(New York) The world’s largest asset manager, US-based BlackRock, exceeded analysts’ expectations in the third quarter, benefiting from high levels of investment by its long-term clients at a time when risk-taking is unattractive the steps.
Assets under management increased 14% year-on-year to reach $9.1 trillion, including $307 billion in net inflows over the last twelve months, BlackRock announced Friday in a press release.
“We are more connected than ever with our clients,” noted Laurence Fink, boss of BlackRock, quoted in the press release. “We have seen periods of uncertainty like now – notably in 2016 and 2018. Then, as now, BlackRock has remained connected with its clients across its platforms,” she added.
Long-term clients “are accelerating the consolidation of their investments at BlackRock and business momentum remains strong,” she noted.
The manager’s revenue was $4.52 billion (up 5% year-on-year) and net profit jumped 14% to $1.60 billion.
Reported per share and excluding exceptional items – a benchmark for the markets – the profit came to $10.91.
These results exceeded the expectations of the FactSet analyst consensus.
In trading before the opening of the New York Stock Exchange, BlackRock shares fell 1.30% to $627.90.
