BlackRock quarterly profit jumps 21%

Signage is displayed at the entrance to BlackRock headquarters in New York, US. BlackRock released earnings figures on July 17. Bloomberg.

BlackRock, the world's largest asset manager, reported a 21 per cent jump in quarterly profit on Friday, as investors poured money into its fixed-income funds and cash management services.

The New York-based company's net income rose to $1.21 billion (Dh4.44bn), or $7.85 per share, in the second quarter ended June 30, from $1bn, or $6.41 per share, a year earlier.

The company ended the quarter with $7.32 trillion in assets under management, up from $6.84tr a year earlier.

The asset manager’s fixed-income funds took in $60.27bn in new money. Its cash-management business attracted over $24.2 bn in net inflows in the second quarter.

Financial markets bounced back in the June quarter from a COVID-sparked brutal selloff in March, boosting BlackRock’s assets under management.