BlackRock, the world’s largest asset manager, reported a 21% jump in quarterly profit on Friday as investors poured money into its fixed-income funds and cash management services.
The asset manager’s fixed-income funds took in $60.27 billion in new money. Its cash-management business attracted over $24.2 billion in net inflows in the second quarter.
Financial markets bounced back in the June quarter from a Covid-sparked brutal selloff in March, boosting BlackRock’s assets under management.
BlackRock ended the quarter with $7.32 trillion in assets under management, up from $6.84 trillion a year earlier.
The New York-based company’s net income rose to $1.21 billion, or $7.85 per share, in the three months ended June 30, from $1.00 billion, or $6.41 per share, a year earlier.