Sunday, 19 April 2015
Last updated 7 hours 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.
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…