By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
IndebtaIndebta
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
9
Notification Show More
Videos
Stocks slide as Middle East tensions rise, energy shares gain, crypto portfolio tips
20 hours ago
Videos
Why 3D printed houses are on the rise
21 hours ago
News
Crown Castle Inc. 2025 Q2 – Results – Earnings Call Presentation (NYSE:CCI)
21 hours ago
Videos
What a trillion-dollar defense budget really means for veterans
2 days ago
Videos
The New Soap Operas Are Just 2 Minutes Long — The Power Of Micro Dramas
2 days ago
News
Microsoft poaches top Google DeepMind staff in AI talent war
2 days ago
Videos
Most Americans can’t answer basic retirement questions: Survey
3 days ago
Videos
How Airbus beat Boeing to become the world’s biggest plane maker
3 days ago
News
White Brook Capital Partners Q2 2025 Commentary
3 days ago
Aa
IndebtaIndebta
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
Indebta > News > BlackRock profits jump in volatile quarter thanks to tech services growth
News

BlackRock profits jump in volatile quarter thanks to tech services growth

News Room
Last updated: 2023/10/13 at 7:57 AM
By News Room
Share
3 Min Read
SHARE

Unlock the Editor’s Digest for free

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

BlackRock beat expectations with profits that rose 13 per cent year on year despite a volatile quarter for markets that drove down assets under management and resulted in the group’s first quarterly net long-term outflows since the early days of the Covid-19 pandemic.

The world’s largest asset manager reported adjusted net income of $1.6bn, powered by faster than expected growth of its Aladdin risk management platform and other technology. Revenue was $4.5bn and adjusted earnings were $10.91 a share.

Outflows were driven by a $19bn redemption from its index funds by a large institutional client, while money continued to come into exchange traded funds, bringing net long-term outflows from the end of June to $13bn. Wary investors continued to park more money in cash, so total flows were mildly positive at $2.57bn.

“We’re delivering the benefits of scale to our clients and our shareholders, with margin expansion and 14 per cent growth in adjusted EPS year over year,” chief executive Larry Fink said. “Technology services revenue grew 20 per cent over the same time period, reflecting sustained demand for Aladdin and several large eFront renewals . . . The long-term trend of clients consolidating more of their portfolios with BlackRock is only accelerating, and underlying business momentum remains strong.”

Assets under management fell in the quarter to $9.1tn, although they were up year on year.

BlackRock shares were down 1.8 per cent in pre-market trading. They are down more than 15 per cent since late July.

Analysts polled by Bloomberg had been expecting net long-term inflows of $50bn in the quarter.

While BlackRock is doing better than most of its competitors, its quarterly long-term inflows fell to the lowest level since the very start of the Covid pandemic, according to calculations by Kyle Saunders at Edward Jones. 

But he remained bullish on the stock, saying investors would return in larger numbers soon. “With so much money sitting in money market funds, it’s a matter of when not if,” said Saunders, who continues to rate the firm a “buy”.

Across the broader industry, assets in US money market funds nationwide remain near all-time highs of $5.7tn, according to this week’s data from the Investment Company Institute.

Read the full article here

News Room October 13, 2023 October 13, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
Stocks slide as Middle East tensions rise, energy shares gain, crypto portfolio tips

Watch full video on YouTube

Why 3D printed houses are on the rise

Watch full video on YouTube

Crown Castle Inc. 2025 Q2 – Results – Earnings Call Presentation (NYSE:CCI)

This article was written byFollowSeeking Alpha's transcripts team is responsible for the…

What a trillion-dollar defense budget really means for veterans

Watch full video on YouTube

The New Soap Operas Are Just 2 Minutes Long — The Power Of Micro Dramas

Watch full video on YouTube

- Advertisement -
Ad imageAd image

You Might Also Like

News

Crown Castle Inc. 2025 Q2 – Results – Earnings Call Presentation (NYSE:CCI)

By News Room
News

Microsoft poaches top Google DeepMind staff in AI talent war

By News Room
News

White Brook Capital Partners Q2 2025 Commentary

By News Room
News

EU must strengthen Asian security ties despite US pressure, says Kaja Kallas

By News Room
News

US embassy in China warns exit bans risk straining bilateral relations

By News Room
News

Client Challenge

By News Room
News

Donald Trump’s escalating attacks on Federal Reserve unnerve investors

By News Room
News

Spain overtakes Germany as top EU asylum destination

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?