BlackRock sees profits fall 11% in Q2

BlackRock, the world's largest money manager, has reported its profits fell 11% in the second quarter, as the global downturn in markets cut into fee income.

Net income decreased to $554m, or $3.08 a share, from $619m, or $3.21, a year earlier, the New York-based company said today in a statement. Meanwhile revenues dropped 5% to $2.29bn. BlackRock's overall assets under management fell 3% to $3.56trn during Q2 and were down 3% from a year earlier. The fall was largely due to $95bn of market-related declines in value. Overall, the asset manager reported $3.7bn of net new inflows, and reported a $55bn pipeline of new business as of July. Shares were down 2.16% to $172.35 this afternoon, shortly after results were announced. The wider ...