SUBSCRIBE

CATEGORIES

BlackRock quarterly profit beats estimates as assets rise over $9 trln

imageStock Markets21 minutes ago (Apr 15, 2021 07:30AM ET)

2/2
(C) Reuters. FILE PHOTO: A sign for BlackRock Inc hangs above their building in New York

2/2

By Ambar Warrick

(Reuters) -BlackRock Inc, the world’s largest asset manager, reported first-quarter profit ahead of Wall Street estimates as strong capital markets helped attract more money to its diverse funds.

The firm reported $172 billion net inflows to its various funds such as exchange-traded and active funds that aim to beat the market.

Net income rose to $1.2 billion, or $7.77 per share, in the three months ended March 31, from $1.03 billion, or $6.60 per share, a year earlier. The reading was above the Refinitiv IBES estimate of $7.64 per share.

BlackRock (NYSE:BLK)’s assets under management rose to a record $9 trillion in the quarter, compared with $6.47 trillion a year earlier.

Fixed income accounted for a bulk of the inflows, as expectations of policy tightening by the Federal Reserve triggered large moves in debt markets and pushed up U.S. Treasury yields.

The company also collected higher investment and advisory fees through the quarter, as the recent retail trading frenzy centered around “meme” stocks such as GameStop Corp (NYSE:GME) sparked wild swings in financial markets.

Revenue from investment advisory and administration fees, which makes up most of BlackRock’s earnings, rose to $3.47 billion in the quarter, from $2.9 billion a year earlier.

BlackRock’s shares, which have gained about 11% this year, hit a record high on Wednesday ahead of the results.

BlackRock quarterly profit beats estimates as assets rise over $9 trln

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.