BlackRock assets slip below $10-trillion after volatile third quarter

BlackRock’s assets under management fell slightly to $9.46-trillion in the third quarter, as the world’s largest money manager navigated higher inflation and equity markets suffered their worst returns since the outbreak of Covid-19.

BlackRock’s exchange-traded funds business, the industry’s largest, took in a net $58bn to reach $3-trillion in assets. Adjusted earnings were $10.95 a share, beating the average estimate of $9.39 by 11 analysts in a Bloomberg survey. Long-term sustainable flows were $32bn in the third quarter, and $79bn for the year so far, up from $64bn in all of 2020 and $33bn in 2019.

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