New York (HedgeCo.net) – Bloomberg reports that BlackRock’s second-quarter profit rose 98% after the acquisition of Barclays Global Investors boosted their income.

“Going into the merger we knew that some clients would have to address concentration issues and that the active quantitative style was under stress industrywide,” Chief Executive Officer Laurence D. Fink said in a statement, according to Bloomberg. “As expected, these two issues continued to drive outflows, and are expected to do so for at least another quarter.”

“Net income rose to $432 million, or $2.21 a share, from $218 million, or $1.59 a share, a year earlier.” The mega hedge fund manager said in the statement.

Alex Akesson
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