Asset management firm BlackRock (NYSE: BLK) saw its stock price surge over 4% in early trading Tuesday following the company's strong third-quarter earnings report.
The world's largest asset manager saw a 11.4% increase in revenue to $11.7 billion year over year, while net income climbed 9.3% to $3.5 billion. Assets under management jumped 12% to $7.8 trillion year over year. That figure was buoyed by net inflows of $129 billion, led by $41.3 billion of inflows into its iShares exchange-traded funds (ETFs). Fixed income ETFs had $19.7 billion of inflows, while equity ETFs had $14.8 billion.
Active beat passive for BlackRock's institutional inflows. Its active institutional funds had $29 billion in net inflows compared to $7 billion for institutional index funds. Institutional equity-index funds saw $23.7 billion in net outflows, but that was offset by $30.3 billion in institutional fixed-income inflows.
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BlackRock's Stock Price Surges on Strong Q3 Earnings