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BlackRock hits record $6 trn in assets, helped by US tax overhaul

The New York-based company's shares were up 2.3% in trading on Friday morning

Reuters  |  New York 

BlackRock Inc charged past a record $6 trillion in assets, its profit beating Wall Street forecasts, as investors flooded into the relatively low-cost funds of the world's largest asset manager. A new US tax law, which sliced corporate and individual income rates, also helped the company's results in the fourth quarter ended December 31. BlackRock said it saw a $1.2 billion tax benefit related to the law and raised its quarterly cash dividend by 15 percent. "We've been winning more share of wallet," Chief Executive Larry Fink told Reuters. "Fees are ...

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First Published: Fri, January 12 2018. 21:50 IST