04.14.23
BlackRock Assets Exceed $9 Trillion in Wake of Bank Failures
by: Silla Brush
BlackRock’s assets grew to $9.09 trillion in the first quarter as depositors sought cover following the collapse of several U.S. banks by pouring money into the firm’s cash-management funds. Net flows into all of the asset manager's funds totaled $110 billion, it stated. More than $40 billion flowed into the firm’s cash-management products in March amid a “crisis of confidence” in the health of regional banks, according to Chief Executive Officer Larry Fink. “More and more deposits are leaving and they’re going into exchange-traded funds and into any form of cash and money market funds,” Fink told analysts in a conference call. “This type of dislocation is just going to create more and more opportunity for us.”
Read the full article on Bloomberg