BlackRock Inc, the world's largest money manager by assets, marshaled a rapidly growing list of fund styles and asset classes to post a 43 percent jump in second-quarter profit, topping expectations.
The New York-based company has long been known as a fixed-income institutional manager, but CEO Laurence Fink has pressed into new areas such as exchange traded funds and multi-asset products - areas that took in healthy inflows of cash from investors in the latest quarter.
For the three months ended June 30, net income rose to $619 million, or $3.21 per share, from $432 million, or $2.21 a share, a year earlier, BlackRock reported on Wednesday.
Adjusted earnings were $3.00 a share, topping analysts' average forecast of $2.88, according to Thomson Reuters I/B/E/S.
Assets under management were $3.659 trillion at June 30, up 16 percent from a year earlier and up 0.3 percent from the end of the first quarter.