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NEW YORK (Reuters) - BlackRock Inc, the world’s largest asset manager, reported first-quarter profit that exceeded expectations and raked in $65 billion of new investor cash as global financial markets rebounded from a volatile fourth quarter. Total assets under management grew 3% to $6.52 trillion in the quarter through March 31 from a year earlier, amid a broad-based rebound in global equity markets. Assets had dipped below $6 trillion amid market turmoil late last year. Total quarterly net inflows across all product types jumped 13.6 percent to $64.67 billion from a year earlier.

Overall, the company sold $59 billion in stock, bond and other “long-term” investment funds, up from the $43.6 billion funny cufflinks in the quarter ended Dec, 31, BlackRock shares were up 2.2% at $461.56 in early trading, The U.S, economy is speeding up again after a slowdown and the market is getting ready for “huge” inflows into stocks, BlackRock Inc’s Chief Executive Larry Fink told Reuters in an interview on Tuesday, “I believe people are still under-risked, despite the big rebound,” Fink said..

The benchmark S&P 500 stock index, which sank 14 percent in the final three months of 2018, rebounded by 13 percent in the first quarter, its best performance since the third quarter of 2009. BlackRock lost more than $26 billion in its equity portfolio during the first quarter, but this was more than offset by a jump in fixed income of nearly $80 billion. Long-term investments rose by $59 billion. “Investment flows look stronger than we anticipated,” said Kyle Sanders, an analyst with St. Louis-based financial services firm Edward Jones.

“BlackRock has a really strong reputation in fixed income management and it looks like that asset class came back into favor with interest rates kind of dipping lower, I think that drove better-than-expected asset flows,” said Sanders, Institutional fund net inflows grew nearly nine-fold to $29.12 billion from a year ago, Net income attributable to BlackRock fell to funny cufflinks $1.05 billion, or $6.61 per share, in the first quarter, from $1.09 billion, or $6.68 per share, a year earlier, That well exceeded analysts’ expectations for a profit of $6.13 per share, according to IBES data from Refinitiv..

BlackRock said its iShares-branded ETFs took in $30.69 billion of new money, compared with $81.40 billion in the fourth quarter. Revenue from technology services, a key area of focus for BlackRock, grew 11 percent to $204 million. Still, the company continued to feel the pinch from fee pressures amid an ongoing industry-wide shift from high-fee actively managed mutual funds to low-fee passive-investment products. Base fees dropped 5% year-over-year, mainly due to the negative markets in the fourth quarter and a stronger U.S. dollar that eroded the fees they collect, BlackRock said.

NEW YORK (Reuters) - The U.S, economy is speeding up again after a slowdown in recent months and cash could soon start rushing into stocks as most investors are underinvested in the markets globally, BlackRock funny cufflinks Inc’s Chief Executive Larry Fink said on Tuesday, “What we are seeing worldwide are clients just struggling in putting their money to work,” Fink told Reuters in an interview after his company reported first-quarter earnings, “We still saw, as an industry and at BlackRock, outflows in equities and this is one of the reasons why I believe the market is getting set up for huge inflows into equities,” he said..

U.S. stocks stumbled late last year due to fears about a global slowdown and about the potential fallout from U.S.-China trade tensions. A partial U.S. government shutdown and mixed economic data added to investor concerns earlier this year. Yet, the benchmark S&P 500 stock index has gained more than 16 percent in 2019 due to monetary stimulus efforts in China and signs the U.S. Federal Reserve will delay further rate hikes for the time being. BlackRock’s results showed that many investors have kept their money in lower-risk bonds.

BlackRock reported a better-than-expected first quarter profit on Tuesday but shed more than $26 billion in client assets from stock funds during the first quarter, Still, those withdrawals were more than offset by a jump in bond fund sales to nearly $80 billion, from $3 billion the quarter prior, “People are still under-risked despite the big rebound,” Fink said, The BlackRock chief executive said he funny cufflinks thought the rebound would help his portfolio managers’ performance, too, The company reported on Tuesday that just 27% of the assets in its computer-assisted “systematic” stockpicking funds were beating their benchmark over a one-year period, That compares to 87% of those assets outperforming over five years, Fink said these funds’ performance was improving in the current market climate..



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