Key facts
- BlackRock's third-quarter profit rose to $1.66 billion, or $10.57 per share.
- This compares to $1.32 billion, or $8.43 per share, in the same period a year earlier.
- Higher fees from managing client funds contributed to the profit increase.
- The company attracted $205 billion in total inflows during the third quarter.
- BlackRock's assets under management increased to $15.49 trillion.
BlackRock Inc. posted a jump in third-quarter profit on Wednesday, driven by higher fees from managing client funds amid resilient markets. The world's largest asset manager reported a profit of $1.66 billion, or $10.57 per share, for the three months ended September 30. This compares with a profit of $1.32 billion, or $8.43 per share, in the same period a year earlier.
BlackRock surpassed Wall Street profit expectations by posting an adjusted profit of $15.93 per share and attracted $205 billion in total inflows during the third quarter. The asset manager's assets under management rose to $15.49 trillion, driven by new flows into ETFs and rising investment valuations.