(Bloomberg) -- BlackRock, the world’s largest money manager, said third-quarter profit rose 3.8% as the firm cut costs and attracted money into its exchange-traded funds.

Net income increased to $875 million, or $5.26 a share, from $843 million, or $5, a year earlier, according to a statement Tuesday. Adjusted earnings of $5.14 a share beat the $4.98 average estimate by 16 analysts surveyed by Bloomberg.

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