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BlackRock earnings top estimates
  Hedgeweb - WED, OCT 21 2009
Funds & Investment BlackRock reported third quarter earnings of $317m on Tuesday, a 46 per cent gain over a year ago, reflecting improving conditions in global financial markets and an indication of newfound willingness among investors to move from cash into longer-term assets.

The earnings results were also boosted by a $45m one-time gain from a change in local income tax laws, but even without that gain, BlackRock??s earnings topped most analysts?? estimates.

??Improving investor sentiment was the most important factor in third-quarter results,? said Laurence Fink, BlackRock chief executive, in a statement.

??Clients are putting money back to work in the markets, driving inflows in equities and bonds, and outflows in money market funds industry-wide,? he added.

BlackRock??s total assets under management increased $61bn to $1,435bn during the quarter, a gain of 4 per cent over the previous quarter and 14 per cent over the same period in 2008.

For the quarter, BlackRock posted $14.5bn in net inflows in equities, fixed income and alternative investments, and net outflows of $26.4bn in cash management.

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