BlackRock Inc , the world's largest asset manager, reported an 18% drop in first-quarter profit on Friday but it beat analysts' estimates as investors continued to pour money into its funds, cushioning the hit to fee income from a banking rout that rocked financial markets.
A sign for BlackRock Inc hangs above their building in New York U.S., July 16, 2018. REUTERS/Lucas Jackson, the world's largest asset manager, reported an 18% drop in first-quarter profit on Friday but it beat analysts' estimates as investors continued to pour money into its funds, cushioning the hit to fee income from a banking rout that rocked financial markets.
"Recent market volatility and stress in the regional banking sector are the consequences of prolonged periods of aggressive fiscal and monetary policy coming to an end," Larry Fink, chairman and chief executive of BlackRock, said during a conference call. "This mix shift has pressured management-fee revenue, which declined nearly 9% from last year," he said.
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