Investors gave BlackRock more cash to manage in Q2 as the stock market continued to break records, reports the New York Times.
Between April and the end of June, BlackRock’s assets under management grew 4% compared to the first quarter, to $4.59 trillion. Compared to the same period in 2013, assets grew 19%.
The Times reports that institutional investors have been withdrawing billions of stock and individual investors are attracted to the company’s non-traditional investments.
BlackRock’s profit in Q2 rose to $808 million, which is 11% more than the same time last year.
Read more here.