Reuters BlackRock Inc, the worlds largest asset manager, reported a betterthanexpected quarterly profit on Wednesday as investors poured more money into the companys funds, boosting its assets under management to new highs.
BlackRocks assets under management jumped to a record 9.49 trillion in the second quarter from 7.32 trillion a year earlier.
Revenue from investment advisory and administration fees, which makes up for the bulk of BlackRocks total revenue, stood at 3.62 billion, driven primarily by record levels of global dealmaking.
The U.S. economy displayed signs of a recovery over the past quarter, helped by large government stimulus and steady vaccination programs, while capital markets saw record levels of activity.
Net inflows stood at 81 billion, driven by higher investments in BlackRocks various funds, including its exchangetraded funds.
The companys adjusted net income rose to 1.55 billion, or 10.03 per share, in the three months ended June 30, from 1.21 billion, or 7.85 per share, a year earlier.
Analysts on average had expected a profit of 9.46 per share, according to IBES data from Refinitiv.
Revenue rose 32 to 4.82 billion, helped by higher performance fees and 14 growth in revenue from technology services.
Reporting by Sohini Podder in Bengaluru; Editing by Maju Samuel
Source Reuters