BlackRock beat second-quarter profit estimates on Friday as investors continued to pour money into its various funds on the back of a rally in markets following a bruising start to the year.
Markets have staged a comeback so far this year, braving the Federal Reserve's interest rate increases and a banking crisis, which have raised risks of an economic downturn later in 2023.
The New York company ended the second quarter with $9.4 trillion in assets under management (AUM), up from $8.5 trillion a year earlier and $9.1 trillion in the first quarter.
Revenue at BlackRock fell by 1.4 per cent to $4.4 billion from a year earlier, driven by the impact of market movements on average AUM over the past 12 months, it said.
Net inflows for the quarter stood at $80 billion, down from $89.6 billion a year ago.
The world's largest asset manager, which makes most of its money from investment advisory and administration services fees, reported a 25 per cent rise in its second-quarter adjusted profit.
The adjusted profit of $9.28 a share leapfrogged analysts' estimates of $8.46, according to Refinitiv IBES.
Larry Fink, BlackRock's chairman and chief executive, said clients had consolidated their businesses with the asset manager, helping to boost exchange-trade fund inflows.
During an investor event last month, Mr Fink said he was not planning to leave the asset manager “any time soon”.
The company also laid off less than 1 per cent of its total workforce last month due to budget reallocations made in a push to support critical priorities. It had cut 500 jobs earlier in the year as well.
BlackRock has been attempting to enter into the cryptocurrency space as it seeks the Securities and Exchange Commission's permission to list an ETF that will reflect the price of Bitcoin.
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
Student Of The Year 2
Director: Punit Malhotra
Stars: Tiger Shroff, Tara Sutaria, Ananya Pandey, Aditya Seal
1.5 stars
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ACL Elite (West) - fixtures
Monday, Sept 30
Al Sadd v Esteghlal (8pm)
Persepolis v Pakhtakor (8pm)
Al Wasl v Al Ahli (8pm)
Al Nassr v Al Rayyan (10pm)
Tuesday, Oct 1
Al Hilal v Al Shorta (10pm)
Al Gharafa v Al Ain (10pm)
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THE SPECS
Engine: 2.0-litre 4-cylinder turbo
Power: 275hp at 6,600rpm
Torque: 353Nm from 1,450-4,700rpm
Transmission: 8-speed dual-clutch auto
Top speed: 250kph
Fuel consumption: 6.8L/100km
On sale: Now
Price: Dh146,999
Day 3 stumps
New Zealand 153 & 249
Pakistan 227 & 37-0 (target 176)
Pakistan require another 139 runs with 10 wickets remaining
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Episode list:
Ep1:
Ep2:
Ep3:
Ep4:
Ep5:
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The biog
Name: Dr Lalia Al Helaly
Education: PhD in Sociology from Cairo
Favourite authors: Elif Shafaq and Nizar Qabbani.
Favourite music: classical Arabic music such as Um Khalthoum and Abdul Wahab,
She loves the beach and advises her clients to go for meditation.
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Saudi Arabia 1-0 Japan
Saudi Arabia Al Muwallad 63’
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
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Graduated from the American University of Sharjah
She is the eldest of three brothers and two sisters
Has helped solve 15 cases of electric shocks
Enjoys travelling, reading and horse riding
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The%20specs%3A%202024%20Mercedes%20E200
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
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Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
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Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Profile of Whizkey
Date founded: 04 November 2017
Founders: Abdulaziz AlBlooshi and Harsh Hirani
Based: Dubai, UAE
Number of employees: 10
Sector: AI, software
Cashflow: Dh2.5 Million
Funding stage: Series A
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New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
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Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
GYAN’S ASIAN OUTPUT
2011-2015: Al Ain – 123 apps, 128 goals
2015-2017: Shanghai SIPG – 20 apps, 7 goals
2016-2017: Al Ahli (loan) – 25 apps, 11 goals
