BlackRock Inc., the world's largest money manager, said on Wednesday that third-quarter earnings rose 26 percent, boosted by an improved performance of its fixed income funds.
Net income increased to $917 million, or $5.37 per share, from $730 million, or $4.21 per share, a year earlier.
Excluding one-time items, earnings were $5.21 a share, beating the analysts' average estimate of $4.69, according to Thomson Reuters I/B/E/S.
BlackRock ended the quarter with $4.5 trillion in assets under management, up 10 percent from a year earlier, while net inflows rose almost 4 percent to $28.7 billion.
Third-quarter inflows were almost evenly split between equity and fixed income funds, with $10.2 billion going into its equity funds and $11.1 billion into its fixed income funds. Multi-asset funds had $7.4 billion in inflows.
Investors pulled $80 million from BlackRock's alternative funds in the third quarter.
More than 60 percent of inflows went into BlackRock's iShares exchange-traded fund business, which had $18.2 billion in inflows.
Institutional investors added $5.5 billion to BlackRock's funds, and the company's retail funds had $5 billion in inflows.
BlackRock's taxable fixed income funds have outperformed their benchmarks over the past one-, three- and five-year periods.
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