New York: BlackRock Inc, the world’s largest money manager, said first-quarter profit rose 8.7 per cent as investors added new money to its funds.
Net income increased to $822 million, or $4.84 a share, from $756 million, or $4.40, a year earlier, the New York-based company said today in a statement. Adjusted earnings of $4.89 a share beat the $4.52 average of 17 analysts surveyed by Bloomberg. Chief Executive Officer Laurence D. Fink, 62, is seeking to improve the performance of BlackRock’s actively managed products, appeal to individual investors and win more money into its funds globally. BlackRock, which is targeting organic annual growth in assets of 5 per cent, is benefiting from demand for its exchange-traded funds as investors make record use of the products, which generate lower fees than actively managed funds.
