BlackRock CEO Larry Fink reported first-quarter earnings on Friday, showcasing the company’s growth. Assets under management increased by 15% over the span of 12 months, reaching a record $10.5 trillion. This growth was attributed to significant net inflows of client cash as well as a strong performance in the market.

During the first quarter, BlackRock saw a surge in assets under management to a record high of $10.5 trillion. This increase of $1.4 trillion over the course of a year was revealed in the first-quarter earnings report. The boost in AUM was a result of a large net inflow of client funds and a favorable market environment.

BlackRock’s revenue also showed significant growth, increasing by 11% to $4.7 billion. This helped boost the company’s operating income by 18% to $1.7 billion. Management even completed a buyback of $375 million worth of stock and raised the quarterly dividend to $5.10 a share. Investors responded positively to these results, with BlackRock shares rising up to 3% in premarket trading to reach $807.

CEO Larry Fink expressed optimism about BlackRock’s momentum, emphasizing the strong organic asset growth and base fee growth seen towards the end of the quarter. The company reported $76 billion in net inflows during the first quarter, representing a significant portion of the full-year 2023 levels. With market sentiment remaining positive, BlackRock’s success is expected to continue as stocks and other assets reach record highs.