BlackRock now has $ 8.7 trillion in assets after the ETS iShares boom

Black stone (BLK), the world’s largest money management firm, ended the year with total assets of nearly $ 8.7 trillion – up 17% from a year ago.

BlackRock has held up much better than other large financial stocks in 2020 – a year of turmoil and volatility due to the global Covid-19 crisis and the resulting recession. The firm has benefited from a rapid return to the stock market, even though many large banks have seen their profits hit by lower interest rates and weaker demand for loans.

BlackRock shares have risen nearly 50% in the last 12 months, while SPDR Sector Selective Financial Fund (XLF), an ETF that owns most of America’s top banks, is up just 1%. BlackRock stock fell more than 2% on Thursday, despite strong results.

Fink added at a conference with investors and analysts on Thursday that “the difficulties people face globally in 2020 and the exasperated inequality and more of the pandemic have only strengthened BlackRock’s sense of saving, for to make savings easier and more accessible ”.

He stressed that the company will continue to promote sustainable investment trends as a major economic theme and expressed hope that a possible economic recovery will lead to a stronger economy in the future.

“The pandemic has dramatically affected our entire lives, disrupting the way we work, the way we live. At the same time, it has led to a profound change in economies and the way societies work, creating opportunities to redesign our society.” he added during the conference.

Fink said concerns about rising economic inequality, along with low interest rates and high inflation expectations, should be a general theme for any investor saving for retirement or other long-term goals.

However, he did not address the changing political or regulatory landscape during the call. It was not mentioned that Joe Biden is about to take over as president and that Democrats will control both the House and the Senate.

But Fink sounded optimistic about the future, arguing that even if long-term bond yields begin to rise, “the demand for stocks will persist” and that higher yields will push “the banking system to be much stronger.” He said rising bond yields were “a positive sign for the economy”.

He ended the conference call with a public safety message: “Please feel safe. Everyone asks you to stay healthy and everyone asks you to get vaccinated.