Stockmarket

BlackRock profit rises 2.5% as asset growth boosts fee income



© Reuters. FILE PHOTO: The BlackRock logo is seen outside of its offices in New York City, U.S., October 17, 2016. REUTERS/Brendan McDermid

(Reuters) -BlackRock Inc’s fourth-quarter profit beat analyst estimates on Friday, as the world’s largest money manager’s fee income rose with assets under management scaling a new peak of over $10 trillion.

Assets under management stood at $10.01 trillion at the end of the quarter, up from $8.68 trillion a year earlier.

A strong finish to the year by global financial markets helped boost the performance of asset managers in general, with BlackRock (NYSE:) also benefiting from its large scale and wide reach.

Adjusted profit rose 2.5% to $1.61 billion, or $10.42 per share, in the quarter ended Dec. 31, from $1.57 billion, or $10.18 per share, a year earlier.

Analysts on average were expecting the company to report a profit of $10.16 per share, according to IBES data from Refinitiv.

Revenue rose nearly 14% to $5.1 billion.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.