BlackRock first-quarter profit soars, assets rebound above $6-trillion
The world's largest asset manager reports total quarterly net inflows across all product types jumped nearly 14% to $65bn
New York — BlackRock, the world's largest asset manager, reported first-quarter profit that exceeded expectations and raked in $65bn of new investor cash as global financial markets rebounded from a volatile fourth quarter. Total assets under management grew 3% to $6.52-trillion in the quarter through March 31 from a year earlier, amid a broad-based rebound in global equity markets. Assets had dipped below $6-trillion amid market turmoil late in 2018. Total quarterly net inflows across all product types jumped 13.6% to $64.67bn from a year earlier. Overall, the company sold $59bn in stock, bond and other "long-term" investment funds, up from the $43.6bn in the quarter ended December 31. BlackRock shares were up 2.2% at $461.56 in early trading. The US economy is speeding up again after a slowdown and the market is getting ready for "huge" inflows into stocks, BlackRock's CEO Larry Fink said in an interview on Tuesday. "I believe people are still under-risked, despite the big reb...
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