Tags: BlackRock | Profit | Earnings | Money Manager

BlackRock Profit Jumps 26 Percent in Third Quarter

Wednesday, 15 Oct 2014 10:04 AM

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.

© 2017 Thomson/Reuters. All rights reserved.

   
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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.
BlackRock, Profit, Earnings, Money Manager
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2014-04-15
Wednesday, 15 Oct 2014 10:04 AM
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