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The
world's largest asset management company said on Thursday its
investment advisory and administration fees and securities
lending revenue fell 1.8 percent to $2.49 billion.
"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 U.S., China and Japan alone," Chairman and Chief
Executive Laurence Fink said in a statement.
On June 23, Britain's shock vote to leave the European Union
briefly sent the financial markets into a tailspin.
BlackRock attracted $1.54 billion in "long-term" net flows in
the second quarter ended June 30 compared with outflows of $7.30
billion in the year-earlier quarter.
Assets under management rose to $4.890 trillion from $4.721
trillion, a year earlier. Its iShares exchange-traded funds
business took in $15.67 billion in new money, up from $10.85
billion a year earlier.
New York-based BlackRock's net income fell to $789 million, or
$4.73 per share, from $819 million, or $4.84 per share, a year
earlier.
On an adjusted basis, the company earned $4.78 per share, in
line with the average analyst estimate, according to Thomson
Reuters I/B/E/S.
(Reporting by Nikhil Subba in Bengaluru and Trevor Hunnicutt in
New York; Editing by Kirti Pandey)
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