BlackRock, a US-based asset management firm, has reported an attributable net income of $1bn for the second quarter of 2019.
This is a 7% decrease compared to last year’s income of $1.07bn.
Total revenue for the three-month period ended 30 June 2019 stood at $3.52bn, down 2% from $3.6bn in the same quarter of 2018.
However, the firm’s technology services revenue surged 20% to $237m from $198m.
The growth was said to be driven by the firm’s risk management platform Aladdin as well as the takeover of French investment software provider eFront earlier this year.
Operating income on an adjusted basis dropped 11% year-on-year to $1.28bn.
As of 30 June 2019, the group’s assets under management (AuM) reached $6.84 trillion. A year ago, BlackRock’s AuM was $6.3 trillion.
Quarterly total net inflows were $151bn.
BlackRock chairman and CEO Laurence Fink said: “BlackRock generated $151 billion of total net inflows in the second quarter, a record 9% annualised organic asset growth.
“While organic base fee growth of 3% and the year-over-year revenue decline reflected certain market headwinds, our second quarter results validate BlackRock’s unique ability to bring together the entire firm to meet clients’ needs in any market environment.
“We are now working with clients in more ways than ever before and developing deeper relationships with them as a result. iShares AUM grew to $2 trillion at quarter end, doubling in just five years, with 80% of that growth coming organically. iShares net inflows of $36 billion were once again paced by our industry-leading fixed income ETF franchise.”