BlackRock quarterly profit jumps as assets rise over $9 trillion

(Reuters) – BlackRock Inc, the world’s largest asset manager, reported a 16% jump in first-quarter profit on Thursday as investors poured more money into its diverse funds and fee revenue jumped.

The company’s net income rose to $1.2 billion, or $7.77 per share, in the three months ended March 31, from $1.03 billion, or $6.60 per share, a year earlier.

Analysts on average had expected earnings per share of $7.64, according to Refinitiv IBES data.

The firm attracted $172 billion net inflows in the first three months of the year to its various funds such as exchange-traded and active funds that aim to beat the market. Capital markets had benefited through the quarter from improving sentiment over a U.S. economic recovery.

BlackRock’s assets under management grew to a record $9 trillion in the quarter, compared with $6.47 trillion a year earlier.

Reporting by Ambar Warrick in Bengaluru; Editing by Sriraj Kalluvila

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Source: https://www.reuters.com/article/us-blackrock-results/blackrock-quarterly-profit-jumps-as-assets-rise-over-9-trillion-idUSKBN2C21AQ?il=0