BlackRock's record ETF inflows offset market-driven AUM decline

Assets under management closed the quarter at $13.89 trillion. This figure is down from the $14.04 trillion record set at the end of 2025. The decline was driven by market volatility during the first quarter, as equity markets posted broad losses and the S&P 500 fell 4.6%. For an asset manager, AUM forms the basis of most fee revenue. Even with continued client inflows, a market-driven drop in asset values compresses the revenue base. BlackRock reported first-quarter net income of $2.21 billion, a 46% increase from $1.51 billion a year earlier. The firm's iShares ETF business posted $132 billion in net inflows, its best-ever first-quarter result. Private markets drew $9 billion in net inflows, with private credit and infrastructure accounting for the bulk of the activity. Total net inflows reached $130 billion for the quarter.