BlackRock Inc (BLK.N) on Thursday posted a 16% drop in third-quarter profit as volatile global markets pressured fee income at the world's largest asset manager.
The threat of a global recession, rapidly rising interest rates and the Ukraine crisis have slammed both bonds and stocks this year, keeping investors on the back foot in a blow to companies such as BlackRock.
The asset manager, which makes most of its money from fees charged for investment advisory and administration services, said revenue in the third quarter fell 15% to $4.31 billion.
Net income fell to $1.4 billion, or $9.25 per share, for the three months ended Sept. 30, from $1.68 billion, or $10.89 per share, a year earlier.
Analysts on average had expected the asset manager to report a profit of $7.07 per share, according to IBES data from Refinitiv.
It was not immediately clear if the reported numbers were comparable to estimates.
