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FILE PHOTO: The BlackRock logo is displayed on a floor screen of the New York Stock Exchange in New York, USA, on March 30, 2017. REUTERS / Brendan McDermid / File Photo
(Reuters) – BlackRock Inc. beat badyst estimates for quarterly earnings Tuesday as investors invested in its actively managed institutional and long-term funds.
Total netbacks from institutional funds increased nearly ninefold to $ 29.12 billion in the first quarter from a year ago.
The company said it had generated "long-term" net flows totaling $ 64.67 billion, up from $ 54.63 billion a year ago.
The softer markets of the first quarter, compared to the same period of last year, when the drop in US tax had heightened volatility, prompted more people to return to the markets, especially after the sharp losses recorded in December 2018.
Total net inflows for all types of products were $ 64.67 billion, up 13.6% from the previous year.
BlackRock said its iShares ETFs generated $ 30.69 billion in new capital, compared to $ 81.40 billion in the fourth quarter.
Net income attributable to BlackRock decreased to $ 1.05 billion, or $ 6.61 per share, in the quarter ended March 31, compared to $ 1.09 billion, or $ 6.68 per share, a year earlier. (Bit.ly/2XenIdZ)
Analysts expected earnings of $ 6.13 per share, according to Refinitiv's IBES data.
Bharath Manjesh report in Bengaluru; Edited by Sriraj Kalluvila
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