BlackRock tops $15tn in assets under management; here's where the money goes

BlackRock, the world’s largest asset manager, confirmed in its second-quarter results that its assets under management (AUM) have crossed the $15 trillion (€13tn) threshold — a first for any asset manager. The increase was fueled by market gains and new client money. Clients entrusted the New York-based firm with a net $192 billion (€167bn) in the second quarter of 2026, capping a record first half in which inflows reached $321 billion (€280bn), more than double the same period a year earlier.

To put BlackRock’s scale into perspective, it manages more money than the projected nominal annual economic output of every country except the US and China, and nearly three times that of Germany. However, assets under management represent a stock of investments, while GDP measures economic output over a year.

The quarter was also profitable. Revenue climbed 31% year-on-year to $7.1 billion (€6.2bn), while adjusted earnings per share reached $13.91, comfortably beating expectations. BlackRock shares jumped about 7% on the day of the release. CEO Larry Fink noted strong market fundamentals supported by new technology and expressed unprecedented optimism about future growth.

Where the trillions sit

It is important to note that this is not BlackRock’s own money; it is pooled savings from pension funds, insurers, governments and individual investors, managed for a fee. The majority is invested in equities: $8.9 trillion (€7.7tn) or 58% of total AUM. Bonds and other fixed-income investments account for $3.4 trillion (€2.9tn) or 22%. Multi-asset strategies hold $1.3 trillion (€1.1tn) or 9%, while cash-management products like Treasury bills make up $1.1 trillion (€960bn) or 7%.

Alternative investments — including infrastructure, private credit, private equity and property — remain a small slice at $449 billion, roughly 3% of assets, but generate about 15% of BlackRock’s base fees. Commodity and currency products hold $152 billion (€132bn), while crypto-linked funds, launched in 2024, manage about $49 billion (€42bn).

How the money is invested also matters: 41% of total AUM sits in exchange-traded funds (ETFs). Fink noted the iShares ETF range crossed $6 trillion during the quarter, roughly double its size three years ago.

Ports, pensions and politics

BlackRock’s scale increasingly involves it in deals with geopolitical implications. A clear recent example is the dispute over ports at either end of the Panama Canal. After US President Donald Trump claimed China was effectively running the waterway, Hong Kong’s CK Hutchison agreed in March 2025 to sell 43 ports, including terminals at both ends of the canal, to a consortium led by BlackRock. The proposed deal, valued at $22.8 billion (€19.9bn), was welcomed by Washington as a step toward restoring US influence over the ports. Beijing objected and pressed for state-owned Cosco to be included. The sale has yet to be completed.

Meanwhile, Panama’s Supreme Court annulled Hutchison’s concessions to operate container terminals at the canal in January. The government transferred interim control of the ports to Maersk and MSC in February, while talks over the wider portfolio continue. BlackRock’s infrastructure unit, Global Infrastructure Partners, is a shareholder in MSC’s ports division.

Larry Fink’s proximity to the White House was evident in May when he traveled to Beijing as part of the corporate delegation accompanying Trump during his meeting with Chinese President Xi Jinping. Fink joined CEOs including Tesla’s Elon Musk and Apple’s Tim Cook on a visit dominated by trade and technology.

The firm’s reach extends into American retirement policy. An executive order signed by Trump last year directed regulators to broaden access to private-market assets through the country’s 401(k) pension plans. BlackRock championed this shift and stands to benefit as it develops private-market products for retirement savers, which typically carry higher fees than index funds.