Oct 13 (Businesshala) – BlackRock Inc., the world’s largest money manager, outperformed estimates for third-quarter profit as an improved economy helped boost its assets under management, boosting fee income.
BlackRock ended the last quarter with $9.46 trillion in assets under management, up from $7.81 trillion a year ago.
Asset managers have benefited from rising global financial markets in recent quarters as investors pump money to work for a post-pandemic economic reopening driven by progress on vaccinations and stronger financial and monetary support.
Adjusted net income rose to $1.69 billion, or $10.95 per share, for the quarter ended September 30, from $1.42 billion, or $9.22 per share, a year ago.
Analysts were expecting an average profit of $9.35 per share, according to IBES data from Refinitiv.