The BlackRock logo is pictured outside their headquarters in the Manhattan borough of New York City, New York, U.S., May 25, 2021. REUTERS/Carlo Allegrisaid on Friday it is tightening its belt and putting off some hirings amid an economic environment that has spooked retail investors and drove its quarterly profit down.
"We are mindful of the current environment and you are proactively managing the pace of what I would call certain of our discretionary investments," Chief Financial Officer Gary Schedlin told analysts in a call.BlackRock said that general and administrative expenses rose 12% year-over-year partly due to costs associated with return to office such as higher tech costs and health and safety costs.
Spooked by assets drawdown, retail investors withdrew roughly $10 billion in the quarter, BlackRock showed, the first drop since the pandemic began in March 2020. The company said that although gross sales of mutual funds remained strong, there were strong redemptions in long-duration fixed income, high yield and growth equities.Regarding the recent collapse of crypto assets, BlackRock said it will continue to explore digit assets.
"Investors are simultaneously navigating high inflation, rising rates and the worst start to the year for both stocks and bonds in half a century," said Fink, adding that global companies are also facing the impact of the dollar appreciation in their earnings.
This company is destroying the housing market.
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