Fri, May 22, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

BlackRock First Quarter reporting shows assets of $3.36tln, net income of $423m

Monday, April 26, 2010
Opalesque Industry Updates - BlackRock, Inc. reported first quarter 2010 net income1 of $423 million, up $339 million compared to first quarter 2009. Operating income was $654 million and non-operating expense, net of non-controlling interests, was $3 million. The operating margin was 32.8%, which included the effect of $52 million of pre-tax Barclays Global Investors (“BGI”) integration costs.

First quarter net income, as adjusted2, was $2.40 per diluted common share, or $469 million, up 196% compared to first quarter 2009 diluted EPS of $0.81 and up $0.01 compared to fourth quarter 2009. The comparison to the fourth quarter reflects a 24% increase in net income. The first quarter 2010 reflects the first full quarter of the BGI acquisition, which closed on December 1, 2009. The first quarter 2010 EPS also reflects the full effect of the issuance of new shares in December 2009 associated with the acquisition of BGI. BlackRock’s results reflect the acquisition of BGI, a diverse mix of products across assets under management (“AUM”) and clients, improvements in external capital markets and industry flow trends including strong flows into index products.

Revenue was $1,995 million, up 102% compared to first quarter 2009 and 29% compared to fourth quarter 2009. First quarter 2010 revenue included $1,753 million of base fees, which included the full quarter effect of acquired BGI AUM, revenue associated with $63 billion of growth in long-term AUM and net market appreciation and $50 million of performance fees in first quarter 2010.

First quarter 2010 included as adjusted2 operating income of $2.42 per diluted share and as adjusted2 net non-operating expense of $0.02 per diluted share. Operating income, as adjusted2, of $727 million improved $420 million, or 137%, compared to first quarter 2009 and $166 million, or 30%, compared to fourth quarter 2009, benefiting from the BGI acquisition and continued growth in long-dated AUM. The operating margin, as adjusted2, for first quarter 2010 remained strong at 38.9%, reflecting the effect of BGI and the commencement of additional strategic investments to grow the franchise.

First quarter 2010 net non-operating expense, as adjusted2, of $6 million included $30 million of net gains on investments as well as the effect of a full quarter of interest expense on our $2.5 billion long-term note issuances in December 2009. Source

kb

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Comment - Top hedge fund managers talk about how easy their jobs have gotten, BlackRock to Schroders warn of Argentina’s $20bn bond glut, The 35-year “investment supercycle” is drawing to a close, says Bill Gross, Gundlach: When the Fed starts hiking rates, 'GET OUT' of this asset class[more]

    Top hedge fund managers talk about how easy their jobs have gotten From Businessinsider.com.au: Time was, before the financial crisis hit, corporate boards treated multi-billion dollar hedge fund managers like Jehovah’s Witnesses pounding on their doors and flashing bibles. But no more.

  2. T Rowe's challenge to Dell deal may fuel critics of 'appraisal'[more]

    From Reuters.com: An increasingly popular tactic used by hedge funds and others to extract more money from buyouts could soon face a major courtroom test when a big investor in Dell Inc may argue that it should be paid a higher price for the 2013 acquisition of the PC maker. The strategy, known as "

  3. News Briefs - Ergen says LightSquared plan unfairly favors hedge funds, Why hedge fund managers make good advisory clients, I learned a lot about dad-bros after spending 4 days in Vegas with 2,000 hedge funders[more]

    Ergen says LightSquared plan unfairly favors hedge funds LightSquared Inc.’s bankruptcy plan gives hedge funds that invested in the broadband company a leg up while blocking telecommunications firms from competing with it, a fund owned by Dish Network Corp. Chairman Charles Ergen said in

  4. Opalesque Exclusive: SEC approves proposed changes to Form ADV, '40 Act - comment period to follow[more]

    Bailey McCann, Opalesque New York: Hedge funds and providers of liquid alternatives will want to pay close attention to proposed reforms approved by the SEC yesterday. The changes will require more frequent reporting, as well as a closer look into social media, liquid alternative strategies, and

  5. New market regime has created more dispersion between managers[more]

    Komfie Manalo, Opalesque Asia: The month of April has marked the transition toward a new market regime, Philippe Ferreira, Lyxor AM’s head of research, managed account platform, commented in the May 5's Weekly Briefing. "The first quart

 

banner