BlackRock Inc topped third-quarter profit estimates helped by robust performance fees and strong demand for its actively managed and sustainable funds, even as volatile markets hindered the world's largest money manager from growing its assets under management.
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BlackRock profit beats estimates as assets top $9 trillion
By Saqib Iqbal Ahmed and Ambar Warrick
Reuters
NEW YORK (Reuters) - BlackRock Inc s first-quarter profit beat Wall Street estimates on Thursday, as a continued rally in global financial markets and broad-based strength in the asset manager s businesses helped vault the firm s assets under management to a record $9.01 trillion. The broadness of our platform is really resonating with clients, BlackRock s chief executive, Larry Fink, said in an interview.
Clients, who a few years ago came to BlackRock mainly for its index and fixed income actives business, are now looking to the firm for a range of needs including investing in alternatives, active equities, risk management and technology, Fink said.
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(Reuters) - BlackRock Inc’s, quarterly results topped analysts’ expectations on Thursday, buoyed by a rising stock market that boosted the firm’s assets under management to a record high $8.68 trillion, further widening its lead against peers.
FILE PHOTO: A sign for BlackRock Inc hangs above their building in New York U.S., July 16, 2018. REUTERS/Lucas Jackson
The firm drew $127 billion of total net inflows in the fourth quarter as investors poured money into its various business, including its exchange-traded funds, as well as active funds that aim to beat the market.
“We begin 2021 well-positioned and intend to keep investing in our business to drive long-term growth and to lead the evolution of the asset management industry,” BlackRock’s chief executive, Larry Fink, said in a statement.