(New York) BlackRock, the world’s largest asset manager, reported weaker first quarter results on Friday, hurt by the decline in financial markets, but which came in better than expected.
In detail, the group led by Larry Fink achieved between January and the end of March a turnover of 4.2 billion dollars, down 10% over one year, but higher than analysts’ expectations.
The group’s net profit meanwhile amounted to some $1.1 billion in the first quarter, down 19% year-on-year. However, this is also better than anticipated by analysts.
Excluding exceptional items, earnings per share, the benchmark for Wall Street, was $7.93 for the quarter (-17% year-on-year).
The amount of assets under management increased compared to the previous quarter, to 9 billion dollars against 8.6 billion dollars at the end of 2022. It was displayed at 9.6 billion dollars a year earlier.
The announcement was well received by investors on Friday morning: in electronic trading ahead of the opening of Wall Street, the asset manager’s stock rose 1.4% to $680.
Last year, the group recorded a turnover of 17.8 billion dollars.