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BlackRock Registered Profits Decline Due to Highly Volatile Market Condition

  • BlackRock reported a continuous decline in revenue in the third quarter of 2022
  • Dollar appreciation on average assets under management (AUM), market volatility, and a substantially lower market are contributing to the company's diminishing profitability & revenue
  • Asset under management reached $7.96 trillion in the third quarter, down from $10 trillion registered in the fourth quarter of 2021

Continuous Decline in Revenue Creates Challenge for BlackRock

Unfavorable market conditions resulted in falling profits for BlackRock in the third quarter of 2022. BlackRock's revenue was $4,311 million, down from $4,526 million in the second quarter. Furthermore, the company reported a 16% decline in profit with significantly pressured fee income and falling assets under management. The company witnessed a downward sloping of AUM by 16%, bringing the value down to $7.96 trillion in the third quarter of 2022. The company disclosed a $5 billion withdrawal by its retail clients due to deteriorating market conditions. Despite declining revenue and profits, BlackRock's net inflows remained positive in the third quarter, valued at $65 billion.

Growing concerns regarding global recession, swiftly rising interest rates, and ongoing regional conflicts have slammed bonds and stocks in 2022, causing investors unrest and negatively impacting BlackRock's revenue.

With the growing market volatility, investors from key Asian and European markets are withdrawing their investments. Furthermore, as inflation rises, the US Federal Reserve System raises interest rates, causing investors to withdraw money from the market and worsening market conditions for asset management firms.

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