{"id":62910,"date":"2018-04-12T11:51:16","date_gmt":"2018-04-12T11:51:16","guid":{"rendered":"https:\/\/www.biphoo.com\/bipnews\/?p=62910"},"modified":"2018-04-12T11:51:16","modified_gmt":"2018-04-12T11:51:16","slug":"blackrock-sails-higher-profit-despite-market-churn","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/business\/blackrock-sails-higher-profit-despite-market-churn.html","title":{"rendered":"BlackRock sails to higher profit despite market churn"},"content":{"rendered":"<h2 style=\"text-align: justify\"><strong><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 18pt\">BlackRock sails to higher profit despite market churn<\/span><\/strong><\/h2>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt\">BlackRock Inc (BLK.N), the world\u2019s largest asset manager, reported first-quarter profit that exceeded Wall Street estimates on Thursday, benefiting despite higher volatility in global markets.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt\">BlackRock said its iShares family of exchange-traded funds (ETFs) added $34.65 billion in new money in the quarter, down from $64.48 billion a year earlier.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt\">The new assets helped BlackRock boost its revenue from managing money and lending out the stocks in its funds faster than its expenses on sales and compensation, bulking profits.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt\">The market swung wildly during the quarter, with enthusiasm over the effect of U.S. corporate tax cuts enacted last year blunted by concerns about inflation, a global trade war and U.S. central bank policy.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt\">BlackRock Chief Executive Larry Fink said in a statement the company\u2019s institutional clients reacted dramatically, for instance by stocking away cash in the bond market, selling investments to fund investments, share buybacks or acquisitions.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt\">\u201cIn a challenging environment, BlackRock continued to perform well,\u201d Fink said.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt\">Total revenue rose 15.9 percent to $3.6 billion from the same quarter in 2017, while expenses rose just 9.8 percent to $2.2 billion. Assets under management were $6.32 trillion on March 31.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt\">BlackRock shares climbed 2.4 percent in premarket trading.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt\">Overall, the New York-based company\u2019s net income rose to $1.09 billion, or $6.68 per share, in the quarter ended March 31 from $859 million, or $5.21 per share, a year earlier.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 14pt\">Excluding items, BlackRock earned $6.70 per share, which the company said was partly driven by a lower tax rate. Analysts on an average expected BlackRock to report $6.39 per share, according to Thomson Reuters I\/B\/E\/S.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: Arial, Helvetica, sans-serif;font-size: 8pt\">Source:-https:\/\/www.reuters.com\/article\/us-blackrock-inc-results\/blackrock-sails-to-higher-profit-despite-market-churn-idUSKBN1HJ1EM<\/span><\/p>\n<div class=\"fb-background-color\">\n\t\t\t  <div \n\t\t\t  \tclass = \"fb-comments\" \n\t\t\t  \tdata-href = \"https:\/\/www.biphoo.com\/bipnews\/business\/blackrock-sails-higher-profit-despite-market-churn.html\"\n\t\t\t  \tdata-numposts = \"10\"\n\t\t\t  \tdata-lazy = \"true\"\n\t\t\t\tdata-colorscheme = \"light\"\n\t\t\t\tdata-order-by = \"social\"\n\t\t\t\tdata-mobile=true>\n\t\t\t  <\/div><\/div>\n\t\t  <style>\n\t\t    .fb-background-color {\n\t\t\t\tbackground: #ffffff !important;\n\t\t\t}\n\t\t\t.fb_iframe_widget_fluid_desktop iframe {\n\t\t\t    width: 630px !important;\n\t\t\t}\n\t\t  <\/style>\n\t\t  ","protected":false},"excerpt":{"rendered":"<p>BlackRock sails to higher profit despite market churn BlackRock Inc (BLK.N), the world\u2019s largest asset manager, reported first-quarter profit that exceeded Wall Street estimates on Thursday, benefiting despite higher volatility in global markets. BlackRock said its iShares family of exchange-traded funds (ETFs) added $34.65 billion in new money in the [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":62911,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[130774,146,117626,128711,30775,128710],"class_list":["post-62910","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blackrock-sails-to-higher-profit-despite-market-churn","tag-business-news","tag-business-news-today","tag-latest-and-daily-business-news","tag-latest-business-news-usa","tag-live-updates-news"],"_links":{"self":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts\/62910","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/comments?post=62910"}],"version-history":[{"count":0,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/posts\/62910\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/media\/62911"}],"wp:attachment":[{"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/media?parent=62910"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/categories?post=62910"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biphoo.com\/bipnews\/wp-json\/wp\/v2\/tags?post=62910"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}