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BlackRock profit rises in volatile quarter, shares up

Reuters  |  NEW YORK 

By Trevor HunnicuttNEW YORK (Reuters) - BlackRock Inc reported a greater-than-expected increase in profit on Thursday, helped by strong demand for the world's largest asset manager's investment products in a volatile first quarter.A fresh infusion of cash from investors, combined with favorable currency movements, boosted BlackRock's revenue from managing money and offset growth in expenses and compensation. It also benefited from a lower tax rate following the $1.5 trillion overhaul passed late last year, which cut the corporate rate. BlackRock shares climbed 2.4 percent on Thursday. In the ...

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First Published: Thu, April 12 2018. 22:46 IST