News Formal

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

  • 📰 ChannelNewsAsia
  • ⏱ Reading Time:
  • 35 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 66%

Sverige Nyheter Nyheter

Sverige Senaste nytt,Sverige Rubriker

BlackRock Inc , the world's largest asset manager, on Friday reported a 6.5per cent drop in second-quarter profit, as investment advisory and ...

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.

Vi har sammanfattat den här nyheten så att du kan läsa den snabbt. Om du är intresserad av nyheterna kan du läsa hela texten här. Läs mer:

 /  🏆 6. in SE
 

Tack för din kommentar. Din kommentar kommer att publiceras efter att ha granskats.

Sverige Senaste nytt, Sverige Rubriker

Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.

BlackRock's profit hit by lower fees for lending stocksBlackRock Inc , the world's largest asset manager, on Friday reported a 6.5per cent drop in second-quarter profit, as investment advisory and ...
Källa: ChannelNewsAsia - 🏆 6. / 66 Läs mer »

GE sells solar business stake to BlackRock[NEW YORK] General Electric Co agreed to sell a majority stake in a solar energy business to BlackRock Inc, giving the investment giant footing in a growing market as the ailing manufacturer shifts its focus elsewhere. Read more at The Business Times.
Källa: BusinessTimes - 🏆 15. / 51 Läs mer »