American fund manager BlackRock has posted a net income $819m, or $4.84 a share for the second quarter of 2015, a marginal rise of 1.3% from $808m, or $4.72 a year ago.
The New York-based company’s revenue increased 5% to $2.91bn from $2.78bn in the second quarter of 2014, driven by growth in base fees.
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At the end of June 2015, the group’s assets under management (AuM) stood at $4.77 trillion, up 3% from $4.59 trillion a year ago.
Long-term net inflows were $17.5bn, and long-term net outflows totaled $7.3bn, the asset manager said in a statement. The bulk of those outflows were from large international institutional investors pulling funds from low-fee index-based products.
Commenting on the results, BlackRock chairman and CEO Laurence Fink said: "Although continued market volatility impacted asset flows in the second quarter, BlackRock’s diversified business model drove strong financial results, with revenue up 5% and operating income up 10% year-over-year.
"BlackRock’s unique combination of active and index investment offerings, across all asset classes on a single platform, enables us to provide solutions for our clients’ evolving needs. Despite the impact of more than $30 billion of low-fee institutional index outflows, net inflows into higher-fee active and iShares products drove robust organic base fee growth for the quarter."
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