The firm reported US$172 billion net inflows to its various funds such as exchange-traded and active funds that aim to beat the market.

Net income rose to US$1.2 billion, or US$7.77 per share, in the three months ended March 31, from US$1.03 billion, or US$6.60 per share, a year earlier. The reading was above the Refinitiv Ibes estimate of US$7.64 per share.

BlackRock’s assets under management rose to a record US$9 trillion in the quarter, compared with US$6.47 trillion a year earlier.

Fixed income accounted for a bulk of the inflows, as expectations of policy tightening by the Federal Reserve triggered large moves in debt markets and pushed up US Treasury yields.

The company also collected higher investment and advisory fees through the quarter, as the recent retail trading frenzy centred around “meme” stocks such as GameStop Corp sparked wild swings in financial markets.

Revenue from investment advisory and administration fees, which makes up most of BlackRock’s earnings, rose to US$3.47 billion in the quarter, from US$2.9 billion a year earlier.

BlackRock’s shares, which have gained about 11% this year, hit a record high on Wednesday ahead of the results.