July 16 (Bloomberg) — BlackRock Inc., the world's biggest money manager, said second-quarter profit rose 11 percent as investors added money to its funds, boosting assets and the fees for managing them.

Net income increased to $808 million, or $4.72 a share, from $729 million, or $4.19 a share, a year earlier, the New York-based company said today in a statement. Excluding certain items, adjusted earnings of $4.89 a share beat the $4.46 average of 20 analysts surveyed by Bloomberg.

BlackRock Chief Executive Officer Laurence D. Fink, 61, has reorganized the firm's leadership as it seeks to improve performance at its active products, appeal to individual investors, and win more money into its funds globally. The firm attracted about $38 billion in investor money during the quarter, compared with $27 billion in the previous three months.

Continue Reading for Free

Register and gain access to:

  • Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.