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.

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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.

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