U.S. Attorney General William Barr says money managers should put American companies first.
BlackRock Inc. profit jumped 22 percent in the second quarter as money poured into the firm’s iShares fixed-income ETFs and active stock strategies at a record pace.
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The New York-based wealth manager earned $1.21 billion, or $7.85 per share, as revenue rose 3.5 percent from a year ago to $3.65 billion. Wall Street analysts surveyed by Refinitiv were expecting earnings of $6.99 a share on revenue of $3.54 billion.
The firm raked in $100 billion in assets during the quarter, raising its total assets under management to $7.32 trillion. BlackRock is the world’s largest asset manager.
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“Clients are turning to BlackRock more than ever before as they face increasing uncertainty about the future, and we are bringing together the entirety of our differentiated platform to help them,” CEO Laurence Fink said in a statement. “Our steadfast focus is on serving all our stakeholders through this crisis.”
This story is developing. Check back for updates.
