Oct 13 (Reuters) – BlackRock Inc (BLK.N), the world’s largest money manager beat third-quarter profit estimates as an improving economy helped boost its assets under management, driving up fee income.
BlackRock ended the past quarter with $9.46 trillion in assets under management, up from $7.81 trillion from a year earlier.
Asset managers have benefited from rising global financial markets in recent quarters as investors put money to work to make the most of the post-pandemic economic reopening, driven by progress on vaccinations and strong fiscal and monetary aid.
Adjusted net income rose to $1.69 billion, or $10.95 per share, in the quarter ended Sept. 30, from $1.42 billion, or $9.22 per share, a year earlier.
Analysts on average were expecting the company to report a profit of $9.35 per share, according to IBES data from Refinitiv.
Reporting by Sohini Podder in Bengaluru and Saqib Iqbal Ahmed in New York; Editing by Vinay Dwivedi
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