BlackRock's quarterly profit jumps 25% and assets under management rise to $15.48 trillion

Investment management firm BlackRock reported a net attributable profit of 1.659 billion dollars in the third quarter, representing a 25% increase compared to the same period in the previous year. Alongside the profit growth, the firm reached a record level of assets under management, totaling 15.48 trillion dollars.

This financial update forms part of a broader corporate earnings reporting cycle for major US financial institutions. During the same period, competitor Morgan Stanley announced a 29% year-on-year increase in net income to 16.057 million dollars for the first nine months of the year, driven by its equity and wealth management divisions. Conversely, Bank of America experienced a 17% decline in third-quarter net income, falling to 6.541 billion dollars due to a 1.2 billion dollar penalty.