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BlackRock net soars to $256M

By
Post Staff Report
Published Jan. 28, 2010, 5:00 a.m. ET

BlackRock’s fourth-quarter net income skyrocketed almost five-fold as the purchase of Barclays Global Investors lifted fee revenue and investors poured money into stock and bond funds.

Earnings for the world’s biggest money manager soared to $256 million, or $1.62 a share, from $52 million, or 39 cents a share, a year earlier.

The purchase of BGI added $94 million to net income, which was offset by $108 million in after-tax costs from the acquisition.

Chief Executive Larry Fink turned BlackRock into the world’s biggest manager of bond funds and exchange-traded funds with the purchase of Barclays’ San Francisco-based investment unit.

The firm — whose investment in StuyTown, the Manhattan residential colossus, blew up this month — said it had $38 billion in new business.