(Boursier.com) — BlackRock unveils the results for its first quarter 2024. Over the period, the New York asset management giant recorded adjusted net profit up 23% compared to the previous year at $1.5 billion, i.e. $9.81 per share, beating analysts’ average estimate of $9.34. Net profit stood at $1.57 billion, or $10.48 per share, compared to $1.16 billion or $7.64 per share a year earlier.
Revenue jumped 11% to $4.72 billion thanks to higher performance fees and technology revenue, as well as the impact of rising markets on average assets under management. Assets under management reached a record level of $10.5 trillion, driven by consistent organic growth and positive market movements. Investment advisory and administrative fees, which are a percentage of assets under management and are BlackRock’s main source of revenue, climbed nearly 8.8% to $3.63 billion.
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