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BlackRock snags more assets in market rout, boosts profit

Reuters  |  NEW YORK 

By Trevor HunnicuttNEW YORK (Reuters) - BlackRock Inc , the world's largest asset manager, generated higher profit during the first quarter by luring more money from investors even as stock and bond markets fell. Fund manager profits typically decline during market routs because their fees are based on the value of customer assets. But BlackRock benefited from its large footprint in exchange-traded funds (ETFs), which have been taking market share away from pricier investment products for several years. BlackRock attracted nearly $57 billion in new cash from clients in the latest ...

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First Published: Fri, April 13 2018. 02:23 IST