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BlackRock's assets skyrocket beyond $12 trillion
BlackRock just made history as the first investment company to manage over $12 trillion—yep, trillion—with its assets hitting $12.53 trillion in Q2 2023.
That's an 18% jump from last year, thanks to big client investments and a strong US stock market.
Company's profits also climbed in Q2
The company's profits also climbed, with net income up 6.5% to $1.59 billion and earnings per share beating expectations at $12.05. Revenue rose by 13%.
Plus, BlackRock recently bought HPS Investment Partners to grow its private-market business—a move CEO Larry Fink says sets them up for even bigger things later this year.