BlackRock profit misses estimates, hit by lower fees for lending stocks

NEW YORK: BlackRock Inc , the world's largest asset manager, took in less cash last quarter as investors moved into lower-cost bond funds, and it made less money lending out stocks.

Lower demand to borrow stocks hurt fees. The borrowers are typically hedge funds that want to"short" those shares, selling the stocks and hoping to buy them back later at a lower cost. Shortseller Andrew Left of Citron Capital said in a recent investment letter that, because of the market rally,"it has been an extraordinarily challenging environment to be a short seller."Investors did pour more money into BlackRock's actively managed funds aimed at beating the market over the low-fee passive-investment products. The company also reported 20per cent growth in its business unit that licenses software and other technology to other financial companies.

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