BlackRock posts $568m profit for Q1

BlackRock has reported net income of $568m for the first quarter, marking a $145m increase from a year ago.

The asset manager said AUM hit $3.6trn at the end of Q1, growing $87.5bn or 2% during the quarter. The growth was fuelled by a $100bn improvement in market and investment performance, which saw $34.7bn of net new business flow into long-term products based on equity, fixed income, multi-asset and alternatives. However, the firm said net income was down $89m compared with Q4 in 2010, which was due to the "seasonal nature of performance fees." BlackRock also reported Q1 diluted earnings per share of $2.96, marking an increase of 23% compared to Q1 in 2010, but down 13% on Q4 last yea...