BlackRock now has $8.7 trillion in assets following iShares ETF boom

New York CNN Business — The record stock market run is great news for BlackRock: The owner of the super popular iShares family of exchange-traded funds reported earnings and revenue for the fourth quarter Thursday that easily topped forecasts. BlackRock, the world’s largest money management firm, ended the year with nearly $8.7 trillion in total assets – an increase of 17% from a year ago. Fink added during a conference call with investors and analysts Thursday that “the hardships experienced by people globally in 2020 and inequality further exasperated by the pandemic have only strengthened BlackRock’s sense of savings, to make savings easier and more affordable.” He stressed that the firm would continue to promote sustainable investing trends as a major economic theme and expressed hope that the eventual economic rebound will lead to a more resilient economy going forward. But Fink sounded bullish about the future, arguing that even as long-term bond yields start to rise, “the demand for equities will persist” and that higher yields are going to push “the banking system to be much stronger.” He said the increase in bond yields is “a positive sign for the economy.” He concluded the conference call with a public safety message: “Everyone please feel safe.