) assets under management dipped sharply in the first quarter amid turmoil in global markets caused by concerns about the economic fallout of the coronavirus outbreak.
The massive volatility in global markets has left asset managers dealing with the biggest challenge since the financial crisis of 2008. BlackRock’s fixed-income products, typically viewed as safe-havens, experienced outflows of $35 billion, sapping a recent source of strength for the asset manager. A 34% growth in technology services revenue, to $274 million, was a bright spot, helping the firm grow revenue to $3.71 billion, up 11% from the comparable quarter last year.
They still gained the most valuable client in the world - the federalreserve
These dinosaurs BlackRock don't yet know that their era is over. They'd better find themselves a useful job.
Itsy bitsy violin here.
ФАК ОФФ
Always confused by this glass half empty approach to profit. Profit is what is left after all the bills are paid. According to this, Blackrock continues to profit, albeit at a slower pace.
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Source: BusinessInsider - 🏆 729. / 51 Read more »