BlackRock’s Profit Rises 32% as Deposits Boost Fees
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BlackRock Inc., the world’s biggest money manager, said second-quarter profit climbed 32 percent as investor deposits into multi-asset products and index funds boosted fees.
Net income rose to $729 million, or $4.19 a share, from $554 million, or $3.08, a year earlier, the New York-based company said today in a statement. Excluding certain items, adjusted earnings of $4.15 a share beat the $3.81 average estimate of 21 analysts surveyed by Bloomberg. Profit included a pretax gain of $39 million related to the initial public offering of PennyMac, a mortgage firm BlackRock backed in 2007.