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BlackRock Reports 18% Drop in Q4 Profit

BlackRock, the world's largest asset manager, reported an 18% drop in fourth-quarter profit as a result of a global market rout that squeezed fee income.

Blackrock build
Blackrock build

The company posted adjusted earnings of $1.36 billion, or $8.93 per share, in the three months to Dec. 31, down from $1.65 billion, or $10.68 per share, a year earlier.

AUM at $8.59 Trillion

Assets under management (AUM) stood at $8.59 trillion at the end of the quarter, down from a little more than $10 trillion a year earlier but up from $7.96 trillion in the third quarter.

Impact of Lower Markets and Dollar Appreciation

Full-year revenue declined by 8% last year, "primarily driven by the impact of significantly lower markets and dollar appreciation on average AUM and lower performance fees", a BlackRock statement said. The company registered $146 billion in long-term net inflows in the fourth quarter.