BlackRock assets hit record US$10.6 tril as markets soar
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BlackRock's assets reached a record high of US$10.65 trillion in the second quarter, with a 9% increase in profit. The company's shares rose 1.2% in premarket trading. The surge in stock markets and investor interest in AI-linked stocks contributed to the growth in BlackRock's assets under management, which increased from US$9.43 trillion to US$10.65 trillion. The company's investment advisory and administration fees rose 8.6% to US$3.72 billion. Net income for the quarter was US$1.50 billion, compared to US$1.37 billion in the same period last year.
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