American fund manager BlackRock has reported attributable net income of $789m for the second quarter of 2016, down 3.7% compared to $819m in the year-ago quarter.
For the quarter ended 30 June 2016, the company's total revenue was $2.8bn, a fall of 3.5% from $2.9bn during the same quarter in 2015.
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Operating income decreased 5.2% to $1.17bn from $1.24bn in the prior year.
The group's assets under management (AuM) at the end of the second quarter were $4.9 trillion, an increase of 4% year-on-year.
BlackRock chairman and CEO Laurence Fink said: “Our clients are facing unprecedented challenges as they attempt to navigate the current investment environment. Political and macroeconomic uncertainty, historically low yields and elevated market volatility are leading clients to pause, as evidenced by more than $55 trillion in bank deposits in the US, China and Japan alone.
“BlackRock generated $2 billion of long-term net flows in the quarter and $126 billion of inflows over the last twelve months, despite the impact of market headwinds and a slowdown in client activity. Beta and mix shift favored fixed income and cash relative to equities, and impacted second quarter base fees year-over-year.”
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