A sign for BlackRock Inc hangs above their building in New York U.S., July 16, 2018. REUTERS/Lucas Jackson/File Photoreported an 18% drop in fourth-quarter profit on Friday, hit by a global market rout that squeezed fee income, but registered $146 billion of long-term net inflows in the quarter as stocks and bonds rebounded.
"2022 was a year of transition and a complex market environment for every one of our clients," Larry Fink, chairman and chief executive of BlackRock, said during a conference call. Assets under management stood at $8.59 trillion at the end of the fourth quarter, down from a little more than $10 trillion a year earlier but up from $7.96 trillion in the third quarter.
"We recently restructured the size and shape of our workforce to free up investment capacity for our most important growth initiatives," Chief Financial Officer Gary Shedlin said during Friday's conference call. "At present, we would expect our headcount to be broadly flat in 2023," he added. BlackRock registered $146 billion in long-term inflows in the fourth quarter, up from $65 billion in the previous quarter. Total net inflows amounted to $114 billion when accounting for outflows from cash management.
Are their investments in Ukrainian Nazis not working out like they had hoped maybe? 😢