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(Sharecast News) - BlackRock posted betterthanexpected firstquarter results on Tuesday, even as the world's largest asset manager reported a slight dip in assets under management.
New York-based BlackRock reported higher profit on the back of strong inflows into its exchangetraded funds and a sharp rise in performance fees.
However, AUM slipped to $13.89trn - up from $11.58trn a year earlier but down from the record $14.04trn reached in Q425 - as weaker markets reduced the value of client portfolios despite continued inflows.
Firstquarter net profits rose to $2.21bn, or $14.06 per share, up from $1.51bn, or $9.64 per share, a year earlier, while total net inflows reached $130bn, driven largely by iShares ETFs, and private markets attracted a further $9bn.
Performance fees jumped to $272m, compared with $60m in the same period last year.
As of 1305 BST, BlackRock shares were up 2.96% in pre-market action at $1,054 each.
Reporting by Iain Gilbert at Sharecast.com
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