BlackRock's Still Going Strong
July 17, 2008
Against the trend of recent losses in the financial world, BlackRock reported a 23% increase for the second quarter of 2008 compared to the same time last year.
The firm's reported net income for the quarter was $274 million as compared with $222 million in the second quarter of 2007. The firm's assets under management were up 5% and now stand at approximately $1.4 trillion.
A combination of factors led to the impressive quarter, including the fact that Merrill Lynch decided not to sell its 49% stake in the firm. BlackRock had over $43 billion in new business brought in through portfolio liquidation assignments, including that of Bear Stearns's assets as part of the agreement to have JPMorgan purchase that firm.
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