BlackRock's assets blow past $7T in milestone for investment giant

BlackRock Inc.'s assets scaled $7 trillion for the first time, putting the spotlight on the world's largest money manager's growing reach. The investment giant took in $128.8 billion in net new money in the fourth quarter of 2019, where exchange-traded funds drew big inflows. That is up from the $49.8 billion in net flows in the year-ago period. BlackRock's quarterly net profits rose 40 percent to $1.3 billion. The company's fourth-quarter earnings of $8.29 a share exceeded Wall Street forecasts. Analysts surveyed by Factset were expecting net profits of $1.2 billion, or $7.75 a share.

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