Armed with its first full period of earnings since buying Barclays Global Investors, BlackRock announced its profits quintupled in the first quarter.

On the strength of the $13.5 billion acquisition, BlackRock reported Monday a profit of $423 million, or $2.17 per share, up from $84 million, or 62 cents per share, a year earlier. Excluding certain items, earnings rose to $2.40 from 81 cents. Revenue more than doubled to $2 billion.

The results missed analyst expectations though. According to Thomson Reuters, analysts expected earnings of $2.45 per share on revenue on $2.2 billion.

BlackRock has "experienced some significant merger-related outflows in the quarter," said Chairman and CEO Laurence D. Fink. He added that "dissynergies" are running below expectations but new business flows remained strong.

As a result of the acquisition, assets under management increased 158.5% to $3.36 trillion from a year earlier.

BlackRock reported a strong first quarter from fixed-income index funds, which attracted $13.6 billion in net new assets. That included $7.1 billion from Barclays’ iShares funds, the company’s exchange-traded fund business, which was the crown jewel of the Barclays deal.

Earlier this month, BlackRock introduced two new fixed income funds designed to take advantage of opportunities in the unpredictable market environment, post-financial crisis.

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