Friday, 25 July 2014
Last updated 9 hours ago
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.
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…