Adjusted earnings were $1.46 billion, or $9.52 per share, for the three months ended March 31, from $1.2 billion, or $8.04 per share, a year earlier.
Analysts on average had expected the asset manager to report earnings of $8.75 per share, according to IBES data from Refinitiv.
(The article corrects the headline and paragraph 1 to say that profit increased by approximately 18%, not 22%; Corrects paragraph 2 to say that last year’s adjusted profit was $8.04 per share, not $7.77 per share).