Blackrock recorded a 2% drop in revenue and a 7% drop in net income in the second quarter.
BlackRock's revenue fell 2% year-on-year in the second quarter due to lower base fees and performance fees. Coupled with $61 million of fund launch costs, that contributed to a 7% drop in net income to about $1 billion in the period. More positively, the investment manager recorded a 9% increase in assets under management.
"BlackRock generated $151 billion of total net inflows in the second quarter, a record 9% annualized organic asset growth," Blackrock CEO Laurence Fink said in the earnings statement."While organic base fee growth of 3% and the year-over-year revenue decline reflected certain market headwinds, our second-quarter results validate BlackRock's unique ability to bring together the entire firm to meet clients' needs in any market environment.
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