Blackrock beats profit forecasts for fourth quarter, revenues lag

Blackrock beat analysts' forecasts for profits in the fourth quarter of 2016 even as it was forced to cut fees on some of its core products, hitting its top-line growth.

The asset manager posted a 1% rise in revenues to reach $2.89bn, which was a tad less than the $2.93bn which analysts had penciled in.

Earnings per share on the other hand came in at $5.14. which was comfortably ahead of analysts´ average estimate of $5.02.

Assets under management on the other hand jumped 11% to $5.15trn as investors continued to shift towards less expensive "passive" products and Blackrock cut fees on many of its exchange traded funds last October.

As of 1311 GMT shares in Blackrock were up by 0.19% to $379.