This post was originally published on this sitehttps://i-invdn-com.akamaized.net/trkd-images/LYNXMPEF9E0LV_L.jpg
(Reuters) – BlackRock Inc (N:), the world’s largest asset manager, beat analysts’ estimates for quarterly profit on Tuesday, as more money rolled into its fixed-income funds against the backdrop of an uncertain global economy.
The company, which manages $6.96 trillion in assets, attracted $84.25 billion in new money during the quarter, providing a peek into the risk appetite of investors amid fears of a slowing U.S. economy.
Investors preferred BlackRock’s low-fee passive-investment products over its actively managed funds. BlackRock’s iShares ETFs took in $41.5 billion of new money, up 15% from the prior quarter.
BlackRock is trying to become a bigger provider of technology used by Wall Street firms to combat competitive pricing pressures in the asset management business. The company’s technology unit continued its robust growth with a 30% rise in revenue.
Net income fell to $1.12 billion, or $7.15 per share, in the third quarter ended Sept. 30 from $1.22 billion, or $7.54 per share, a year earlier.
Analysts had expected a profit of $6.96 per share, according to IBES data from Refinitiv.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.