The asset manager Blackrock has not been able to convert a veritable flood of customer inflows into higher profits. The result fell significantly in the second quarter and was worse than expected by analysts.
Blackrock reported net inflows of $151 billion for the period from April to June, compared to $20 billion a year earlier. The assets under management increased by 8.6 percent to 6.8 trillion dollars.
The revenues nevertheless decreased by 2 percent to 3.52 billion and were slightly below expectations. The net profit fell to $1 billion from 1.1 billion a year earlier.
Seth Statnick was born and raised in California but moved east when he was 25. Apart from running his own consulting firm. Seth spends his time rowing. As a financial journalist Seth has published stories for NPR Business Online, as well as Buzz Feed and Motherboard. As a contributor to The Ticker Times, Seth mostly covers markets and trade.
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