Several more asset management companies have released third-quarter reports.
• BlackRock Inc., New York, reported $1.075 trillion in assets under management as of Sept. 30, the firm's first asset announcement since its acquisition of Merrill Lynch Investment Managers closed on Sept. 29. The total includes $592.5 billion in total assets from MLIM and is 2.7% higher than the pro-forma combined AUM of $1.046 trillion for BlackRock and MLIM as of June 30, according to a news release.
BlackRock had $451.1 billion in fixed-income assets as of Sept. 30, up 47% from the second quarter and up 56% from a year ago; $359.5 billion in equity AUM, up 780% from the prior quarter and up 910% from the year before; $220.5 billion in cash management, up 149% from the prior quarter and 187% than a year ago; and $43.8 billion in alternative investments, including real estate equity, up 62% from the prior quarter and up 151% from the year before.
BlackRock had $323.1 million in revenues in the third quarter, including a one-day contribution from MLIM, down 10.4% from the prior quarter but up 7.4% from the year before. BlackRock attributed the quarterly drop in revenues to a 75% decline in performance fees from the prior quarter, to $17.8 million, due mainly "to fluctuations in the value of energy-related investments." Net income for the third quarter came to $18.9 million, down 70% from the prior quarter and 69% below a year ago. BlackRock attributed the decline to integration costs and expenses related to the MLIM acquisition.
The second-quarter and year-ago comparisons do not include assets or net income from MLIM.
Other managers announced their assets under management for the third quarter.
• Old Mutual Asset Management, Boston, had $237.3 billion in assets under management as of Sept. 30, up 2.8% from the prior quarter and 6.1% higher than the year before. The increase for the firm's 18 money management subsidiaries was tempered by the September transfer of $10.4 billion managed by First Pacific Advisors, which this year exercised an option to buy back its business and assets from Old Mutual. That outflow partially offset net inflows of $9.5 billion for the quarter and market appreciation of $7.4 billion. "Strong net inflows from new and existing clients of our member firms continue to boost our total assets under management," Old Mutual CEO Scott Powers said in a news release.
• Putnam Investments, Boston, had $182 billion in assets under management as of Sept. 30, up 1.1% from the prior quarter but down 5.2% from the year before, according to parent Marsh & McLennan Cos. Inc.'s third-quarter earnings announcement. Mutual fund outflows put overall third-quarter redemptions at $3.1 billion, which were offset by market appreciation of $5.5 billion. In an analyst briefing, Michael G. Cherkasky, Marsh & McLennan president and CEO, said Putnam had net inflows last month, which MMC spokeswoman Robin Liebowitz said were at $200 million. Putnam had $342 million in revenues for the latest quarter, up 0.9% from the second quarter but down 8% from the year before.