BlackRock hit by falling markets and lower fees
Falling markets and lower performance fees pushed BlackRock’s revenues, net income and assets under management down 15 per cent year on year in the third quarter.
The world’s largest money manager reported AUM of $8tn, down from $8.5tn in June and below analysts’ expectations of $8.3tn. Much of this was because of falling markets, which hit its giant index funds hard.
Revenue fell 15 per cent year on year to $4.3bn, partly because of the rising dollar. The group, which has seen total AUM fall from a peak of $10tn last year, has suffered a substantial drop in performance fees this year as clients and funds have experienced losses.
This story originally appeared on: Financial Times - Author:Brooke Masters
