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BlackRock attributable net income surges 31% in Q1

American fund manager BlackRock has reported attributable net income of $862m for the first quarter of 2017, a 31% surge compared to $657m a year ago.

The firm’s revenue for the quarter ended 31 March 2017 was $2.82bn, an increase of 8% from $2.62bn in the first quarter of last year. Operating income stood at $1.14bn, up 19% from $963m a year ago.

Assets under management (AuM) as at 31 March 2017 were $5.42 trillion, a 14% increase compared to the previous year.

BlackRock chairman and CEO Laurence Fink said: “BlackRock’s first quarter results reflect the strategic decisions we have made to complement our investment capabilities with industry-leading technology. Over the last 29 years, we’ve kept our focus on the long-term, anticipating changes in the asset management ecosystem and consistently investing in our business, to meet the evolving needs of our clients.”

“First quarter long-term net inflows of $80 billion, representing annualized organic asset growth of 7%, were positive across product type, client type and region,” Fink stated.

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