(BlackRock) The world’s largest asset manager, BlackRock, netted an income of $1.4 billion or $9.35 per share in the first quarter of 2022, an increase of 20% from the prior year.
Despite the net profit exceeding estimates of $8.60 per share, BlackRock said that market volatility pulled its assets under management down from $10.01 trillion at the end of 2021 to $9.6 trillion.
The net income in the first quarter was derived from a revenue of $4.7 billion, up by 7% from the prior year. The revenue missed estimates of $4.76 billion.
BlackRock also reported a quarterly decline in inflows to $86 billion, from $172 billion last year, and investors’ sentiment was dampened by growing inflation.
BlackRock Chairman and CEO Larry Fink said that the fund’s investments over the years position it well to advise its clients and pursue long-term financial goals amid the uncertain geopolitical and economic environment.
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