(AOF) – BlackRock reported higher profits than expected in the first quarter. The world’s largest asset manager saw its net profit jump 36% to $1.573 billion, or $10.48 per share. It stood at $9.81 adjusted for exceptional items, exceeding the consensus of $9.32. At the same time, its turnover increased by 11% to $4.73 billion.
The asset manager’s operating profit increased by 18% to $1.693 billion, enabling it to post an operating margin of 35.8% compared to 33.9% in the first quarter of 2023.
The amount of assets under management at BlackRock jumped 15% to $10,472 billion. The average outstanding amount increased by 14% to $10,177 billion. BlackRock recorded a collection of $57.19 billion in the first three months of the year. For long-term assets alone, Amundi’s competitor attracted $76 billion in new money.
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