BlackRock, the world’s largest asset manager, reported third quarter net income of $551 million, up $234 million or 74 per cent from a year ago, and up $119 million compared to the second quarter.

Operating income was $707 million and non-operating income, net of non-controlling interests, was $45 million.

Assets under management soared following its purchase of Barclays Global Investors late last year. Assets under management totaled $3.446 trillion as of end-September, up $295.5 billion or 9 per cent during the quarter and $2.011 trillion or 140 per cent year-over-year.

“BlackRock’s robust third quarter results reflected the breadth of our business globally, strong performance in both index and actively managed products, and increasing demand for BlackRock’s unique ability to deliver multi-asset class and risk management solutions to our clients,” Laurence Fink, chairman and chief executive said in a statement. “Expansion of our operating margin, particularly given the level of investment we are making in the business, reflects the leveragability of our platform and our continued focus on managing expenses.”