(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 fees. administration.
Global stock markets rallied during the first quarter, driven by growing expectations of tighter monetary policy and rate cuts by major central banks, leading to an increase in assets under management.
The title of the world’s largest asset manager rose 2.6% in pre-market trading on Wall Street.
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.
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Total net inflows were $57 billion during the quarter, down from $110 billion a year earlier.
Investment advisory and administrative fees, which are a percentage of assets under management and are BlackRock’s main source of revenue, jumped nearly 8.8% to $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 by Arasu Kannagi Basil; French version by Dagmarah Mackos; editing by Federica Mileo)
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