NEW YORK - BlackRock, the world’s largest asset manager, reported fourth quarter profit of $670 million. BlackRock rocked analyst estimates by nearly 18% with earnings per share of $3.42.
Revenues jumped 61 percent, to $2.49 billion. For the year BlackRock recorded net income of of $2.1 billion.
One company which will benefit from the strong performance is PNC Financial. PNC which used to be the parent of BlackRock owns 19% equity interest in the company and has significant influence over the dividend policy. This allows PNC to record a share of BlackRock's profit.
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