BlackRock's New Investor Cash Inflows Slide
16 July 2018 - 9:48PM
Dow Jones News
By Asjylyn Loder
BlackRock Inc. pulled in $20 billion in new investor cash in the
second quarter, nearly 81% lower than the same quarter last
year.
The world's largest asset manager has vacuumed up new assets
into its massive iShares exchange-traded fund business in recent
years as investors forsake active stock pickers in favor of
low-cost index funds. But inflows slowed from last year's record
pace.
The company's iShares ETFs attracted $17.8 billion in net
inflows in the second quarter. Earnings rose 26% from the same
period a year ago, and revenue rose 11%.
"Despite an industrywide slowdown in flows associated with
investor uncertainty in the current market environment, our
dialogue with clients and opportunities to provide long-term
solutions are more robust than ever before," said Chief Executive
Larry Fink in a statement Monday morning.
In the second quarter, BlackRock made $1.07 billion, or $6.62 a
share, compared with $854 million, or $5.20 a share, for the same
period last year. On an adjusted basis, the firm earned $6.66 a
share, compared with $5.22 a share a year ago. That beat
expectations from analysts polled by FactSet of adjusted earnings
of $6.55 per share.
Revenue rose 11% to $3.6 billion compared with $3.2 billion in
the same period a year ago. As of the end of the quarter, BlackRock
had $6.3 trillion under management, up from $5.7 trillion at the
end of June 2017.
Write to Asjylyn Loder at asjylyn.loder@wsj.com
(END) Dow Jones Newswires
July 16, 2018 07:33 ET (11:33 GMT)
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