(Bloomberg) -- BlackRock, the world’s largest money manager, reported third-quarter profit that beat analyst estimates as retail clients and institutions added money.

Net income decreased 8% to $843 million, or $5 a share, from $917 million, or $5.37, a year earlier, partly reflecting a higher tax rate, the New York-based company said Wednesday in a statement. Adjusted earnings of $5 a share beat the $4.58 average estimate of 19 analysts surveyed by Bloomberg.

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