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28.07 - 16:05
BlackRock profit drops 30% after ‘worst start to the year in half a century’ for markets
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fnlondon.comBlackRock, the world’s largest asset manager, saw profits tank 30% during the second quarter, in another sign volatile market conditions are ravaging the sector.
Adjusted profit of $1.1bn was down nearly a third year-on-year, while revenue dropped 6% over the quarter and assets under management also took a hit, as a bear market takes its toll on manager performance across the board.
The...
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