BlackRock 3Q net income up 14 pct

BlackRock posts 14 pct increase in 3rd-qtr net income helped by market growth

Associated Press

NEW YORK (AP) -- NEWS: BlackRock Inc. said Wednesday its third-quarter net income rose 14 percent, as the markets rose and clients invested more money.

DETAILS: The New York-based investment manager's assets under management increased 12 percent to $4.1 trillion as of Sept. 30. Net inflows for long-term products totaled $25.3 billion for the quarter.

NUMBERS: Net income rose to $730 million, or $4.21 per share, from $642 million, or $3.65 per share, in the same quarter of 2012. Excluding one-time items, the company posted an adjusted profit of $3.88 per share. Revenue rose 7 percent to $2.47 billion from $2.32 billion.

Analysts, on average, expected a profit of $3.88 per share on $2.49 billion in revenue, according to FactSet.

FUTURE: BlackRock said the current investment environment presents a variety of challenges for its clients, with market fundamentals continuing to be outweighed by policy decisions, keeping many investors on the sidelines.

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