BlackRock Q3 profit jumps by 27%

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(Reuters) – BlackRock Inc, the world’s largest asset manager, reported a 27% rise in third-quarter profit on Tuesday, helped by higher fees.

The New York-based company’s net income rose to $1.42 billion, or $9.22 per share, in the three months ended Sept. 30, from $1.12 billion, or $7.15 per share, a year earlier.

The company ended the quarter with $7.81 trillion in assets under management, up from the $7.32 trillion in the second quarter and $6.96 trillion a year earlier.

Laurence D. Fink, Chairman and CEO:

“As investors around the world navigate current uncertainty, including the pandemic and uneven economic recovery, BlackRock is serving clients’ needs with global insights, strategic advice and whole-portfolio solutions. We purposefully built the most comprehensive, fully-integrated, investment and risk management technology platform in the industry to deepen partnerships with clients as we help them achieve their longterm goals.

“BlackRock generated $129 billion of total net inflows in the third quarter, representing 9% annualized organic base fee growth. Our diverse platform saw inflows across all asset classes, investment styles and regions. Notably, more than 50% of longterm flows were driven by clients in Europe and Asia.

“Our results are a validation of our globally integrated asset management and technology business model, which allows us to consistently invest and evolve ahead of client needs. Each of our strategic investment areas, including iShares ETFs, alternatives and technology, continue to grow, while strong investment performance has driven positive active flows over the last year. And as clients look to integrate ESG into their portfolios, BlackRock is uniquely positioned with industry-leading sustainability research, investment strategies and technology.

“We are humbled by the trust our clients place in us, grateful for the dedication of our employees and committed to operating at the highest standards for all of our stakeholders.”

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