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BlackRock profit falls 16% as market volatility spooks investors

BLK on Thursday posted a 16% drop in third-quarter profit as volatile global markets pressured fee income and sent assets under management further below the $10 trillion mark hit last year.

The threat of a global recession, rapidly rising interest rates and the Ukraine crisis have slammed both bonds and stocks this year, keeping investors on the back foot in a blow to companies.

The asset manager, which makes most of its money from fees charged for investment advisory and administration services, said revenue in the third quarter fell 15% year-on-year to $4.31 billion.

BlackRock's assets under management (AUM) dropped 16% to $7.96 trillion as a stronger dollar also piled on pressure by dampening the value of investments in key European and Asian markets.

While overall net inflows were positive in the quarter, coming in at $65 billion, BlackRock's retail clients withdrew about $5 billion, spooked by the weak market conditions.
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https://www.reuters.com/business/finance/blackrock-reports-fall-third-quarter-profit-2022-10-13/