Thursday, 30 July 2015
Last updated 9 min 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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…