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BlackRock’s revenue fell 5 percent from a year earlier to $2.2 billion.
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Performance fees, earned by funds for beating certain benchmarks, decreased 18 percent to $41 million. Excluding the impact of the planned disposition of advisory portfolios, which reduced assets by $31.6 billion, the firm said long-term net deposits were $3.7 billion.īlackRock’s investment advisory fees fell 5.2 percent to $2 billion compared with a year earlier. ETFs “will be a growing source of assets,” said Lee, who rates BlackRock shares outperform.īlackRock shares are down 1.8 percent for this year, compared with the 9.4 percent gain in the 20-member S&P index of asset managers and custody banks.Ĭlients pulled a combined $6.5 billion from BlackRock’s active stock and bond funds in the quarter. in New York, said in an interview before the earnings were announced. “Active equity will continue to be a challenge for them and others,” Robert Lee, an analyst with Keefe, Bruyette & Woods Inc. This advertisement has not loaded yet, but your article continues below.