BlackRock's profit falls 8%

[BENGALURU] BlackRock Inc, 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 US$843 million, or US$5 per share, from US$917 million, or US$5.37 per share, a year earlier.

Analysts on average were expecting a profit of US$4.57 per share, according to Thomson Reuters.

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

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

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

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

REUTERS