Business

BlackRock quarterly profit jumps 28%

FILE PHOTO: The BlackRock logo is seen outside of its offices in New York City, U.S., October 17, 2016. REUTERS/Brendan McDermid

(Reuters) – BlackRock Inc, the world’s largest asset manager, reported a 28% jump in second-quarter profit on Wednesday as investors poured more money into the company’s funds, boosting its assets under management to new highs.

The company’s adjusted net income rose to $1.55 billion, or $10.03 per share, in the three months ended June 30, from $1.21 billion, or $7.85 per share, a year earlier.

Analysts on average had expected a profit of $9.46 per share, according to IBES data from Refinitiv.

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