BlackRock Posts Solid Results, Assets Under Management Grow


BlackRock shares are trading higher on Wednesday after the world's largest asset manager delivered better than expected second quarter profits. BlackRock earned $4.72 a share. Revenue jumped 12% to almost $2.8 billion. That's better than the expected $2.7 billion. The highlight was the growing amount of assets under management. They rose almost 20% over the past year to nearly $4.6 trillion. BlackRock CEO Larry Fink said, 'in the second quarter, we saw strong revenue growth driven by a combination of robust organic revenue gains and market tailwinds.' Over the past year, BlackRock shares have gained more than 15% and are trading at new highs. TheStreet's Julia Sun has details from New York.