BlackRock’s profit third-quarter declines by 8%

BlackRock, the world's largest asset manager, said its third-quarter profit fell 8 per cent even as the firm rebounded from its first outflow in nearly three years.

The New York-based company’s net income fell to $843 million, or $5 per share, from $917 million, or $5.37 per share, a year earlier.

Analysts on average were expecting a profit of $4.57 per share, according to Thomson Reuters I/B/E/S.

BlackRock’s long-term net inflows rose to $35 billion from $29 billion a year earlier. Last quarter, long-term outflows were $7.3 billion, the company’s first outflow since 2012.

BlackRock’s exchange-traded funds business, iShares, took in $23.3 billion in new investor money, with the lion’s share of ETF flows going into fixed income.

BlackRock ended the quarter with $4.51 trillion in assets under management, down from $4.52 trillion a year earlier.

The company’s shares closed at $315.12 on Tuesday on the New York Stock Exchange.

Reuters