BlackRock, the world’s largest money manager, more than in the fourth quarter as rallying markets lifted assets under management.
Boosted by the $13.5bn takeover of Barclays Global Investors in late 2009, BlackRock reported earnings well ahead of Wall Street expectations.
Net income jumped from $256m in the fourth quarter of 2009 to $657m in the last three months of 2010 as revenues rose from $1.54bn to $2.49bn.
Larry Fink, chairman and chief executive of BlackRock, attributed the improvement in operating margins for the year to a combination of the benefits of the BGI acquisition, improved markets and positive investment performance
Source: ft.com
Average Joe Shmoe says: Ughh, "Somebody" is making money! They must know a lot about investment banking?
Sure is Joe. Sure is. Just go to school and learn how to make some for yourself....
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