Wealth management

In Brief: Earnings and Assets Climb at BlackRock

Published July 20, 2005, 1:00 a.m. EDT

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Updated July 19, 2005, 2:48 p.m. EDT

1 Min Read

BlackRock Inc., the New York asset manager majority owned by PNC Financial Services Group Inc., said earnings rose in the second quarter behind strong growth in assets under management.

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Second-quarter earnings rose to 34.2% from a year earlier, to $53.3 million, BlackRock said Tuesday. Assets under management increased 6% from the end of the first quarter, to $414.4 billion.

It attributed the strong organic growth in assets under management to having a full quarter of results since the Jan. 31 acquisition of State Street Research. BlackRock announced in August that it would pay $325 million in cash and $50 million in stock for SSRM Holdings Inc., the parent of State Street Research and a subsidiary of MetLife Inc.

For the second quarter, BlackRock reported $15.6 billion of net new business, including strong flows in all institutional channels globally.

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Wealth management

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