BlackRock second-quarter profit rises 8.6 percent
(Reuters) - BlackRock Inc <BLK.N>, the world's biggest asset manager, reported an 8.6 percent rise in quarterly profit on Monday, helped by higher fees.
The company's index-tracking exchange-traded funds have been growing at a record pace.
But the asset manager has been trying to restructure its actively managed stockpicking to thrive in a business that has seen its growth prospects slashed as investors move to low-cost funds.
The company has been cutting fees and has recently launched new bond ETFs in efforts to lure more investors to its products from traditional debt markets.
BlackRock ended the quarter with $5.69 trillion in assets under management, up from the preceding quarter, when managed assets totaled $4.89 trillion.
The company's net income rose 8.6 percent to $857 million in the second quarter.
In the most recent quarter, the company's iShares ETF business took in $73.8 billion in new money, up from $15.7 billion, a year earlier.
Net investment in fixed-income securities totaled $42.92 billion. BlackRock attracted total "long-term" net flows of $103.62 billion in the quarterly period.
The company's shares were marginally down in premarket trading on Monday.
(Reporting by Diptendu Lahiri in Bengaluru; Editing by Shounak Dasgupta)
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