BlackRock, the world's largest asset manager, posted higher profits in the third quarter thanks to the rally on the global markets.
BlackRock reported third-quarter EPS of $11.55, $0.24 more than analysts' estimate of $11.31.
Revenue for the quarter totaled $6.51B, compared to the average estimate of $6.29B.
As the company announced on Tuesday, adjusted earnings rose to 1.91 (previous year: 1.72) billion dollars or 11.55 (11.46) dollars per share.
Assets under management climbed to a record 13.46 trillion dollars, up from 11.48 trillion dollars in the previous year.
Long-term net inflows amounted to around 171 billion dollars. This was driven by the continued strength of the exchange-traded fund (ETF) business.
The interest rate cut by the US Federal Reserve in September and the expectation of further easing later in the year boosted inflows into BlackRock's fixed-income ETFs in particular.
Among other things, this enabled the Group to offset higher costs in connection with the acquisition of HPS Investment Partners, an asset manager specializing in the private market.