BlackRock second-quarter profit rose 14% on new money coming into the giant asset manager, a sign that investors are becoming more confident about an economic recovery.
The company posted a quarterly profit of $1.378bn, or $8.92 a share, up from $1.214bn or $7.85 a share a year earlier. Its revenue grew 32% to $4.82 billion.
The company’s adjusted profits beat analysts’ estimates.
Its assets under management rose 30% to $9.5tn, from $7.3tn a year earlier, cementing its dominance as the world’s largest money manager.
BlackRock’s fortunes are closely tied to those of big institutions such as pensions, insurers and sovereign-wealth funds. Money moving through the company’s sprawling lineup of exchange-traded funds, index products and other funds is a barometer of Wall Street sentiment and where major investors are making bets.
It added roughly $81bn of new investor money, down from the $100.2bn haul in a year earlier. BlackRock had signaled it would see outflows from one big pension fund withdrawing indexed assets in the first half of the year.
Write to Dawn Lim at [email protected]
This article was published by Dow Jones Newswires