Oct 11 (Reuters) - BlackRock's assets under

management hit a record high for the third straight quarter on

Friday, helped by surging inflows to the company's

exchange-traded funds and a searing equity rally that boosted

the value of its clients' investments.

Stock markets overcame the August selloff and broadened

their rally in the third quarter, driven by renewed hopes of a

soft landing for the world's largest economy after encouraging

inflation data.

The broader equity market benchmarks finished higher in the

third quarter, with the S&P 500 gaining 5.4%, while the

MSCI's gauge of stocks across the globe rose

6.2%.

Assets managed by BlackRock shot up to $11.48 trillion in

the third quarter, up from $9.10 trillion a year earlier and

$10.65 trillion in the second quarter.

The world's largest asset manager registered $160 billion in

long-term net flows in the third quarter. Total net flows hit a

quarterly record of $221.18 billion, up from $2.57 billion a

year ago.

A majority of the inflows were captured by ETFs, at $97.41

billion. Meanwhile, clients poured in $62.74 billion into

BlackRock's fixed-income products.

Asset managers have contended with softer inflows in recent

years as rate hikes boosted the appeal of safe-haven assets like

cash. Some investors also sat on the sidelines, waiting for more

certainty on the interest-rate trajectory, before stepping back

into riskier assets.

But with the U.S. Federal Reserve finally kicking off its

long-anticipated easing cycle, asset managers are poised to

benefit as huge piles of cash on the sidelines move into riskier

assets such as fixed-income products.

BlackRock's net income rose to $1.63 billion, or $10.90 per

share, in the three months ended September 30, from $1.60

billion, or $10.66 per share, a year earlier.

Its shares have advanced about 18% in 2024 as of last close,

trailing the 21% jump of the S&P 500.