(In the 2nd paragraph, read “relaxation” and not “recovery”, read “management costs” and not “administration costs”)
April 12 (Reuters) – BlackRock reported record assets under management and a rise in first-quarter profit on Friday as a rebound in global stock markets boosted its investment advisory business and revenue of its management costs.
Global stock markets recovered during the first quarter as investors anticipated an easing of monetary policy from major central banks, with the market effect pushing up the amount of assets under management.
The price of the world’s largest asset manager rose 2.6% in pre-market trading on Wall Street.
Read also…
The group’s assets under management reached 10,500 billion dollars (9,860 billion euros) in the first quarter, an increase of 15% compared to the previous year.
Total inflows were $57 billion in the quarter, down from $110 billion a year earlier.
Investment advisory and management fees, which correspond to a percentage of assets under management and constitute BlackRock’s main source of revenue, jumped nearly 8.8% to reach $3.63 billion.
In the quarter ended March 31, the group saw its net profit rise to $1.57 billion, or $10.48 per share, from $1.16 billion, or $7.64 per share, a year earlier. (1 euro = $1.0654) (Reporting Arasu Kannagi Basil; French version Dagmarah Mackos; editing by Federica Mileo)
©2024 Thomson Reuters, all rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. “Reuters” and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.