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The world’s largest money manager, BlackRock Inc, surpassed third- quarter profit predictions as the economy improved, boosting assets under management and pushing up fee income.
BlackRock (NYSE: BLK) had $9.46 trillion in assets under management at the end of the third quarter, up from $7.81 trillion a year ago.
In recent quarters, asset managers have profited from rising global financial markets as investors put money to work to take advantage of the post-pandemic economic recovery, which has been fueled by progress on vaccinations and substantial fiscal and monetary stimulus.
In the quarter ended Sept. 30, adjusted net income increased to $1.69 billion, or $10.95 per share, up from $1.42 billion, or $9.22 per share, a year earlier.
According to Refinitiv’s IBES statistics, analysts expected the company to make a profit of $9.35 per share on average.
Story by : Norvisi Mawunyegah