BlackRock beat analysts' estimates of second quarter earnings by one penny, reporting net income of $53.3 million, or $0.80 per diluted share. Net income and earnings per share were up 15% and 14%, respectively, from the first quarter of 2005.

BlackRock reported total assets under management of $414.4 billion, an increase of six percent from $391.3 billion in the first quarter, according to a release.

Mutual fund assets made up approximately 24 percent of BlackRock's total assets under management. Mutual fund assets barely budged quarter-over-quarter, suffering from $510 million in redemptions but gaining $543 million in market appreciation and acquisitions. Total fund assets edged up less than one percent from $99.14 billion to $99.17 billion at the end of second quarter.

Mutual fund revenue for the second quarter totaled $77.2 million, an increase of nearly 10 percent from $70.4 million in the first quarter.

BlackRock attributed the gain in assets under management to growth in BlackRock Solutions and advisory services.

"Our second quarter results reflect the strong growth momentum of our business across regions and client segments in both our core investment management franchise and in BlackRock Solutions®," said Laurence D. Fink, Chairman and Chief Executive Officer.

"The integration of SSR was completed with a minimum of interruption to our clients or our business efforts, and the benefits we are already seeing from that transaction should increase over time," said Fink.  

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