"Despite its world-beating iShares ETF line hitting new highs in the third quarter of 2025, managing more than $5 trillion in assets after record net inflows of more than $150 billion, it's not what the firm's leadership is excited about. Instead, CEO Larry Fink and his team are giddy about subscriptions and a business unit that represents less than 3% of its overall asset base."
"Since the GIP deal closed on October 1 of last year, revenues from private market funds and tech subscriptions, including Preqin and BlackRock's existing risk analytics platform Aladdin, have outpaced those from fixed-income funds and ETFs -once the firm's bread and butter - each quarter, and the gap is only going to grow."
BlackRock shifted growth focus to private markets and tech services after acquiring HPS, Global Infrastructure Partners, and Preqin for more than $27 billion, including a $12 billion all-equity purchase of HPS. Revenues from private market funds and tech subscriptions, including Preqin and Aladdin, have outpaced fixed-income funds and ETF fees each quarter since the GIP close. Private market assets rose by roughly $105 billion last quarter, with HPS contributing more than $100 billion. Fees from private market funds grew 136% through the first three quarters of 2025 versus 2024. Tech services revenue rose 12% year-over-year excluding Preqin, and iShares passed $5 trillion after record net inflows.
Read at Business Insider
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