BlackRock Profit Increases 20% on Tech and Fees

BlackRock Inc. reported higher quarterly profit even as market volatility lowered the investment firm’s assets under management to $9.6 trillion.

The world’s largest asset manager reported net income of $1.4 billion, or $9.35 a share, for the first quarter, up 20% from $1.2 billion in the same period a year earlier. BlackRock exceeded analyst expectations of a per-share profit of $8.60, according to analysts polled by S&P Global Market Intelligence.