BlackRock Inc"s BLK.N quarterly results exceeded analysts" estimates on Tuesday helped by broad-based strength in its businesses, as the recovery rally in global financial markets helped world"s largest asset manager end the quarter with a record $7.81 trillion in assets under management. "Each of our strategic investment areas, including iShares ETFs, alternatives and technology, continue to grow, while strong investment performance has driven positive active flows over the last year," said BlackRock"s chief executive, Larry Fink. (bit.ly/3iXBXy6) Financial markets rallied in the third quarter, extending the second quarter’s dramatic rebound from a pandemic-fueled low hit in March, as accommodative global central banks and improving growth prospects lifted risk appetite. The S&P 500 .SPX rose 8.5% for the quarter ended Sept. 30, even as investors remained wary of the U.S. presidential election on Nov. 3 and data underlined an uneven economic recovery against the backdrop of a resurgence of coronavirus cases around the world. “Good markets always help, but they continue to take market share from smaller rivals,” said Kyle Sanders, an analyst with St. Louis-based financial services firm Edward Jones. “We had pretty high expectations coming into the quarter and they far exceeded those,” said Sanders. The New York-based company’s net income rose 27% to $1.42 billion, or $9.22 per share, in the third quarter, from $1.12 billion, or $7.15 per share, a year earlier. Analysts had expected earnings of $7.80 per share, according to IBES data from Refinitiv. Net inflows in the quarter totaled $129 billion, the company said, compared with $100 billion in the prior quarter. More than 50% of the company’s long-term inflows were driven by clients in Europe and Asia. Investors poured money into BlackRock’s exchange-traded funds as well as active funds that seek to beat the market. BlackRock"s shares are up 22% this year, compared with a 3% drop for a Thomson Reuters index that includes more than a dozen of BlackRock"s industry rivals in the United States .TRXFLDUSPINVM. BlackRock"s shares were up 3.8% in trading before the bell on Tuesday.