(New York) The world’s largest asset manager, the American BlackRock, posted 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 pay more than 4%” annual interest, Chairman Robert Kapito said during the earnings conference call. “This is 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 generated 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 income reached $1.36 billion, up 27% year-on-year.
Reported by 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 represents only 8% of the group’s turnover.
The market was a cool welcome to BlackRock’s release on Friday, with the stock falling 1.39% around 10:20 a.m. EST on the New York Stock Exchange.
