[BENGALURU] BlackRock, the world's largest asset manager, reported a better-than-expected quarterly profit on Wednesday as investors poured more money into the company's funds, boosting its assets under management to new highs.
BlackRock's assets under management jumped to a record US$9.49 trillion in the second quarter from US$7.32 trillion a year earlier.
Revenue from investment advisory and administration fees, which makes up for the bulk of BlackRock's total revenue, stood at US$3.62 billion, driven primarily by record levels of global dealmaking.
The US economy displayed signs of a recovery over the past quarter, helped by large government stimulus and steady vaccination programmes, while capital markets saw record levels of activity.
Net inflows stood at US$81 billion, driven by higher investments in BlackRock's various funds, including its exchange-traded funds.
The company's adjusted net income rose to US$1.55 billion, or US$10.03 per share, in the three months ended June 30, from US$1.21 billion, or US$7.85 per share, a year earlier.
Analysts on average had expected a profit of US$9.46 per share, according to IBES data from Refinitiv.
Revenue rose 32 per cent to US$4.82 billion, helped by higher performance fees and 14 per cent growth in revenue from technology services.