The $6.96 trillion asset Manager raised $84.25 billion in new money during the quarter, providing a glimpse into investors ‘ risk appetite amid fears of a slowing U.S. economy.
Investors preferred Blackrock’s low-risk passive investment products over its actively managed funds. BlackRock’s iShares ETFs took in $ 41.5 billion in new money, up 15% from the previous quarter.
BlackRock is trying to become a big provider of technology used by wall street firms to combat competitive price pressures in the asset management business. The company’s technology division continued steady growth with revenue growth of 30%.
Net income fell to $1.12 billion, or $7.15 per share, in the third quarter ended September 30, from $1.22 billion, or $7.54 per share, a year earlier.
(Reporting by Bharat Manjesh in Bengaluru; Editing by Bernard Orr)
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