BlackRock's assets under management hit a new high in the second quarter as global markets rallied on the prospect of trade deals and interest-rate cuts from the U.S. Federal Reserve, brushing aside earlier tariff-related jitters.

BlackRock Inc. pulled in $46 billion to its investment funds, and assets hit a record of $12.5 trillion as clients rode out the volatility of President Donald Trump’s tariff policies in the second quarter.

BlackRock reported second-quarter net income of $1.59 billion, up 7% from a year ago on a GAAP basis, the firm said Tuesday. That amounted to earnings per share of $10.19, topping the $10.06 expected by analysts.