BlackRock Profit Jumps 3.8% to $875 Million on Expense Cuts
- Asset manager sees inflows into both active and passive funds
- Firm’s $5.14 earnings-per-share beat analysts estimate
This article is for subscribers only.
BlackRock Inc., the world’s largest money manager, said third-quarter profit rose 3.8 percent as the firm cut costs and attracted money into its exchange-traded funds.
Net income increased to $875 million, or $5.26 a share, from $843 million, or $5, a year earlier, according to a statement Tuesday. Adjusted earnings of $5.14 a share beat the $4.98 average estimate by 16 analysts surveyed by Bloomberg.