BlackRock Reports Profitable Q3 Despite Drop in Inflows
The world’s largest asset manager BlackRock has reported that it has beaten its third-quarter profit estimates. Although the third quarter of 2023 was profitable for the near-$10 trillion asset manager, the firm saw a sharp drop in net in flows . According to LSEG (London Stock Exchange Group), BlackRock’s profit hit $10.91 per share, beating analyst’s estimates of $8.26. As per LSEG, high investment advisory fees helped the firm stay profitable. Moreover, revenue rose by 5% to $4.52 billion from a year earlier. Also Read: JPMorgan Debuts Blockchain Settlement For BlackRock-Barclays However, despite the rise in profit per share, net in flows fell to $2.57 billion from $16.9 billion last year. Moreover, the asset manager witnessed net out flows of $49 billion. The out flows stem from lower-fee institutional index equity strategies. Additionally, the company noted that one international client in particular was responsible for a whopping $19 billion outflow....