Blackrock Inc, the largest quoted US money manager, is appropriately named because its operations have a black box flavour to most people.
We know they employ some amazingly clever people but their activities are shrouded in mystery. What is clear is that they have come in style through a credit crunch that has been wreaking havoc with many of their rivals.
Latest results for the second quarter ending 30 June showed what, on Wall Street, they call a torrent of black ink. Net income rose 23 per cent, earnings per share hit $2.14, significantly ahead of expectations and investors poured $16.7bn into the Blackrock's bond funds.
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