US - BlackRock saw its assets under management reach US$1.1trn at end December 2006, marking a $49.6bn increase on the previous quarter.
That increase was largely led by the successful integration of Merrill Lynch Investment Managers (MLIM). The company registered its net income for the whole of 2006 at $322.6m.
BlackRock’s net new business totalled $60.5bn over the course of 2006, including $27.7bn of inflows from MLIM prior to the merger in September.
The integration of MLIM cost BlackRock $51.3m over the fourth quarter and $141.9m over the course of the year. The fourth quarter expenses included $45.3m for general and administrative activities and $6m in compensation and benefit costs.
The firm said fourth quarter earnings were positively impacted by solid organic growth, favourable market conditions and the realisation of synergies from the MLIM transaction.
The estimated integration charges for 2007 were set at a figure between $15m to $25m.
BlackRock CEO and chairman Laurence Fink commented: “I am very pleased and proud that we were able to achieve an exceptionally strong fourth quarter, our first since closing the merger with MLIM.
“Throughout the quarter, we continued to make progress on our integration and most importantly, investment performance remain competitive.”
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