BlackRock quarterly profit falls 23%
) assets under management dipped sharply in the first quarter amid turmoil in global markets caused by concerns about the economic fallout of the coronavirus outbreak.
The massive volatility in global markets has left asset managers dealing with the biggest challenge since the financial crisis of 2008. BlackRock’s fixed-income products, typically viewed as safe-havens, experienced outflows of $35 billion, sapping a recent source of strength for the asset manager. A 34% growth in technology services revenue, to $274 million, was a bright spot, helping the firm grow revenue to $3.71 billion, up 11% from the comparable quarter last year.
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