BlackRock quarterly profit rises on strong assets under management

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