Reuters

BlackRock profit beats estimates though asset growth stalls

NEW YORK (Reuters) -BlackRock Inc topped third-quarter profit estimates helped by robust performance fees and strong demand for its actively managed and sustainable funds, even as volatile markets hindered the world’s largest money manager from growing its assets under management. But with financial markets wobbling during the second quarter – the S&P 500 Index ended the quarter about flat, its worst quarterly performance in six quarters – money managers, BlackRock, included, have had a tougher time growing assets. BlackRock ended the past quarter with $9.46 trillion in assets under management, up from $7.81 trillion a year earlier, but about flat from the second quarter of this year.

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