BlackRock Inc., the world’s largest asset manager, missed analysts’ estimates for quarterly profit on Friday, as investment advisory and securities lending revenue fell and costs rose.
Its institutional funds added US$87.36-billion in the second quarter, up from US$29.12-billion in the first quarter. Investors poured more money into BlackRock’s actively managed funds aimed at beating the market over the low-fee passive-investment products.BlackRock said its iShares-branded ETFs took in US$36.10-billion of new money, up from US$30.69-billion in the preceding quarter.The New York-based company’s net income attributable to BlackRock fell to US$1-billion, or $6.41 per share, in the quarter ended June 30 from US$1.07-billion, or US$6.
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