BlackRock profit beats as exchange-traded funds boom

(Reuters) - BlackRock Inc , the world's largest asset manager, beat analysts' estimates for quarterly profit on Wednesday, as more money rolled into its cash management business and exchange-traded funds amid concerns of slowing global growth. The company attracted $128.84 billion in new money during the quarter, boosting total assets managed to $7.43 trillion, up from $5.98 trillion a year earlier.Investors preferred BlackRock's low-fee passive-investment products over its actively managed..