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BlackRock profit beats estimates as assets soar to record $9.49 trillion

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Reuters

(Reuters) – BlackRock Inc, the world’s largest asset manager, reported a better-than-expected quarterly profit on Wednesday as investors poured more money into the company’s funds, boosting its assets under management to new highs. BlackRock’s assets under management jumped to a record $9.49 trillion in the second quarter from $7.32 trillion a year earlier. Revenue from investment advisory and administration fees, which makes up for the bulk of BlackRock’s total revenue, stood at $3.62 billion, driven primarily by record levels of global dealmaking. The U.S. economy displayed signs of a recove…

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