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Published on 12 October 2017
Investment firm BlackRock, which manages nearly US$6 trillion in assets, saw its shares rise 1% to hit an all-time high yesterday after reporting profits and revenue that exceeded analysts’ forecasts, according to CNN.
BlackRock – whose stock has skyrocketed 25% so far this year – reported that exchange-traded funds (ETFs) and other passive funds represented 65% of the company’s assets under management, while actively managed funds accounted for only 28%.
BlackRock CEO Larry Fink is bullish on the global market environment. “Over the past year, the market environment has improved considerably. We’ve seen greater political stability in Europe. China is continuing to show economic stray. And after a long period of stagnation, we’re seeing consistent growth in Japan. Overall, the world has become much more resilient,” Fink commented.
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