U.S. Markets closed

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.