Blackrock’s $10trillion

BlACKROCK became the first public money manager to oversee $10 trillion of assets as US financial giants reported bumper profits.

The New York-based group said assets grew by 15pc in 2021 to £732bn – or just over the $10 trillion mark. The group, led by larry Fink, said it benefited from a boom in trading as people ploughed money into its funds and passive vehicles that track the wider stock market.

Blackrock’s figures came as JPMorgan beat Wall Street’s forecasts and reported record annual profits of £35bn – despite a slowling down in its trading arm. It benefited from a surge in deal-making worldwide last year.