BlackRock tops profit estimates on investment advisory fees
(Reuters) - BlackRock Inc (BLK.N), the world’s biggest asset manager, reported a better-than-expected quarterly profit on Monday, helped by growth in its investment advisory business.
Net income attributable to the company rose to $1.07 billion in the second quarter ended June 30, from $854 million a year earlier. On a per share basis, BlackRock earned $6.62, compared with $5.20 a year earlier.
Excluding items, the company earned $6.66 per share, while analysts had expected $6.55, according to Thomson Reuters I/B/E/S.
BlackRock ended the quarter with $6.29 trillion in assets under management, down from $6.32 trillion in the preceding quarter.
The company said it attracted total “long-term” net flows of $14.50 billion in the period.
BlackRock’s shares were marginally up in premarket trading on Monday. Through Friday’s close, the shares are down about 1.3 percent this year.
Reporting by Diptendu Lahiri in Bengaluru, Trevor Hunnicutt in New York