FILE PHOTO: The company logo for BlackRock is displayed on a screen on the floor of the New York Stock Exchange in New York, U.S., March 30, 2017. REUTERS/Brendan McDermid/File Photo
(Reuters) – BlackRock Inc beat analysts’ estimates for quarterly profit on Tuesday, as investors put 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.
The company said it attracted total “long-term” net flows of $64.67 billion, up from $54.63 billion a year earlier.
Calmer markets in the first quarter, compared to the year-ago period when volatility was boosted by U.S. tax cuts, encouraged more people to return to the markets, particularly after deep losses in December 2018.
Total net inflows across all product-types were $64.67 billion, up 13.6 percent from a year earlier.
BlackRock said 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. (bit.ly/2XenIdZ)
Analysts expected a profit of $6.13 per share, according to IBES data from Refinitiv.
Reporting by Bharath Manjesh in Bengaluru; Editing by Sriraj Kalluvila