BlackRock Inc.'s third-quarter profit rose a better-than-expected 46% as the asset-management giant benefited from growth in assets under management and investors' greater risk appetite.

The better numbers were also helped by cost controls and a tax-related gain as revenue declined due primarily to lower fees.

BlackRock, the biggest public asset manager in the United States, with a market capitalization of more than $30 billion, earned $317 million, or $2.27 a share, compared with $217 million, or $1.59 a share, a year earlier. Excluding a gain of 33 cents a share from local income tax law changes as well as restructuring and other costs, earnings rose to $2.10 a share. Revenue fell 13%, to $1.14 billion. Investment advisory and administration base fees fell 16%, and performance fees dropped to $49 million.

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