Blackrock becomes the first public money manager to oversee $10 trillion

Blackrock becomes first public money manager to oversee $10 trillion in assets as US financial giants report huge profits



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Blackrock became the first public money manager to oversee $10 trillion in assets as US financial giants reported huge profits.

The New York-based group said its assets will grow 15 percent by 2021 to £732 billion – or just over $10 trillion.

Boom: Blackrock said assets will grow 15 per cent to £732 billion - or just over $10 trillion by 2021

Boom: Blackrock said assets will grow 15 per cent to £732 billion – or just over $10 trillion by 2021

The group, led by Larry Fink, said it benefited from a boom in trading as people put money into their funds and passive vehicles that follow the broader stock market.

Blackrock’s numbers came as JP Morgan beat Wall Street’s forecasts and reported a record annual profit of £35bn – despite a slowdown in its trading arm.

It benefited from a global increase in deal closing last year.

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