BlackRock’s Profit Jumps 21% as Investors Surge Into Bond Funds

Money-management giant BlackRock Inc.’s quarterly profit rose 21% as investors leaned on its bond funds to make rapid bets in volatile markets roiled by the coronavirus pandemic. Driving the company’s performance, BlackRock’s bond exchange-traded-funds did a brisk business in the quarter as traders and financial institutions used ETFs to zip in and out of markets, make wagers, or hedge their portfolios during unprecedented volatility. ETFs are collections of instruments that trade like stocks on exchanges. …

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