As assets under management surged, BlackRock announced stronger than expected first quarter earnings.
The New York-based money manager saw profits rise 34% from a year earlier to $568 million, or $2.89 per share as assets under management increased 8.5% from a year earlier and 2.5% from the previous quarter to $3.648 trillion.
Revenue rose 14% to $2.28 billion.
The company easily beat analyst expectations. Analysts expected the company to report profits of $2.77 a share on revenue of $2.25 billion.
Laurence D. Fink, the company’s chairman and chief executive officer, said the quarterly results were driven by "strong investment performance, robust new business in long-term products, increased demand for BlackRock Solutions [its advisory business] and continued expense discipline."
BlackRock reported $34.7 billion in inflows from net new business in the quarter, which was offset slightly by $24.4 billion of outflows in cash management and $4.5 billion of distributions from advisory accounts.