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.
