BlackRock profit jumps 40% due to ETF business
Strong flows into its ETFs helped to boost overall assets under management
Stocks impacted: BlackRock Inc (BLK)
The world's largest asset manager exceeded estimates for quarterly profit due to strong flows into its ETF business that helped to boost its overall assets under management to a record $7.43 trillion. The giant reported a 40.3% rise in quarterly profit and its strongest ever inflows, as concerns over slowing global growth pushed investors to its ETFs. Net income jumped to $1.3bn in the three months ending 31 December, up from $927m a year earlier. Blackrock ended the quarter with $7.43 trillion in assets under management, up from $5.98 trillion at the end of 2018. Also, the company announced an overhaul of its investment strategy, aiming to take a tougher stance on climate change following sustained pressure from campaigners. BlackRock stocks rose over 2% on Wednesday and could extend gains today.
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