BlackRock (NYSE:BLK), the world's largest asset manager, reported a 13% rise in third-quarter profit, reflecting a rebound in markets that attracted investors to its funds.
The company earned $1.64 billion, or $10.91 per share, for the third quarter, up from $1.45 billion, or $9.55 per share, in the same period a year earlier. This performance exceeded analyst expectations as they were looking for a profit of $8.26 per share.
BlackRock managed $9.10 trillion in assets at the end of the third quarter, compared to $7.96 trillion a year earlier but slightly lower than the $9.4 trillion it had in the second quarter of the year.
The company's revenue increased nearly 5% to $4.52 billion compared to the previous year, driven by organic growth, market movements over the past year affecting average assets under management (AUM), and higher technology services revenue.
Analysts were looking for $9.23 trillion in AUM, as well as revenue of $4.61 billion.