BlackRock Inc

BLK: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$495.00	Hhh	Vljtxqtq

US-Based Asset Managers: Recovery in AUM, Revenue, and Profitability Already Baked Into Share Prices

Greggory Warren

May 24, 2024

All the US-based asset managers we cover have reported their first-quarter 2024 earnings, and in some cases revealed managed asset levels for April 2024, and we now have a better sense of how recent market activity has been affecting results. The rally in the US equity markets since the middle of November 2023 has lifted most traditional and alternative-asset manager valuations closer to our fair value estimates.

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