BlackRock is taking a page from the Blackstone family album, says JMAGuilford:
its tough 2022 on Friday, with one bright spot from an area of business where its original private equity backer also has expanded. Total operating income declined 30% from a year earlier while assets under management tumbled 14%, to $8.6 trillion, but private credit and infrastructure bucked the trend.
So-called illiquid alternatives were the only one of 13 BlackRock buckets to get fuller. Despite accounting for only about 1% of assets, fees from the unit represented 7.1% of revenue, up from 4.5% in the fourth quarter of 2021. Other areas, but even the great rush from mom-and-pop investors after the pandemic struck provided only a relatively modest shift. The proportion of fees generated by various product lines has hardly budged from five years ago.
Rising income from beyond traditional stock and bond offerings, and particularly the harder-to-sell variety, may yet turn out to be more of a game-changer for BlackRock. Blackstone has encountered in this patch regarding valuations of such assets, however, suggesting that BlackRock’s investors will want to hold off before passing judgement on any family resemblance. The fog lifts for Didi's path to normalcy
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