BlackRock Has Better-Than-Expected Profits

(Reuters) - BlackRock Inc (BLK.N), the world’s biggest asset manager, reported a better-than-expected quarterly profit on Monday, as client demand for index funds helped plump up margins and the company settled into a lower tax rate. Net income attributable to the company rose to $1.07 billion in the second quarter, up more than 25 percent from $854 million a year earlier. BlackRock’s iShares-branded ETFs took in $17.8 billion during the quarter, down from $34.6 billion in the first quarter.