July 16 (Bloomberg) — BlackRock Inc., the world's biggest money manager, said second-quarter profit rose 11 percent as investors added money to its funds, boosting assets and the fees for managing them.
Net income increased to $808 million, or $4.72 a share, from $729 million, or $4.19 a share, a year earlier, the New York-based company said today in a statement. Excluding certain items, adjusted earnings of $4.89 a share beat the $4.46 average of 20 analysts surveyed by Bloomberg.
BlackRock Chief Executive Officer Laurence D. Fink, 61, has reorganized the firm's leadership as it seeks to improve performance at its active products, appeal to individual investors, and win more money into its funds globally. The firm attracted about $38 billion in investor money during the quarter, compared with $27 billion in the previous three months.
Client inflows "were above our estimate on strong fixed income inflows, which continue to benefit from improving performance," Daniel Fannon, a San Francisco-based analyst at Jefferies LLC, said today in a note to clients.
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