BlackRock Profits Exceed Expectations As Assets Hit All-Time High


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(Reuters) – BlackRock Inc, the world’s largest asset manager, reported better-than-expected quarterly profit on Thursday as increased activity in financial markets drove fees higher and pushed its assets under management to low. record levels.

The company’s adjusted net income of $ 10.18 per share for the fourth quarter ended Dec. 31 exceeded Wall Street estimates by $ 9.14, according to data from Refinitiv IBES.

Assets under management reached $ 8.68 trillion at the end of the quarter, up from $ 7.43 trillion a year earlier.

The heightened volatility during the quarter – resulting from the U.S. presidential election and the release of several COVID-19 vaccines – saw investors rush into BlackRock’s exchange-traded funds, as well as active funds that aim to beat the market.

The asset manager reaped higher investment and advisory fees, its main source of income, throughout the quarter.

BlackRock shares were trading at record highs, with investors betting that the company would benefit from improving market conditions.

A mixture of accommodative monetary policy and optimism in the face of increased stimulus has seen global equities hit record levels since late 2020, with investors betting on a steady economic recovery in 2021.

The company’s total net inflows in the quarter were $ 126.93 billion, slightly lower than last year’s $ 128.84 billion.

Report by Ambar Warrick in Bengaluru, editing by Maju Samuel

Original © Thomson Reuters

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