BlackRock profit jumps as resilient markets boost fees

BlackRock posted a jump in third-quarter profit on Wednesday, as the world's largest asset manager raked in higher fees from managing client funds. Its profit rose to $1.66 billion, or $10.57 per share, in the three months ended September 30, compared with $1.32 billion, or $8.43 per share, a year earlier. BlackRock's assets under management — which determine a large chunk of its earnings — rose to $15.49 trillion, from $13.46 trillion a year earlier. The benchmark S&P 500, which is trading close to its all-time highs, continued its steady ascent over the quarter and investors continue to demonstrate their willingness to allocate assets to investment firms such as BlackRock.