Hire Wire Jul 20 2011

BlackRock Increased Staff and Payroll

By kyle stock

BlackRock Inc., the world's biggest money-management firm, increased its headcount by 400 as it collected new investment dollars in the second quarter.

The firm said in its earnings release that it has 9,700 workers, up from 9,300 three months earlier, a 5.4% increase. The hires include an expansion of the company's private-equity team and new leaders for its real estate unit and its Asian equities business.

"We continued to build for the future by attracting world class talent," Chairman and CEO Laurence Fink said in a statement.

BlackRock boosted payroll more aggressively. The firm set aside $824 million for salaries and bonuses in the second quarter, 16.2% more than it earmarked for pay in the 2010 second quarter.

The company reported a net profit of $619 million, a 43% increase over last year's second quarter. Revenue increased 16% as investors poured more long-term assets into the firm.

Write to Kyle Stock

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