American fund manager BlackRock has reported a net income of $1.07bn for the second quarter of 2018, an increase of 26% compared to $854m in the previous year.
The fund manager’s revenue for the quarter ended 30 June 2018 was $3.6bn, up 11% from $3.23bn in the corresponding quarter of 2017.
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Operating income was $1.44bn, an increase of 16% from $1.23bn last year.
The group’s assets under management (AuM) at the end of June 2018 totalled $6.3 trillion, a rise of 11% from $5.7 trillion a year ago.
BlackRock chairman and CEO Laurence Fink said: “BlackRock delivered strong financial results in the second quarter, as revenue increased 11%, operating income increased 16% and EPS increased 28% year-over-year.
“Our diverse global platform generated $20bn of total net inflows in the quarter and $276bn over the last twelve months. Secular trends supportive of BlackRock’s future growth continue, especially in technology, including Aladdin and digital wealth, alternatives and iShares. Despite an industry-wide slowdown in flows associated with investor uncertainty in the current market environment, our dialogue with clients and opportunities to provide long-term solutions are more robust than ever before.”
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