BlackRock misses profit estimates

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FE Team | Published: July 15, 2022 22:39:22

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BlackRock Inc reported a bigger fall in quarterly profit than expected on Friday as the turmoil in global markets shrank the world's largest asset manager's fee income and retail investors redeemed their savings, reports Reuters.
Adjusted profit fell to $1.12 billion, or $7.36 per share, for the three months ended June 30, from $1.61 billion, or $10.45 per share, a year earlier. It missed an average analyst estimate of $7.90 per share, according to IBES data from Refinitiv.
Retail investors withdrew roughly $10 billion in the quarter, BlackRock showed. Still, the firm attracted $89.6 billion in total net inflow from clients.
BlackRock's assets under management (AUM) fell 11 per cent to $8.49 trillion compared to last year, well below the $10 trillion milestone from the fourth quarter of 2021.
"Investors are simultaneously navigating high inflation, rising rates and the worst start to the year for both stocks and bonds in half a century," said Chief Executive Officer Larry Fink said in a statement.