American fund manager BlackRock has posted a net income $843m for the third quarter of 2015, a decrease of 8% from $917m, a year ago.
The New York-based company’s revenue increased 2% to $2.91bn from $2.84bn in the third quarter of 2014. Operating income rose 6% to $1.22bn from $1.15bn in the year ago quarter.
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At the end of September 2015, the group’s assets under management (AuM) stood at $4.5 trillion, flat compared to the prior year.
The company has recorded total net inflows of $50bn for the third quarter of 2015, including $35bn of long-term net
Inflows.
For the quarter, cash management AUM grew 5% in the third quarter to $285.7bn, while advisory AUM stood at $12.2bn.
BlackRock chairman and CEO Laurence Fink said: "Clients seeking long-term investment solutions, strong risk management and durable alpha generation turned to BlackRock amidst challenging market conditions, driving total net inflows of $50 billion. Long-term net inflows of $35 billion reflected positive flows across investment styles and client types.
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By GlobalData"Our global retail business raised $7 billion of net inflows, as BlackRock’s strategy to expand our distribution footprint and enhance performance enabled growth in the quarter. BlackRock saw US retail net inflows of $2 billion despite industry headwinds in the quarter, and maintained its leading market share of total year-to-date international cross-border flows.
"iShares, with $23 billion of net inflows, once again captured the #1 market share of net new business globally, as well as in both the US and Europe. Fixed income iShares had $18 billion of net inflows as fixed income ETFs were increasingly used by clients as efficient tools for diversification and liquidity.
"Institutional clients are seeking uncorrelated returns in the current investment environment, and institutional net inflows of
$5 billion included broad based alternatives flows across infrastructure, real estate, fund of fund and alternative solutions offerings. Fundraising momentum also continued, with an additional $1 billion of illiquid alternative commitments raised in the third quarter."
