American fund manager BlackRock has posted an attributable net income of $657m for the first quarter of 2016, down 20% from $822m in the year-ago quarter.
For the quarter ended 31 March 2016, the company’s total revenue dropped 3.6% to $2.62bn from $2.72bn in the prior year. Operating income fell 9.7% to $963m from $1.06bn a year ago.
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The group’s assets under management (AuM) at the end of March 2016 stood at $4.7 trillion. The company recorded $36.1bn of long-term net inflows.
BlackRock chairman and CEO Laurence Fink said: "BlackRock performed well in a challenging market environment and our first quarter 2016 results demonstrate our ongoing ability to help clients achieve their investment goals.
"BlackRock generated long-term net inflows of $36 billion in the quarter, driven by positive global flows across both active and index products. Over the last twelve months, we saw $118 billion of long-term net inflows, muting the impact of $148 billion of market and FX headwinds over the same period."
The company also announced plans to axe 400 jobs and take a $76m restructuring charge to simplify operations.
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