World News

BlackRock posts 40% jump in quarterly profit

(Reuters) – BlackRock Inc <BLK.N>, the world’s largest asset manager, reported a 40.3% rise in fourth-quarter profit on Wednesday, as more money rolled into its low-risk exchange-traded funds and cash management business amid concerns of slowing global growth.

The New York-based company’s net income rose to $1.30 billion, or $8.29 per share, in the three months ended Dec. 31 from $927 million, or $5.78 per share, a year earlier. (https://bit.ly/2RguHBP)

The company ended the quarter with $7.43 trillion in assets under management, up from $5.98 trillion a year earlier.

(Reporting by C Nivedita in Bengaluru and Saqib Ahmed in New York; Editing by Sriraj Kalluvila)

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