Monday, 4 May 2015
Last updated 10 hours ago
Apr 26 2011 | 10:01am ET
BlackRock’s first-quarter profits were up 34% year on year in 2011 thanks to a rising stock market.
Bloomberg reports the world’s biggest money manager netted $568 million in the first three months of this year, up from $423 million a year earlier. Excluding some one-time costs, BlackRock earned $2.96 a share.
Assets under management were up 2.5% from Q4 2010, with market gains offsetting net withdrawals worth $12.6 billion, mostly in lower-fee money funds. BlackRock clients have redeemed $139 billion since the money manager’s 2009 takeover of Barclays Global Investor, but BlackRock CEO Laurence Fink says those redemptions are over—at any rate they slowed from $38.7 billion in Q4 2010 to $18.4 billion in Q1 2011.
Assets rose to $3.65 trillion from $3.56 trillion at the end of December, thanks in part to market gains of $100 billion. Excluding the BGI-inspired withdrawals and withdrawals from money funds, BlackRock said it attracted $34.7 billion in long-term business.
Fink told a conference call with investors and analysts Monday that BlackRock will stop reporting merger-related withdrawals as they are winding down. (Another $9.4 billion are expected but have already been reported, he says.)
Revenue rose 14% to $2.28 billion year on year, thanks to a rise in investment advisory fees and income from the firm’s BlackRock Solutions advisory unit.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…