BlackRock profit beats estimates on higher fund inflows

BlackRock profit beats estimates on higher fund inflows © 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 posted a better-than-expected quarterly profit on Wednesday as the world’s largest asset manager benefited from investors pouring more money into its various exchange-traded and active funds.

Adjusted profit rose to $1.46 billion, or $9.52 per share, in the first-quarter ended March 31, from $1.2 billion, or $7.77 per share, a year earlier.

Analysts on average had expected the asset manager to report a profit of $8.75 per share, according to IBES data from Refinitiv.

BlackRock (NYSE:BLK) ended the past quarter with $9.57 trillion in assets under management, up from $9.01 trillion a year earlier.

 

Source: Reuters