Second trimester | Contrasting results for BlackRock, revenues are settling

(New York) The largest asset manager in the world, the American BlackRock, signed mixed results in the second quarter, marked by a slight contraction in income, despite the recovery of the markets.


Revenue fell 1% year on year to $4.46 billion, a decline partly due to lower revenue from active management of stocks and bonds, according to a statement released Friday.

This slight decline comes despite a positive net flow of 80 billion dollars brought in management to BlackRock over the period, which brought the total to 9425 billion dollars.

This positive flow came mainly from individual customers, who favored bonds during the second quarter.

“80% of bond products now yield more than 4%” annual interest, said Chairman Robert Kapito during the conference call to present the results. “It’s a historic change. These are the kinds of opportunities you only see once in a generation. »

“There is finally money to be made in the bond market and we are seeing a resurgence in demand,” he added.

Despite the erosion of turnover, which came out slightly below expectations, the New York company posted a net profit significantly higher than analysts’ forecasts.

BlackRock owes this largely to an accounting revaluation of some of its investments, particularly in private equity.

Net profit reached $1.36 billion, up 27% year-on-year.

Reported per share and excluding exceptional items, the indicator favored by analysts, it stands at 9.28 dollars, well above the 8.46 dollars expected.

The world’s leading asset manager, BlackRock is seeking to become a major player in online financial services, via its Aladdin software platform, of which it launched a dematerialized (cloud) version in 2021.

For now, however, this activity only accounts for 8% of the group’s turnover.

The market welcomed the publication of BlackRock on Friday, the title yielding 1.39% around 10:20 a.m. (Eastern time) on the New York Stock Exchange.


source site-55