Sunday, 29 November 2015
Last updated 1 day ago
Jul 18 2013 | 9:39am ET
BlackRock, the world's largest money manager, saw its profits rise 32% year on year in Q2, thanks, in part, to strong demand for its retail alternative products.
The firm netted $729 million or $4.19 per share in Q2, compared to $554 million and $3.08 per share in Q2 2012.
Earnings per share, excluding a one-time tax benefit from a charitable contribution, were $4.15.
According to BlackRock chair and CEO Laurence D. Fink, the results were driven “by global demand from retail and institutional clients for multi-asset class, unconstrained fixed income and retail alternative products. Our strong product capabilities in the retail alternative mutual fund space, coupled with our broad distribution platform, uniquely position us in this high growth segment, where second quarter net flows of $1.1 billion drove sequential quarter AUM growth of 72%.”
Adjusted operating income was up 18% year on year and the firm generated record base fees of $2.2 billion and $11.9 billion in long-dated net new business across a range of products, including 11 funds that each raised $1 billion.
The company ended the quarter with assets under management of $3.9 trillion.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…