BlackRock Inc. said Monday that its profit quintupled in the first quarter, its first full period of earnings since buying Barclays Global Investors for $13.5 billion.
BlackRock reported a profit of $423 million, or $2.17 per share, up from $84 million, or 62 cents per share, a year earlier. Excluding certain items, earnings rose to $2.40 from 81 cents. Revenue more than doubled, to $2 billion.
BlackRock has "experienced some significant merger-related outflows in the quarter," Laurence D. Fink, its chairman and chief executive, said in a press release. He said that "dissynergies" are running below expectations and new business flows remained strong.
As a result of the acquisition, assets under management increased 158.5%, to $3.36 trillion from a year earlier.
BlackRock reported a strong first quarter from fixed-income index funds, which attracted $13.6 billion of net new assets. That included $7.1 billion from Barclays' iShares funds, the company's exchange-traded fund business, which was the crown jewel of the acquisition.