Asset manager BlackRock (BLK.N) has revealed net income of $568 million (£342.6 million) for the first quarter of 2011.

However, the first quarter results represented a decrease of $89 million on the prior quarter. The New York-headquarterd company said the first quarter results represented an increase of $145 million compared with the prior-year period.

BlackRock said assets under management had reached almost $3.7 trillion at the end of March, a 2 per cent increase on the prior quarter.

Larry Fink, chairman and chief executive of BlackRock, said, 'We have come together as one firm, driving connectivity to tap into the unique strengths of our global organization and reinvesting for future growth.'

He added, 'The strength of our earnings and free cash flow provided us with sufficient resources to continue to reinvest in our business, while further enhancing our payout to shareholders.

'During the first quarter, we increased our dividend by 38 per cent, and we expect to increase share buybacks during the year consistent with maintaining the increased float in our stock.'


To receive more relevant articles like this one, why not sign up to our weekly newsletters, click here