IPFS News Link • Stock Market
BlackRock Assets Plunge Amid Global Stock And Bond Turmoil
• Zero HedgeBlackRock, the world's largest investment manager, reported assets under management (AUM) plunged 16% year-on-year to $7.96 trillion in the third quarter amid global equity and bond market turmoil sparked by central banks aggressively raising interest rates to quell elevated inflation. Reported AUM missed every average analyst estimate, while the Bloomberg consensus was around $8.27 trillion.
New York-based BlackRock reported a smaller-than-expected decline in quarterly profit as demand for exchange-traded funds and other low-risk financial products increased fee income. Most of its money is made from fees charged for investment advisory and administration services.
BlackRock products, known as long-term funds, only attracted $65 billion of net inflows, missing the $104 billion average estimate.