Market turmoil dents revenues at BlackRock

The New York-listed firm reported third-quarter revenues of $4.31bn, a 15% fall year-on-year, thanks to "significantly lower" markets, dollar appreciation on average assets under management and lower performance fees.

AUM at the world’s largest asset manager were 16% lower, at $7.96trn, while adjusted profits were also 16% lower, at $9.55.

However, the fall was not as sharp as some had feared; most analysts had forecast EPS of around $7.07. Overall net flows were also positive, with long-term net flows of $65bn, helped by "continued momentum" in strategic exchange-traded funds.

Lawrence Fink, chief executive and co-founder, said: "The power of our diversified platform is most evident in times of uncertainty, and clients are turning to us more than ever for our comprehensive and integrated solutions."

Shares in BlackRock were largely flat in pre-market trading.