BGI Boosts BlackRock’s Profit

Jul 21 2010 | 11:20am ET

The hedge fund business has been very good to money management giant BlackRock. The New York-based firm said that its second-quarter profit nearly doubled, thanks in no small part to its acquisition last year of Barclays Global Investors, at the time the world’s 10th-largest hedge fund firm.

The BGI acquisition more than doubled BlackRock’s assets under management to more than $3 trillion, making it the world’s largest asset manager. And with those new trillions came new fee income, helping push BlackRock’s net income for the last three months to $432 million, up from $218 million in the year-earlier period.

BlackRock said inflows into its long-term funds were $8.9 million on the quarter, less than a quarter of what it had been a year earlier. The firm blamed the slowdown on investors who had accounts at both BlackRock and BGI consolidating their portfolios.


In Depth

Change In 'Accredited Investor' Definition Could Hurt Crowdfunding Space

Jul 25 2014 | 8:14am ET

The Securities and Exchange Commission is considering changes to its 30-year-old...

Lifestyle

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Guest Contributor

The Truth About Track Record Portability

Jul 24 2014 | 5:55am ET

The number of private funds converting to mutual funds has increased significantly...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note