BlackRock quarterly profit rises on strong assets under management
Add BT as a preferred source
BLACKROCK posted an 8 per cent jump in its fourth-quarter profit on Friday (Jan 12), helped by a rebound in markets that boosted the company’s assets under management.
Hopes of a soft landing – a scenario where inflation eases without a sharp rise in unemployment – have cheered markets in recent months.
A dovish tilt from the US Federal Reserve, which has left interest rates unchanged since July, also boosted sentiment, helping BlackRock end the fourth quarter with US$10.01 trillion in assets under management (AUM), up from US$8.59 trillion a year earlier.
On an adjusted basis, the world’s largest asset manager earned US$1.45 billion, or US$9.66 per share, for the three months ended Dec 31, compared with US$1.36 billion, or US$8.93 per share, a year earlier.
Analysts on average had expected a profit of US$8.84 per share, according to LSEG data. REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
CSE Global independent director quits after clashes with chairman Eugene Lai over board refresh
What’s wrong with Orchard Road? Experts weigh in on the street’s cachet and its future
‘I felt like dying’: Thai Singha beer scion speaks up after disclosure of alleged sexual abuse
Rare brutalist Singapore house opens to the public before changing hands
