BlackRock, the world’s leading asset management firm, has announced impressive financial results for the second quarter of 2024, while also addressing a controversial connection to a recent high-profile incident.
The New York-based company reported a significant increase in assets under management, reaching a new high of $10.6 trillion. According to the financial report released on July 15, BlackRock attracted over $80 billion in new investments during the quarter, contributing to a 13% year-over-year increase in assets under management.
The company’s financial performance showed notable improvements, with revenue rising by 8% compared to the same period last year, totaling $4.8 billion. Net income saw a 9% increase, reaching $1.5 billion for the quarter.
However, the company also found itself addressing an unexpected controversy. On Sunday, BlackRock confirmed that Thomas Crooks, the suspect in Saturday’s attempted assassination of former U.S. President Donald Trump at a campaign rally, had briefly appeared in one of their advertisements.
In a statement to Reuters, BlackRock explained,
“In 2022, we ran an ad featuring a teacher from Bethel Park High School, in which several unpaid students briefly appeared in the background, including Thomas Matthew Crooks.”
The company has since removed the video from circulation and stated it will make all footage available to the appropriate authorities.
BlackRock strongly condemned the assassination attempt, calling it “abhorrent.” The company clarified that Crooks, who graduated from Bethel Park High School in 2022, was not a paid participant in the advertisement.
Despite this unexpected connection to a major news event, BlackRock’s financial performance remains strong. CEO Larry Fink expressed optimism about the company’s future, highlighting its execution “on the broadest opportunity set we’ve seen in years.”
The asset manager continues to expand through strategic acquisitions, including the recent $3.2 billion deal to acquire UK-based data provider Preqin and the upcoming completion of its $12.5 billion acquisition of Global Infrastructure Partners.