BlackRock quarterly profit beats estimates as rise in assets boosts fee income

Oct 13 (Reuters) – BlackRock Inc , the world’s largest cash supervisor beat third-quarter revenue estimates as an enhancing economic system helped increase its property beneath administration, driving up price revenue.

Asset managers have benefited from rising world monetary markets in latest quarters as buyers put cash to work, taking advantage of the post-pandemic financial reopening, pushed by progress on vaccinations and powerful fiscal and financial support.

BlackRock ended the previous quarter with $9.46 trillion in property beneath administration, up from $7.81 trillion a 12 months earlier.

The fund supervisor’s dimension and attain into each nook of the market, fairness, fastened revenue, multi-asset and alternate options, locations it in a good place relative to smaller friends, analysts stated.

Income rose 16% to $5.05 billion, pushed by development in income from its know-how companies phase which offset a drop in efficiency charges throughout the quarter.

BlackRock long-term web flows for the quarter stood at $98 billion, identical as final 12 months, however natural inflows exceeded the fund supervisor’s 5% goal for a sixth consecutive quarter.

“Natural development was broad-based, spanning our energetic platform in addition to in every of our ETF (trade traded fund) product classes,” BlackRock CEO Larry Fink stated.

Adjusted web revenue rose 19% to $1.69 billion, or $10.95 per share, within the quarter ended Sept. 30 from a 12 months earlier.

Analysts on common had been anticipating the corporate to report a revenue of $9.35 per share, in keeping with IBES knowledge from Refinitiv.

Reporting by Sohini Podder in Bengaluru and Saqib Iqbal Ahmed in New York; Enhancing by Vinay Dwivedi

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