BlackRock quarterly profit jumps 21%
The New York-based company's net income rose to $1.21 billion
BlackRock, the world's largest asset manager, reported a 21 per cent jump in quarterly profit on Friday, as investors poured money into its fixed-income funds and cash management services.
The New York-based company's net income rose to $1.21 billion (Dh4.44bn), or $7.85 per share, in the second quarter ended June 30, from $1bn, or $6.41 per share, a year earlier.
The company ended the quarter with $7.32 trillion in assets under management, up from $6.84tr a year earlier.
The asset manager’s fixed-income funds took in $60.27bn in new money. Its cash-management business attracted over $24.2 bn in net inflows in the second quarter.
Financial markets bounced back in the June quarter from a COVID-sparked brutal selloff in March, boosting BlackRock’s assets under management.
Published: July 18, 2020 09:00 AM