June 10 (Reuters) - U.S. money manager BlackRock
Following are some key facts about BlackRock:
--BlackRock's assets under management totalled $1.28 trillion at the end of March, across equity, fixed income, cash management, alternative investment and real estate strategies. Fixed income assets totalled $463 billion, equity and balanced segment accounted for $280.8 billion and cash management assets were $338.4 billion.
--The largest publicly traded U.S. asset manager said in April its first-quarter profit plunged by nearly two-thirds as falling markets depressed asset values and slashed its fees. It said net income fell to $84 million, or 62 cents a share, from $241 million, or $1.77 a share, a year earlier. BlackRock's revenue from fund management and advisory business fell 24 percent to $987 million, but the firm managed to attract $5.8 billion of new money.
--The company has been one of the winners of the ongoing
financial crisis thanks to its expertise in fixed income markets
and risk management. BlackRock has come away with contracts to
manage assets from Bear Stearns, American International Group
Inc
-- Chief Executive Laurence Fink, who co-founded the company in 1988, said in April the firm was looking to expand in the mutual funds business, to improve its reach among retail investors.
-- BlackRock has clients in more than 60 countries. Headquartered in New York, the firm maintains over 20 offices around the world. Over one-third of total assets are managed on behalf of non-U.S. investors, and nearly one-third of the 5,000 plus employees live and work outside of the United States.
Sources: Reuters/BlackRock
(Writing by Jijo Jacob, Bangalore Editorial Reference Unit; Editing by David Cutler)