BlackRock, the largest asset-management firm in the world, said its exchange-traded funds business had a record quarter.
The company said net inflows into its iShares business totaled $74 billion in the second quarter, a record, pushing the unit’s assets above $1.5 trillion.
“Growth was balanced among iShares Core funds, precision exposures and financial instruments, demonstrating that ETFs are no longer used only as passive allocations, but increasingly by active investors to generate alpha in their portfolios,” CEO Larry Fink said in a statement.
iShares now accounts for approximately 27 percent of BlackRock’s total assets under management of $5.689 trillion.
Despite the success of its ETFs business, BlackRock also reported second-quarter earnings and revenue that missed Wall Street expectations.