BlackRock Inc. and Nuveen Investments have both reported an impressive third quarter in earnings, thus, illustrating the ability of management firms to bring in new money, says The Wall Street Journal.
BlackRock earned 92 cents per share, or $61.1 million in the quarter, a real improvement when compared to the year before, when it had a $9.8 million net loss, or 15 cents per share. Revenue in the third quarter grew to $300.8 million from $171 million in the third quarter of 2004, a 76% increase.
As for Chicago-based Nuveen, net income increased by 11% to $43.5 million from $39.1 million a year earlier, and earnings rose to 54 cents per share from 41 cents.
BlackRock's assets under management increased by 3% in the quarter to $427.8 billion, while Nuveen's rose to $128.17 billion, a 20% increase.
Nuveen disclosed that 47% of its assets under management could be found in municipal portfolios, 41% in stock-based portfolios, and 12% in taxable-income oriented portfolios. Its mutual funds attracted $590 million in new money in the quarter, four times the rate in the year earlier period.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.