BlackRock sees assets under management rise 10 per cent

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INVESTMENT GIANT Blackrock said on Wednesday that its assets under management had increased 10 per cent in the third quarter.

The world’s largest asset manager also reported net income of $917m, or $5.37 per share, up 26 percent from $730m, or $4.21 per share, a year earlier.

Excluding one-time items, earnings were $5.21 a share, beating the analysts’ average estimate of $4.69.

BlackRock ended the quarter with $4.5 trillion in assets under management. It had $28.7bn in net inflows, up almost 4 per cent from a year earlier.

Third-quarter inflows were almost evenly split between equity and fixed income funds, with $10.2bn going into its equity funds and $11.1bn into its fixed income funds. Multi-asset funds had $7.4bn in inflows.

Investors pulled $80m from BlackRock’s alternative funds in the third quarter.

Sixty-two per cent of new investor money went into BlackRock’s iShares exchange-traded fund business, which had $18.2bn in inflows.

Institutional investors added $5.5bn to BlackRock’s funds, and the company’s retail funds had $5bn in inflows.

BlackRock manages assets for clients in North and South America, Europe, Asia, Australia, the Middle East and Africa.

It firm employs more than 10,100 people at 30 offices.