American asset manager BlackRock has posted an attributable net income of $1.12bn for the third quarter of 2019.
This is an 8% decrease from last year’s figure of $1.21bn.
However, total revenue reported growth, increasing 3% from $3.57bn to $3.69bn.
Notably, the firm’s technology services revenue surged 30% to $259m from $200m.
The rise was attributed to the growth in the firm’s risk management platform Aladdin and the purchase of French investment software provider eFront.
Operating income on an adjusted basis for the quarter ended 30 September 2019 was $1.5bn, versus $1.4bn in the previous year.
The group’s assets under management (AuM) totalled $6.96 trillion at the end of September 2019, as against $6.44 trillion a year ago. Net inflows in the third quarter were $84.24bn.
BlackRock chairman and CEO Laurence Fink said: “Clients have entrusted BlackRock to manage almost $350 billion in new assets over the last twelve months, validating the differentiation of our model.
“BlackRock’s globally integrated platform, bringing together cash, index, factors, active and alternatives with Aladdin’s portfolio and risk management technology, is better positioned than ever before to provide solutions to clients.
“BlackRock generated $84 billion of total net inflows in the third quarter, demonstrating strength in fixed income, cash and alternative strategies, as clients re-balanced, de-risked and sought uncorrelated sources of return in the face of significant global market volatility.”