Saturday, 27 December 2014
Last updated 3 days ago
Jan 18 2008 | 8:07am ET
BlackRock’s hedge funds enjoyed a stellar year, and the money management giant profited handsomely.
The New York-based firm, the biggest publicly-traded asset manager, said its fourth-quarter earnings jumped 90% to $322 million. Its revenue rose 42% to $1.4 billion, thanks in no small part to a four-fold increase in performance fees.
“We had an extraordinary year in terms of performance fees,” CEO Laurence Fink said. “Our fixed-income hedge funds navigated very carefully in the credit crisis.”
BlackRock’s Obsidian hedge fund, a fixed-income offering, returned almost 30% last year. In addition, the firm acquired Quellos Group’s $20 billion hedge fund unit, helping push its alternative assets under management up 48% to $71 billion. Performance fees soared from $40 million in 2006 to $153 million last year.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.