BlackRock fourth-quarter profit jumps 20per cent as AUM touches record high

BlackRock fourth-quarter profit jumps 20per cent as AUM touches record high

BlackRock Inc, the world's largest asset manager, on Thursday reported a stronger quarterly profit, as increased volatility in financial markets resulted in higher capital inflows.

A sign for BlackRock Inc hangs above their building in New York
FILE PHOTO: A sign for BlackRock Inc hangs above their building in New York U.S., July 16, 2018. REUTERS/Lucas Jackson

REUTERS: BlackRock Inc, the world's largest asset manager, on Thursday reported a 20per cent jump in quarterly profit, as increased activity in financial markets pushed its assets under management to record high levels.

The company's adjusted net income rose to US$1.57 billion, or US$10.18 per share, in the quarter ended Dec. 31, from US$1.31 billion, or US$8.34 per share, last year.

Analysts on average had expected net income of US$9.14 per share. It was not immediately clear if the figures were comparable.

Assets under management grew to US$8.68 trillion at the end of the quarter, from US$7.81 trillion in the third quarter.

Total net inflows were US$126.93 billion, slightly lower than the US$128.7 billion in the preceding quarter.

(Reporting by Ambar Warrick in Bengaluru, editing by Maju Samuel)

Source: Reuters

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