In its third quarter 2017 financial results, BlackRock has announced its total assets under management (AUM) is closing in on $6 trillion ($5.977tn) after its iShares range of ETFs recorded strong performance between July and September.

Laurence D. Fink, chairman and CEO of BlackRock.

Third-quarter net inflows of $52 billion for the firm’s ETF range has helped raise total iShares AUM to over $1.6tn, 27% of the firm’s total AUM.

Laurence D. Fink, chairman and CEO of BlackRock, commented: “Flows were diversified across both core and non-core strategies. Our continued investment in the iShares franchise, including product innovation, investor education and digital distribution, is driving accelerated growth and increased market share. During the third quarter, we again achieved the #1 market share of ETF flows globally, in both the United States and Europe, and in both equity and fixed income.

The rising importance of passive investing is starkly evident from BlackRock’s results. During Q3 2017, BlackRock’s active products saw inflows of $5.8bn, compared to $70bn of inflows to passive products, including iShares ETFs and other BlackRock index trackers.

Globally, the iShares ETF suite has recorded year-to-date total inflows of $264bn, already surpassing total flows for the full year of 2016.

Fink continued, “With regulation, technology and market forces transforming the ecosystem for asset and wealth managers globally, BlackRock is at the forefront of change in the industry. As our focus remains on the long-term, we continue to purposefully and prudently invest in the future of our business, reinforcing our differentiated ability to serve clients and generate long-term value for shareholders.”