Shares of BlackRock Inc. rallied 2.1% in premarket trade, after the investment management company beat profit and revenue expectations, amid asset and base fee growth. Net income rose to $947 million, or $5.78 a share, from $875 million, or $5.26 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $5.92, beating the FactSet consensus of $5.57. Revenue rose 14% to $3.23 billion, above the FactSet consensus of $3.07 billion. Retail net inflows of $7.4 billion, included $4.6 billion for fixed income, $1.7 billion for equities and $1.0 billion for multi-asset investments. Net inflows into iShares ETF were $52.3 billion, while institutional active net inflows were $200 million. The stock has rallied 7.8% over the past three months, while the SPDR Financial Select Sector ETF has gained 6.3% and the S&P 500 has tacked on 5.2%.
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