BlackRock (BLK) - Get Free Report reported third-quarter earnings of $7.15 a share, beating estimates of $6.96, as the money manager reported $84 billion of quarterly net inflows, up from a year-earlier loss of $3.11 billion.
The company reported year-earlier adjusted earnings of $7.52 a share.
The stock was up 0.9% in trading Tuesday to $438.16.
Revenue in the period rose 3% to $3.69 billion "driven by higher base fees and technology services revenue, partially offset by lower performance fees," BlackRock said in a statement. Assets under management in the quarter were more than $6.96 trillion.
"Clients are increasingly looking for strategic partners who understand their whole portfolio and investment goals in the context of a complex and changing landscape," said Laurence Fink, BlackRock chairman and CEO, in a statement. "Clients have entrusted BlackRock to manage almost $350 billion in new assets over the last 12 months."
BlackRock's $84 billion of total net inflows in the third quarter came from "strength in fixed income, cash and alternative strategies, as clients re-balanced, de-risked and sought uncorrelated sources of return in the face of significant global market volatility," Fink said.