BlackRock’s Profit Jumps Five-Fold on BGI, Inflows
Friday, January 29, 2010 : PermalinkBusiness Week – BlackRock Inc., the world’s biggest money manager, said fourth-quarter net income rose almost five- fold as the purchase of Barclays Global Investors lifted fee revenue and investors poured money into stock and bond funds.
Earnings rose to $256 million, or $1.62 a share, from $52 million, or 39 cents a share, a year earlier, the New York-based company said today in a statement. The purchase of BGI added $94 million to fourth-quarter net income, which was offset by $108 million in after-tax costs from the acquisition.
