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Article: BlackRock profits on turmoil in markets
- Article from:
- International Herald Tribune
- Article date:
- January 18, 2008
- Author:
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Reuters
International Herald Tribune
01-18-2008
BlackRock profits on turmoil in markets
Byline: Reuters
Edition: 4
Section: FINANCE/BUSINESS
BOSTON --
The money manager BlackRock said Thursday that its profit jumped 90 percent in the fourth quarter of 2007, easily beating estimates, as it benefited from the credit market turmoil and acquisitions.
The results initially sent shares of BlackRock, the largest publicly traded asset manager in the United States, soaring nearly 7 percent, but the gains were pared as the broader market fell.
BlackRock said it received $30.7 billion in net new money from investors as volatile markets drove investors to safer cash- management products, its ...