Blackrock's Fink says war to speed shift to green energy and digital currenciesRising interest rates, inflation and higher energy prices are posing challenges to investors that they haven’t seen in decades, BlackRock Inc.’s Larry Fink said after the company reported second-quarter earnings that missed Wall Street estimates.
The results reflected Fink’s comments, showing that clients slowed the stream of money they added to its core investment funds. The choppy macro and economic background in the first half is prompting investors to reconsider the high-flying stocks and funds they’d previously embraced and making it harder for financial firms to keep growth on track.
Investors pulled US$10.3 billion from BlackRock’s actively managed funds in the second quarter. A year earlier, they added US$63 billion. BlackRock’s cash-management funds had record levels of assets in the quarter, Fink said, and took in US$21 billion of net inflows during the market declines.
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