BlackRock’s quarterly profit rises as fund flows increase — Reuters

(Reuters) – BlackRock Inc, the world’s largest money manager, said on Thursday that first -quarter profit rose by 8.7 percent, boosted by positive flows across asset classes.

The company’s net income rose to $822 million, or $4.84 per share, in the quarter ended March 31 from $756 million, or $4.40 per share, a year earlier.

On an adjusted basis, BlackRock earned $4.89 per share, handily beating analysts’ average estimate of $4.52, according to Thomson Reuters I/B/E/S.

BlackRock saw $70.4 billion in long-term flows, with $21 billion coming from institutional clients, the most the firm has seen since it acquired Barclays Global Investors in 2009, according to the firm.

The firm’s iShares exchange-traded funds saw $35.48 billion in inflows, $18.6 billion which went into fixed-income products.

BlackRock’s assets under management rose to $4.8 trillion at the end of the quarter from $4.4 trillion a year earlier.

Up to Wednesday’s close of $376.66 on the New York Stock Exchange, BlackRock’s shares had risen 5.3 percent since the start of the year.