BlackRock Q3 revenue up from fees and services
19 October 2011 New York
In its annual earnings statement, BlackRock credits advisory and administration fees as well as securities lending revenue for an increase in Q3 revenue.
Third quarter 2011 revenue of $2.2 billion increased $133 million, or 6 per cent, from $2.1 billion in the same quarter the year previous, while third quarter net income of $595 million is an eight per cent lift from a year ago but a drop of four per cent quarter on quarter.
"Investment advisory, administration fees and securities lending revenue of $1.9 billion in third quarter 2011 increased $155 million, or nine per cent, from $1.8 billion in third quarter 2010. The increase in fees reflected growth in average long-term AUM which included the benefit of net new business, partially offset by a decline in fees from cash management products due to lower average AUM," wrote BlackRock.
Long-term AUM of around $3.0 trillion decreased $308.3 billion during the quarter, largely driven by market and foreign exchange declines of $298.7 billion. Cash management AUM of $244.7 billion declined one per cent.
Third quarter 2011 revenue of $2.2 billion increased $133 million, or 6 per cent, from $2.1 billion in the same quarter the year previous, while third quarter net income of $595 million is an eight per cent lift from a year ago but a drop of four per cent quarter on quarter.
"Investment advisory, administration fees and securities lending revenue of $1.9 billion in third quarter 2011 increased $155 million, or nine per cent, from $1.8 billion in third quarter 2010. The increase in fees reflected growth in average long-term AUM which included the benefit of net new business, partially offset by a decline in fees from cash management products due to lower average AUM," wrote BlackRock.
Long-term AUM of around $3.0 trillion decreased $308.3 billion during the quarter, largely driven by market and foreign exchange declines of $298.7 billion. Cash management AUM of $244.7 billion declined one per cent.
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