American fund manager BlackRock has reported a net income of $1.22bn for the third quarter of 2018. BlackRock Q3 profit saw a surge of 29% compared to $944m a year ago.

The fund manager’s revenue for the quarter ended 30 September 2018 was $3.57bn, an increase of 2% from $3.51bn in the comparable quarter of 2017.

The money manager reported operating income of $1.39bn, a marginal increase of 1% from $1.39bn in the third quarter of 2017.

The group’s assets under management (AuM) at the end of September 2018 totalled $6.4 trillion, up 8% year-over-year, including $28bn of net AUM added from strategic transactions.

BlackRock generated $11bn of long-term net inflows in the third quarter, despite more than $30bn of institutional non-ETF index equity outflows.

Commenting on the performance, BlackRock chairman and CEO Laurence Fink said: “Over the last twelve months, total net inflows of $177BN reflect continued growth in key areas of our business, including iShares, multi-asset solutions, illiquid alternatives and Aladdin.

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