Jones & Co LP.Įxcluding the benefit from the new tax law, BlackRock earned $6.24 per share. The company said its effective tax rate would fall to 23 percent, from closer to 30 percent, which could boost its profitability 6 to 7 percent this year, according to Edward D. Meanwhile, BlackRock earned an annualized $19.28 for every $10,000 it managed during the quarter, down from $19.51 the prior quarter, excluding cash-like money-market funds, according to Reuters' calculations.įink, whose succession plan has long been subject to speculation, said he has no intention to leave his post.īut he added that "we won't be here forever" and that the company had issued a one-time equity grant "to a small group of senior leaders" that will pay out over five to seven years and is "focused on ensuring the interest of the next-generation leaders, individuals who we believe will play critical roles in BlackRock's future."īlackRock's net income surged to $2.3 billion, or $14.07 per share, from $851 million, or $5.13 per share, a year earlier. General and administration expenses for the quarter rose 26 percent in the quarter to $448 million, compared to the year-ago period. "There is a need for passive, there is a need for active."īlackRock shareholders and analysts said they are keeping a close eye on how fast expenses are rising and fees are falling given the demand for lower-fee products. Health & wellness is a broad terminology that covers various techniques, services, and product offerings provided to maintain fitness, health. "As more funds flow into passive investing, active management should have better performance, and I think that's what we're experiencing," said Fink. According to Vision Research Report, the health and wellness market valued at US 4 trillion in 2020 and it is expected to reach US 6.75 trillion by 2030, expanding at a CAGR of 5.2 from 2021 to 2030. Portfolio managers at BlackRock who try to beat the market also posted a strong year, with 76 percent of the fund's actively managed assets in funds ranked in the top half of their Thomson Reuters Lipper category over three years as of November, according to Credit Suisse Group AG. "Our view is this acceleration - we saw 18 percent growth rate last year - we think something like that is going to continue for the next couple of years," said Jennifer Grancio, a managing director at BlackRock focused on the iShares business. The $367 billion the company took in from investors in 2017 overall was a record, while assets under management expanded to $6.29 trillion. Investors' embrace of those funds caught many of BlackRock's once-larger competitors flat-footed.īlackRock said its iShares ETF business took in $54.8 billion in new money in the quarter, up from $49.3 billion a year earlier. Strong economic growth, tame inflation and supportive government policies propped up assets in 2017, with most countries' equity markets recording gains, often at double-digit percentages.īlackRock has the largest lineup of exchange-traded funds (ETFs), many of which "passively" track segments of the market at a relatively low fee. "Just when we thought, after the third-quarter report, things couldn't get better, it seems that they did," said Edward Woods, portfolio manager at Bahl & Gaynor Inc, which owns BlackRock shares. Its shares have gained 47 percent over the last year, including dividends. The New York-based company's shares were up 2.8 percent at midday. He declined to identify such investments but said they were discussed at the company's board meeting. "Fees are really important and are becoming more important."įink said the tax reform was putting more money in his clients' pockets, which they would need to invest, and that the increased cash could allow him to invest more in the company's future. The rate was P48.70:$1 a year ago.Īt the end of June in the previous year, there was P11.16 trillion in total outstanding debt, of which P7.93 trillion sourced through domestic borrowing and P3.22 trillion from external sources."We've been winning more share of wallet," Chief Executive Larry Fink told Reuters. The exchange rate used to compute the data was P54.97 to $1, which was less favorable than the P52.41 to $1 used in May. The BTr said commercial loans made up 55.4 percent of all external debt, while multilateral and bilateral loans made up 34.2 and 10.5 percent of that obligation, respectively. The bureau also noted that due to "the impact of local currency depreciation against the USD (US dollar) amounting to P186.94 billion and the net availment of external financing amounting to P43.18 billion offsetting the P35.72 billion effect of net depreciation against the US dollar on third-currency denominated obligations," the country's external debt widened by 5.1 percent, to P4.02 trillion from P3.83 trillion. By signing up with an email address, I acknowledge that I have read and agree to the Terms of Service and Privacy Policy.
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