this call, we may make a number of forward-looking statements. We call your attention to the fact that BlackRock's actual results may of course, differ (technical difficulty) BlackRock has filed reports with the SEC, which lists some of the factors that may cause the results of BlackRock to differ materially from what we
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