FILE PHOTO: The company logo for BlackRock is displayed on a screen on the floor of the New York Stock Exchange in New York, U.S., March 30, 2017. REUTERS/Brendan McDermid/File Photo

(Reuters) – BlackRock Inc beat analysts’ estimates for quarterly profit on Tuesday, as investors put money into its actively managed institutional and long-term funds.

Total institutional fund net inflows rose nearly nine times to $29.12 billion in the first quarter, from a year ago.

The company said it attracted total “long-term” net flows of $64.67 billion, up from $54.63 billion a year earlier.

Calmer markets in the first quarter, compared to the year-ago period when volatility was boosted by U.S. tax cuts, encouraged more people to return to the markets, particularly after deep losses in