BlackRock Inc. clients slowed the amount of money they poured into the firm’s core investment funds as markets cratered and inflation surged.
Investors are reeling with US inflation running at a four-decade high and the Federal Reserve ratcheting up interest rates as recession fears mount. The S&P 500 tumbled 16 per cent in the quarter, extending its decline for the year to more than 20 per cent and ushering in a bear market. BlackRock’s assets under management, which crossed the US$10 trillion threshold for the first time toward the end of last year, have come tumbling back down. They totaled US$8.5 trillion at June 30, the lowest in almost two years.
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