April 12 (Reuters) - BlackRock ( BLK ) reported record

assets under management (AUM) of about $10.5 trillion in the

first quarter and posted a 36% jump in profit on Friday as a

rebound in global equity markets boosted its investment advisory

and administration fees.

Global equity markets rallied in the first quarter as

expectations grew that the world's major central banks were done

with monetary policy tightening and would pivot to rate cuts,

resulting in a jump in AUM.

The company's AUM jumped 15% in the first quarter from a year

earlier, while investment advisory and administration fees,

typically a percentage of AUM and BlackRock's ( BLK ) chief source of

revenue, climbed nearly 8.8% to $3.63 billion.

Shares of the world's largest asset manager were up 2.6% in

premarket trading.

However, total net inflows fell to $57 billion from $110

billion a year earlier. Inflows continue to be soft as clients

sit on the sidelines waiting for interest rate cuts to begin

before dipping back into risky assets.

Analysts expect asset management industry flows to

re-accelerate after interest rate cuts begin, as that would

incentivize the movement of cash piles currently on the

sidelines into risky assets.

The company's total revenue jumped 11% to $4.73 billion in

the quarter, driven by higher performance fees and technology

revenue as well the impact of higher markets on average AUM.

BlackRock ( BLK ) provides investment management and technology

services to retail and institutional clients globally that

includes sovereign wealth funds, insurance companies, and large

corporations among others.

Its technology revenue jumped about 10.9% to $377 million,

reflecting sustained demand for its Aladdin investment

management platform.

Net income for the company rose to $1.57 billion, or $10.48

per share, in the three months ended March 31, from $1.16

billion, or $7.64 per share, a year earlier.

Shares of BlackRock ( BLK ) were down about 3.2% this year,

underperforming the benchmark S&P 500 index, which is up

9%.

(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by

Shinjini Ganguli)