BlackRock is expected to draw in roughly $150bn of capital from its clients in the first three months of 2026, nearly 80 per cent higher than a year ago — a period that culminated in record-setting inflows that pushed its assets under management above $14tn.
However, a market drawdown and currency moves are expected to result in a slight drop in total assets under management in the first quarter.
Investors will be closely watching flows into BlackRock’s private investment businesses, amid broader concerns around ageing private equity investments and software loans held by private credit funds.
Chief executive Larry Fink has wagered heavily on the advance of private markets, clinching the takeovers of data provider Preqin and private investment firms Global Infrastructure Partners and HPS Investment Partners.
His comments on an investor call later today will be closely followed, particularly as investors wait to see how the more than $10tn 401k market adopts private investments as the Trump administration opens the US retirement system to alternatives.