Hedge Funds Drive BlackRock Q4 Profit

Jan 25 2011 | 1:40pm ET

Strong performances from its hedge funds helped BlackRock beat analysts' expectations in the fourth quarter.

The world's largest asset manager with $3.6 trillion in assets earned $670 million in the last three months of the year, up 77% from the year-earlier period's $379 million and more than 50 cents per share better than analyst estimates. Revenue rose 61% to $2.49 billion.

The strong quarter was driven in part by the New York-based firm's hedge funds. Good results for some more than doubled BlackRock's high-margin performance fee revenue, which rose to $326 million from $125 million.

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