US bank earnings live: BlackRock hits record $12.5tn in assets as results season gets under way

BlackRock’s assets under management climbed to a record $12.5tn in the second quarter, as a market rally and currency swings helped overcome lower than expected inflows.

The world’s largest asset manager said on Tuesday that clients deposited $68bn across its investment products, falling short of Wall Street expectations.

The New York-headquartered group attributed the smaller than expected inflows to a single large institutional client that withdrew tens of billions of dollars.

Market and currency moves nonetheless helped boost the size of the investments it manages for clients. Revenues jumped 13 per cent to $5.4bn, while net income rose 7 per cent to $1.6bn, both roughly matching expectations.

BlackRock is the first of six major financial companies expected to report second-quarter earnings before the market opens in New York on Tuesday.

Earnings from banks including JPMorgan, Citigroup and Well Fargo will offer investors a snapshot into the health of the US consumer as well as the health of global dealmaking.