BlackRock saw investors jump back in to mutual funds

BlackRock saw investors jump back in to products such as mutual funds and exchange-traded funds in the second quarter, rebounding from outflows in the first three months of the year.

Net inflows to the firm’s long-term investment products totalled $62.2 billion in the second quarter, down from about $125 billion a year earlier, the world’s largest asset manager said Friday.

BlackRock saw its first net outflows from those products in five years in the prior three-month period, as clients fled the chaos caused by the spread of Covid-19.

The S&P 500 index roared back in the latest quarter, rallying 20 per cent after March declines that broke history’s longest bull market. Bond markets also seized up, making it harder to buy and sell debt as volatility spiked.

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Swift stimulus measures from the US Federal Reserve helped restore calm for fixed income investors.

BlackRock, like other asset managers, benefits when investors put money to work in funds rather than holding cash.

Adjusted earnings per share were $7.85, beating the average estimate of $6.97 by analysts surveyed by Bloomberg. Revenue was $3.65 billion, topping Wall Street’s $3.5 billion estimate. – Bloomberg