While BlackRock posted a net income of $6.61 per share, in the three months ended March 31, analysts had expected a profit of $6.13 per share, according to IBES data from Refinitiv.
On Tuesday, BlackRock Inc quaterly profit beat analysts’ estimates with investors putting money into its actively managed institutional and long-term funds.
Total institutional fund net inflows rose nearly nine times to $29.12 billion in the first quarter, from a year ago.
According to a statement from the company, it has attracted total “long-term” net flows of $64.67 billion, up from $54.63 billion a year ago.
Incidentally, a less volatile market during the first quarter, compared to the previous year when volatility was boosted by a cut in U.S. tax rates, encouraged more investors to return to the markets.
Total net inflows across all product-types were $64.67 billion, up 13.6% from a year ago.
According to its statement, its iShares-branded ETFs took in $30.69 billion in new money, compared with $81.40 billion in the fourth quarter.
Net income attributable to BlackRock fell to $1.05 billion, or $6.61 per share, in the three months ended March 31 from $1.09 billion, or $6.68 per share, a year earlier. Analysts had expected a profit of $6.13 per share, according to IBES data from Refinitiv.