BlackRock quarterly profit jumps 21%

The New York-based company's net income rose to $1.21 billion

Signage is displayed at the entrance to BlackRock headquarters in New York, US. BlackRock released earnings figures on July 17. Bloomberg.
Signage is displayed at the entrance to BlackRock headquarters in New York, US. BlackRock released earnings figures on July 17. Bloomberg.

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

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