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BlackRock’s profits exceeded estimates as assets peaked

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FILE PHOTO: BlackRock logo outside its New York City office, USA, October 17, 2016. / Brendan McDermid

() -BlackRock Inc.’s fourth-quarter earnings were higher than analysts ’estimates on Friday, as the world’s largest money manager’s wage earnings managed assets exceeded $ 10 trillion.

Managed assets stood at $ 10.01 trillion at the end of the quarter, up from $ 8.68 trillion a year earlier.

The strong ending of the year by global financial markets helped boost the performance of asset managers in general, and BlackRock also benefited from its wide-ranging and comprehensive coverage.

Adjusted earnings for the quarter ended Dec. 31, up 2.5 percent to $ 1.61 billion, or $ 10.42 per share.

According to Refinitive’s IBES, analysts expected it to report an average profit of $ 10.16 per share.

Revenue rose nearly 14 percent to $ 5.1 billion.

Interviews by Sohini Podder in Bengaluru and Saqib Iqbal Ahmad and Lewis Krauskopf in New York; Edited by Vinay Dwivedi

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