BlackRock Inc. announced Wednesday that its adjusted earnings rose 85% in the third quarter as assets under management and fees on alternative products grew.
Assets under management increased by $13.4 billion, to $427.8 billion at Sept. 30, up from $323.5 billion a year earlier. The increase was driven by $39.1 billion of net new business and $50 billion of assets acquired with SSRM Holdings from State Street Corp., according to BlackRock, a New York investment company that is majority owned by PNC Financial Services Group Inc. of Pittsburgh.
BlackRock said its adjusted earnings were $68.1 million, or $1.03 per share, up from $36.9 million, or 56 cents per share, a year earlier.
Net income was $61.1 million, or 92 cents per diluted share, compared to a net loss of $9.8 million, or 15 cents per share, in the third quarter of last year.
