BlackRock beat second-quarter profit estimates on Friday as investors continued to pour money into its various funds on the back of a rally in markets following a bruising start to the year.
Markets have staged a comeback so far this year, braving the Federal Reserve's interest rate increases and a banking crisis, which have raised risks of an economic downturn later in 2023.
The New York company ended the second quarter with $9.4 trillion in assets under management (AUM), up from $8.5 trillion a year earlier and $9.1 trillion in the first quarter.
Revenue at BlackRock fell by 1.4 per cent to $4.4 billion from a year earlier, driven by the impact of market movements on average AUM over the past 12 months, it said.
Net inflows for the quarter stood at $80 billion, down from $89.6 billion a year ago.
The world's largest asset manager, which makes most of its money from investment advisory and administration services fees, reported a 25 per cent rise in its second-quarter adjusted profit.
The adjusted profit of $9.28 a share leapfrogged analysts' estimates of $8.46, according to Refinitiv IBES.
Larry Fink, BlackRock's chairman and chief executive, said clients had consolidated their businesses with the asset manager, helping to boost exchange-trade fund inflows.
During an investor event last month, Mr Fink said he was not planning to leave the asset manager “any time soon”.
The company also laid off less than 1 per cent of its total workforce last month due to budget reallocations made in a push to support critical priorities. It had cut 500 jobs earlier in the year as well.
BlackRock has been attempting to enter into the cryptocurrency space as it seeks the Securities and Exchange Commission's permission to list an ETF that will reflect the price of Bitcoin.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Company profile
Name: One Good Thing
Founders: Bridgett Lau and Micheal Cooke
Based in: Dubai
Sector: e-commerce
Size: 5 employees
Stage: Looking for seed funding
Investors: Self-funded and seeking external investors
COMPANY%20PROFILE
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It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
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All you need to know about Formula E in Saudi Arabia
What The Saudia Ad Diriyah E-Prix
When Saturday
Where Diriyah in Saudi Arabia
What time Qualifying takes place from 11.50am UAE time through until the Super Pole session, which is due to end at 12.55pm. The race, which will last for 45 minutes, starts at 4.05pm.
Who is competing There are 22 drivers, from 11 teams, on the grid, with each vehicle run solely on electronic power.
Asia Cup Qualifier
Final
UAE v Hong Kong
TV:
Live on OSN Cricket HD. Coverage starts at 5.30am
Company%20profile%20
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