NEW YORK (Reuters) – BlackRock Inc, the world’s largest asset manager, reported first-quarter profit that exceeded expectations and raked in $65 billion of new investor cash as global financial markets rebounded from a volatile fourth quarter.
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
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 last year.
Total quarterly net inflows across all product types jumped 13.6 percent to $64.67 billion from a year earlier.