Shares of money manager
traded higher Wednesday after rising assets under management helped the company beat analyst profit estimates.
New York-based BlackRock, which specializes in closed-end funds, said its adjusted earnings rose to $68.1 million, or $1.03 a share, from $36.9 million, or 56 cents a share, last year. The Thomson First Call mean analyst estimate was for a profit of 97 cents a share.
Net income, which includes costs related to a long-term retention and incentive plan, came in at $61.1 million, or 92 cents a share.
Assets under management increased $13.4 billion from June 30 to $427.8 billion as of Sept. 30, up from $323.5 billion a year earlier. The increase was driven principally by $39.1 billion in net new business and $50 billion of assets acquired with SSR Holdings, according to BlackRock.
BlackRock's shares were recently trading up $2.16, or 2.6%, to $85.85.
Rising third-quarter markets also helped Chicago-based
, an asset manager primarily recognized for its municipal bond funds. The company said net income rose to $43.5 million, or 54 cents a share, from $39.1 million, or 41 cents a share, a year ago.
Nuveen's profit was a penny better than the First Call mean estimate of 53 cents a share.
Nuveen Chief Executive Tim Schwertfeger acknowledged the market's role in lifting Nuveen's quarterly performance, saying that two-thirds of the company's sales were in equity products, "reflecting the strength in the stock market."
Gross sales totaled $5.9 billion, with the majority coming from high-net-worth managed accounts and institutional separate-accounts businesses, according to the company.
Nuveen's assets under management rose 20% to $128 billion as of Sept. 30 from $107 billion a year ago. The increase was driven by $15 billion of net flows and $6 billion of market appreciation. At the end of the quarter, assets under management included 47% in municipal portfolios, 41% in equity-based portfolios and 12% in taxable income-oriented portfolios.
Nuveen shares recently traded up 5 cents, or 0.1%, to $37.70.