BlackRock Posts Solid Quarter

But numbers at State Street fail to impress.
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Asset manager


(BLK) - Get Report

posted a 15% earnings jump Tuesday, while financial services provider

State Street

(STT) - Get Report

reported flat quarterly earnings.

For its fiscal second quarter, New York-based BlackRock earned $53.3 million, or 80 cents a share, compared with $48 million, or 73 cents a share, in the year-ago period. BlackRock's adjusted earnings were 91 cents a share, a penny above the analyst consensus estimate compiled by Thomson First Call.

Assets under management rose 6% in the quarter ended June 30 to $414.4 billion.

"BlackRock remains well positioned for the future," said CEO Laurence D. Fink. "Our team-based, highly disciplined investment approach is generating strong performance across asset classes; demand from U.S. and international clients for broader capabilities and for innovative investment solutions is strong."

Meanwhile, State Street reported flat earnings despite a rise in revenue.

The Boston-based company earned $220 million, or 66 cents a share, compared with $220 million, or 65 cents per diluted share, in the year-ago quarter. Revenue rose 5.7% to $1.36 billion, and assets under custody gained 5% to $9.6 billion.

Wall Street analysts had projected earnings of 69 cents a share. Higher servicing and investment management fees helped offset the company's gains.

In a statement, State Street CEO Ronald Logue said he expects "seasonal weakness in market-driven revenue in the third quarter."

Logue reiterated his expectation that the company's third-quarter results will fall toward the lower end of the previously announced ranges.

On Tuesday, BlackRock was flat at $83.49, and State Street was unchanged at $51.38.