BlackRock quarterly profit beats estimates as rise in assets boosts fee income

FILE PHOTO: The BlackRock logo is seen outside of its offices in New York City, U.S., October 17, 2016. REUTERS/Brendan McDermid

(Reuters) -BlackRock Inc, the world’s largest money manager beat third-quarter profit estimates as an improving economy helped boost its assets under management, driving up fee income.

BlackRock ended the past quarter with $9.46 trillion in assets under management, up from $7.81 trillion from a year earlier.

Asset managers have benefited from rising global financial markets in recent quarters as investors put money to work to make the most of the post-pandemic economic reopening, driven by progress on vaccinations and strong fiscal and monetary aid.

Adjusted net income rose to $1.69 billion, or $10.95 per share, in the quarter ended Sept. 30, from $1.42 billion, or $9.22 per share, a year earlier.

Analysts on average were expecting the company to report a profit of $9.35 per share, according to IBES data from Refinitiv.

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