On Friday, BlackRock Inc. (BLK.N) posted a quarterly profit that topped analysts’ projections as investors continued pouring money into its funds, cushioning the fee revenue damage from a worldwide banking meltdown that rippled through financial markets.
First-quarter net inflows were $110 billion, up from $86 billion.
“I believe today’s crisis of confidence in the regional banking sector will further accelerate capital markets growth, and BlackRock will be a central player,” BlackRock CEO Larry Fink said.
In the first quarter, liquidity issues caused by U.S. bank failures and interest rate rises hurt markets.
BlackRock, the world’s largest asset manager, managed $9.1 trillion in the first quarter, down from $9.57 trillion a year earlier but up from $8.59 trillion in the fourth quarter.
In his annual letter to CEOs and investors last month, Fink warned of “liquidity mismatches” after the banking crisis.
BlackRock reported an adjusted profit of $7.93 per share, mostly from investment advice and administrative fees.
Refinitiv IBES data showed analysts expected $7.76 per share.
Quarterly revenue declined to $4.2 billion from $4.7 billion.
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