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BlackRock says it has stabilised as it beats earnings predictions
BLACKROCK, the world’s largest asset manager, posted sharply better-than-expected quarterly earnings last night, as it attracted more assets from clients and earned stronger fees on the back of a stock market rally in September.
New York-based BlackRock said earnings rose to $551m (£347.9m)?during the three months to the end of September, compared to $317m a year earlier, beating estimates.
However, shares dipped 2.7 per cent to $169.94 in US trading yesterday.
Investors had hoped to see strong inflows from BlackRock, which has been trying to stem an exit of client money after the $13.5bn acquisition of Barclays Global Investors last year.
“We believe we’re in the stabilisation phase,” chief executive Laurence Fink told reporters yesterday.