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The market swung wildly during the quarter, with enthusiasm over the effect of U.S. corporate tax cuts enacted last year blunted by concerns about inflation, a global trade war and U.S. central bank policy.
BlackRock Chief Executive Larry Fink said in a statement the company's institutional clients reacted dramatically, for instance by stocking away cash in the bond market, selling investments to fund investments, share buybacks or acquisitions.
"In a challenging environment, BlackRock continued to perform well," Fink said.
Total revenue rose 15.9 percent to $3.6 billion from the same quarter in 2017, while expenses rose just 9.8 percent to $2.2 billion. Assets under management were $6.32 trillion on March 31.
BlackRock shares climbed 2.4 percent in premarket trading.
Overall, the New York-based company's net income rose to $1.09 billion, or $6.68 per share, in the quarter ended March 31 from $859 million, or $5.21 per share, a year earlier.
Excluding items, BlackRock earned $6.70 per share, which the company said was partly driven by a lower tax rate. Analysts on an average expected BlackRock to report $6.39 per share, according to Thomson Reuters I/B/E/S.
(Reporting by Trevor Hunnicutt; Additional reporting by Diptendu Lahiri in Bengaluru; Editing by Arun Koyyur and Bernadette Baum)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)