BlackRock Inc, the world's largest asset manager, reported first-quarter pr...
NEW YORK - BlackRock Inc, the world’s largest asset manager, reported first-quarter profit that exceeded expectations and raked in $65 billion of new investor cash as global financial markets rebounded from a volatile fourth quarter.
Total quarterly net inflows across all product types jumped 13.6 percent to $64.67 billion from a year earlier. “Investment flows look stronger than we anticipated,” said Kyle Sanders, an analyst with St. Louis-based financial services firm Edward Jones. Revenue from technology services, a key area of focus for BlackRock, grew 11 percent to $204 million.Still, the company continued to feel the pinch from fee pressures amid an ongoing industry-wide shift from high-fee actively managed mutual funds to low-fee passive-investment products.
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