BlackRock First-Quarter Profit Climbs 20% as Assets Increase
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BlackRock Inc., the world’s biggest money manager, said first-quarter profit rose 20 percent as investors added money to its funds, boosting assets and the fees for managing them.
Net income increased to $756 million, or $4.40 a share, from $632 million, or $3.62 a share, a year earlier, the New York-based company said today in a statement. The shares fell as much as 3 percent after the firm said institutional clients pulled money from active stock and bond strategies.