BlackRock triples its net income
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BlackRock Inc., the largest publicly traded asset manager in the U.S., said its net income tripled in the second quarter as investors put a record $51 billion into its funds.
Profit totaled $222.2 million, or $1.69 a share, up from $63.4 million, or 95 cents, a year earlier, helped by the purchase of Merrill Lynch & Co.’s investment unit in September. Profit excluding some compensation costs was $1.80 a share, topping analysts’ expectations.
New York-based BlackRock absorbed the Merrill unit with little disruption to fund sales, which rose threefold from the first quarter. Fixed-income products, which account for about 40% of assets, attracted $24 billion. Sales and rising stock prices boosted assets 6.6% from March 31 to $1.23 trillion, the most among publicly traded fund managers.
BlackRock shares jumped $10.15, or 6.2%, to $174.30.
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