BlackRock profit beats expectations as assets reach record high

BlackRock profit beats expectations as assets reach record high

BlackRock Inc, the world's largest asset manager, on Thursday reported a better-than-expected quarterly profit, as increased activity in financial markets resulted in higher fees and pushed its assets under management to record highs.
Source: www.reuters.com

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(Reuters) - BlackRock Inc, the world’s largest asset manager, on Thursday reported a 20% jump in quarterly profit, as increased activity in financial markets pushed its assets under management to record high levels.

The company’s adjusted net income rose to $1.57 billion, or $10.18 per share, in the quarter ended Dec. 31, from $1.31 billion, or $8.34 per share, last year.

Analysts on average had expected net income of $9.14 per share. It was not immediately clear if the figures were comparable.

Assets under management grew to $8.68 trillion at the end of the quarter, from $7.81 trillion in the third quarter.

Total net inflows were $126.93 billion, slightly lower than the $128.7 billion in the preceding quarter.

Reporting by Ambar Warrick in Bengaluru, editing by Maju Samuel

 

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