BlackRock (NYSE:BLK), the global leading asset manager, posted a 13% surge in third-quarter profits due to market recovery drawing investors to its offerings. The firm’s earnings stood at $1.64 billion, or $10.91 a share, surpassing last year’s Q3 results of $1.45 billion or $9.55 a share and beating analysts’ predictions of $8.26 per share.
BlackRock’s assets under management (AUM) reached $9.10 trillion at the third quarter’s end, marking an increase from $7.96 trillion the prior year, although a slight dip from the second quarter’s $9.4 trillion. Revenue rose around 5% year-over-year to $4.52 billion, a combination of organic growth, average AUM market fluctuations over the past year, and an uptick in technology service revenues. Wall Street analysts estimated AUM at $9.23 trillion and revenue at $4.61 billion.