American asset manager BlackRock has reported a fall in profit and a fall in assets under management (AuM) as invested inflows almost halved amid the Covid-19 crisis.

The turmoil caused by the pandemic led panicky investors to turn to cash.

Investors poured in $35bn of net new money during the quarter, around half compared to the previous year figure of $65bn.

AuM decreased to $6.47trn from $6.51trn.