Did little-known Arizona law start the appraiser death clock?

Did little-known Arizona law start the appraiser death clock?

Gov. Ducey inadvertently hands a victory to AMCs

JPMorgan’s Dimon to Sen. Warren: Hit me with a fine. We can afford it

New afterword from Warren’s book reveals tense exchange

Costs up, profits down: Closing a mortgage gets more expensive

In just one quarter the profit dropped $153 per loan

BlackRock profit up 34% in 1Q

/ Print / Reprints /
| Share More
/ Text Size+
Money manager BlackRock Inc. (BLK) saw its profit grow 34% during the first quarter as performance fees grew alongside demand for BlackRock Solutions. BlackRock Solutions is a third-party risk assessment subsidiary and enterprise investment service of BlackRock. By the end of March, BlackRock had $3.65 trillion in assets under its management, up $87.5 billion from the previous quarter. New York-based BlackRock Solutions, which was retained to handle the sale of American International Group subprime mortgage bonds owned by the Federal Reserve, posted a profit of $568 million, or $2.89 per share, on revenue of $2.28 billion in 1Q. The company beat the average analyst forecast of earnings in the $2.75 per share range, according to Yahoo! Finance. That compares to a profit of $423 million, or $2.17 per share, on revenue of nearly $2 billion in the same quarter of 2010. Since the middle of March, BlackRock Solutions has assisted the Fed in the sale of billions of dollars in AIG subprime bonds. “I am very pleased with our year-over-year growth in revenues and adjusted earnings per share, driven by strong investment performance, robust new business in long-term products, increased demand for BlackRock Solutions, and continued expense discipline,” said Laurence Fink, chairman and CEO of BlackRock. “Our new business results, including $82.4 billion in the pipeline, are a direct result of the differentiated value we are delivering for our clients.” Fink said a general lack of confidence in where the market is going resulted in the company obtaining more business from clients. “In a quarter marked by greater economic and political uncertainty, investors sought more advice about long- term investment themes,” he said. Write to Kerri Panchuk.

Recent Articles by Kerri Panchuk

Comments powered by Disqus