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BlackRock profits rise
 
  Hedgeweb - THU, JAN 28 2010
Funds & Investment BlackRock, the world??s largest asset manager with $3,350bn under management, on Wednesday reported a sharp jump in fourth-quarter income. Boosted by the rebound in financial markets and new fund inflows, net income rose to a higher-than-expected $256m in the quarter from $52m in the same period last year.

Full-year net income for BlackRock, which took over Barclays Global Investors late last year, rose from $784m to $875m. In 2009 BlackRock benefited from the "growth of global capital markets whether because of asset price reflation in the US or the turnaround in emerging markets or in China", according to Larry Fink, BlackRock??s chief executive.

However, he signalled that BlackRock might face a more difficult year ahead, as central banks tighten monetary policy, draining the liquidity which has supported asset prices in 2009.

 
 
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