BlackRock and Morgan Stanley Beat Estimates on Client Inflows
BlackRock and Morgan Stanley both topped third-quarter 2026 earnings forecasts, helped by strong client asset inflows. BlackRock reported record assets under management of about $15.5 trillion, adjusted earnings of $15.93 per share and revenue of $7.75 billion, with $205 billion in net new money. Morgan Stanley posted a 41% jump in equity trading revenue and record wealth management net new assets of $232 billion, though fixed-income trading and expenses remained weak spots.
BlackRock’s quarterly results showed broad demand: iShares ETFs drew about $135 billion, active strategies $66 billion, and private markets $15 billion. Over twelve months, net new client money reached $869 billion. Adjusted operating income rose 27% to $3.33 billion, and the adjusted operating margin widened to 47.8% from 44.6%. Technology services revenue increased 14%.
Morgan Stanley’s revenue was about $20.3 billion, up 12%. Equity trading revenue jumped 41%, and wealth management gathered a record $232 billion in net new assets. Fixed-income trading and expenses remained weaker areas. Its shares had a mixed session, while BlackRock rose about 4% premarket.
Strong inflows into BlackRock and Morgan Stanley may deepen the role of large asset managers and wealth platforms in retirement savings and household investing. Clients could benefit from broader product access and scale, but may also face fee and concentration considerations. Trading gains and record assets could support hiring and pay in finance, while weak fixed-income and rising expenses may temper that effect. Broader market conditions remain influential.