Jim Cramer is considering investing in BlackRock, the largest asset manager in the world, and has added it to our watchlist. BlackRock’s shares reached record highs after strong third-quarter earnings that exceeded expectations, with assets under management hitting $11.5 trillion. CEO Larry Fink highlighted that the firm gained $2 trillion in the last five years, making it comparable to the sixth largest asset managers. They also recently acquired Global Infrastructure Partners for $12.5 billion, adding over $100 billion in assets.
The financial sector began reporting quarterly earnings, with Wells Fargo also posting solid results. Morgan Stanley will report next week. Despite challenges like persistent high interest rates, BlackRock’s impressive performance makes it a strong candidate for our portfolio. Its shares have risen over 12% in the past month, compared to about 4% for the S&P 500. Cramer noted that despite recent gains, there’s potential for further growth.
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