BlackRock Reports 19% Net Income Jump in Q4 2020

The world’s largest asset management firm reported strong financial results in Q4 due to increased volatility.

BlackRock, the financial company with more than $8.6 trillion in assets under management, has announced its financial results for the three months and year ended 31 December 2020. The investment management corporation reported $1.55 billion net income in the last quarter, a 19% jump compared to the same period in 2019. BlackRock recorded $127 billion quarterly inflows due to increased volatility in financial markets.

According to the results, the total revenue jumped 13% in Q4 of 2020 and reached $4.48 billion. Diluted EPS reached $10.02 in the last quarter, a 21% rise compared to the same period last year. For the full year of 2020, the diluted EPS reached $31.85.

Commenting on the recent financial results, Laurence D. Fink, Chairman and CEO of BlackRock, said: “Our strategic areas of investment flourished in 2020 as we saw record client demand for active equity, sustainable, cash, and alternative investment strategies, generated $185 billion of net inflows into iShares ETFs and surpassed $1 billion in technology services revenue. BlackRock’s continued investment in building a multi-faceted investment platform with integrated technology, data and risk management, scale, global reach and interconnectivity enables us to deliver strong and consistent investment performance and more stable outcomes for our clients.”

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BlackRock’s Blockchain Strategy

The CEO of BlackRock expressed his views about blockchain technology and cryptocurrencies like Bitcoin. During a conversation with former Bank of England Gov., Mark Carney at the Council on Foreign Relations, Fink said that Bitcoin has caught the attention of Wall Street and the world’s largest cryptocurrency has the potential to evolve into a global market asset. Following his comments about Bitcoin, the world’s largest asset management firm advertised a position of the blockchain and cryptocurrency specialist with knowledge in the valuation of crypto assets. In the recent announcement, Fink mentioned the evolution of the asset management industry, indicating that the company may introduce some innovative products in 2021.

“We begin 2021 well-positioned and intend to keep investing in our business to drive long-term growth and to lead the evolution of the asset management industry,” he added.

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