(Reuters) -BlackRock posted a rise in first-quarter profit on Friday, as a rebound in global equity markets bolstered the company’s investment advisory and administration fees.
Global equity markets rallied in the first quarter as expectations grew that the world’s major central bank’s were done with monetary policy tightening and would pivot to rate cuts, resulting in a jump in assets under management (AUM).
The company’s AUM jumped to $10.47 trillion in the first quarter, up 15% year-on-year, helped by rising markets and inflows.
BlackRock registered $57 billion of total net inflows in the quarter, down from $110 billion a year earlier.
Investment advisory and administration fees, typically a percentage of AUM and BlackRock’s chief source of revenue, jumped nearly 8.8% to $3.63 billion.
Net income for the world’s largest asset manager rose to $1.57 billion, or $10.48 per share, in the three months ended March 31, from $1.16 billion, or $7.64 per share, a year earlier.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shinjini Ganguli)
