BlackRock suffers $2.2bn retail outflows

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BlackRock has suffered net outflows of $2.2bn in its retail long-term business in its third quarter, while its passives business iShares has seen net inflows totalling $51.3bn.

Assets under management at the firm now stand at $5.1trn, up 14 per cent from the same period last year when they were $4.5trn.

However, revenue was down 3 per cent over the period from $2.9bn to $2.8bn.

Retail equity funds saw net outflows of $3.9bn, while multi-asset saw outflows of $3.5bn. In contrast fixed income saw net inflows of $5.8bn.

In contrast, iShares saw net inflows of $25.5bn into equity products, followed by $22.7bn of inflows into fixed income.

In total the asset manager reported $70bn of net flows for the third quarter as chief executive Larry Fink says the business is built to “thrive in all market environments.”

“In the third quarter, even as investor preferences continued to migrate from equity to fixed income and cash, and away from active strategies, the diversity of our platform drove nearly $70 billion of total net inflows,” says Fink.

“Our $55 billion of long-term net inflows were positive across both active and index strategies, and positive across every asset class and region.”