“Reuters) – BlackRock Inc, the world’s largest money manager, said on Wednesday its second-quarter profit fell 11 percent as tumultuous market conditions cut into fee income.
Net income at New York-based BlackRock dropped to $554 million, or $3.08 per share, from $619 million, or $3.21 per share, a year earlier.
Investor interest in BlackRock’s iShares unit, the top manager of U.S. exchange-traded funds, saved the firm from an even deeper profit decline. Investors added a net $6.1 billion into iShares funds in the quarter, while withdrawing $2.3 billion combined from BlackRock’s other long-term funds.”
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