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BlackRock's profit rises 29 percent on demand for low risk funds

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By Reuters
BlackRock's profit rises 29 percent on demand for low risk funds
FILE PHOTO: A sign for BlackRock Inc hangs above their building in New York U.S., July 16, 2018. REUTERS/Lucas Jackson/File Photo GLOBAL BUSINESS WEEK AHEAD   -   Copyright  Lucas Jackson(Reuters)

(Reuters) – BlackRock Inc <BLK.N> reported a 28.8 percent rise in profit on Tuesday, helped by higher demand for its low risk funds in a quarter marked by heightened trade tensions between Beijing and Washington.

Net income attributable to the world’s biggest asset manager rose to $1.22 billion in the third quarter ended Sept.30, from $944 million a year earlier.

On a per share basis, BlackRock earned $7.54, compared with $5.76 a year earlier.

(Reporting by Diptendu Lahiri in Bengaluru; Editing by Arun Koyyur)