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BlackRock sails to higher profit despite market churn


(Reuters) - BlackRock Inc, the world's largest asset manager, reported first-quarter profit that exceeded Wall Street estimates on Thursday, benefiting despite higher volatility in global markets.BlackRock said its iShares family of exchange-traded funds (ETFs) added $34.65 billion in new money in the quarter, down from $64.48 billion a year earlier.The new assets helped BlackRock boost its revenue from managing money and lending out the stocks in its funds faster than its expenses on sales and compensation, bulking profits.The market swung wildly during the quarter, with enthusiasm over the ...

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First Published: Thu, April 12 2018. 20:01 IST