BlackRock tops profit estimates on investment advisory fees

BlackRock posts 2Q earnings beat

ETF Trends President Tom Lydon breaks down BlackRock’s second-quarter results.

(Reuters) – BlackRock Inc, the world's biggest asset manager, reported a better-than-expected quarterly profit on Monday, helped by growth in its investment advisory business.

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Net income attributable to the company rose to $1.07 billion in the second quarter ended June 30, from $854 million a year earlier. On a per share basis, BlackRock earned $6.62, compared with $5.20 a year earlier.

Excluding items, the company earned $6.66 per share, while analysts had expected $6.55, according to Thomson Reuters I/B/E/S.

BlackRock ended the quarter with $6.29 trillion in assets under management, down from $6.32 trillion in the preceding quarter.

The company said it attracted total "long-term" net flows of $14.50 billion in the period.

BlackRock's shares were marginally up in premarket trading on Monday. Through Friday's close, the shares are down about 1.3 percent this year.

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(Reporting by Diptendu Lahiri in Bengaluru, Trevor Hunnicutt in New York)

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