Wednesday, 27 May 2015
Last updated 12 min ago
Jul 20 2011 | 8:55am ET
New York-based BlackRock netted $619 million in Q2 2011, up $187 million compared to a year ago and $51 million from Q1 2011.
The money manager reported operating income of $866 million and non-operating expense, net of non-controlling interests, of $27 million.
“Our second quarter results—16% year-over-year growth in revenue, 19% in operating income, 27% in diluted EPS, and operating margin of 39.7%—all attest to the strength of BlackRock’s business model and our unique franchise,” commented Laurence D. Fink, chairman and CEO of BlackRock. “Growth was driven largely by investment performance and asset mix, and is evidence that we are leveraging the full breadth of our alpha, beta and risk management capabilities to serve our clients.”
Assets under management rose 0.3% from Q1 2011 to $3.66 trillion, thanks in part to $12.1 billion in market gains, mostly from fixed-income investments, and $14.2 billion in foreign-exchange gains. Redemptions included $14.1 billion from advisory portfolios as assignments ended, according to the statement.
BlackRock earned performance fees of $50 million in the second quarter, down $33 million from Q1, a decline the firm attributed to lower performance fees from hedge funds and multi-asset class products.
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…