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EARNINGS-BlackRock profit jumps 21% on fixed-income boost

Credit: REUTERS/ARND WIEGMANN

BlackRock Inc, the world's largest asset manager, reported a 21% jump in quarterly profit on Friday as investors poured money into its fixed-income funds and cash management services.

Adds details on fixed-income, cash management inflows, background

July 17 (Reuters) - BlackRock Inc BLK.N, the world's largest asset manager, reported a 21% jump in quarterly profit on Friday as investors poured money into its fixed-income funds and cash management services.

The asset manager's fixed-income funds took in $60.27 billion in new money. Its cash-management business attracted over $24.2 billion in net inflows in the second quarter.

Financial markets bounced back in the June quarter from a COVID-sparked brutal selloff in March, boosting BlackRock's assets under management.

BlackRock ended the quarter with $7.32 trillion in assets under management, up from $6.84 trillion a year earlier.

The New York-based company's net income rose to $1.21 billion, or $7.85 per share, in the three months ended June 30, from $1.00 billion, or $6.41 per share, a year earlier. (https://bit.ly/2ZEPkNv)

(Reporting by Bharath Manjesh in Bengaluru; Editing by Sriraj Kalluvila)

((Bharath.ManjeshR@thomsonreuters.com; outside U.S. +91 80 6749 2703;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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