The Traderszone Network

Published in TZ Latest News 14 October, 2015 by The TZ Newswire Staff

BlackRock profit falls in third quarter but tops expectations

Investors piled into BlackRock Inc (BLK.N) bond ETFs and paid more in hedge fund fees in the third quarter, helping the world’s largest asset manager beat Wall Street’s earnings forecasts and offsetting a higher tax hit that cut profits 8 percent from a year earlier. Rough-and-tumble markets saw BlackRock trim core investment advice and administration fees by $12 million from 2014 and give up 5 percent of assets under management from the second quarter. “We had a great quarter because our positioning as an organization,” said BlackRock chairman and chief executive officer Laurence D. Fink.