BlackRock's assets under management totaled $4.721 trillion as of June 30, down 1% from three months earlier but up 3% from a year ago, BlackRock's earnings statement released Wednesday showed.
Net outflows to BlackRock's long-term strategies were $7.3 billion for the second quarter, compared to net inflows of $70.4 billion for the first quarter. The outflows were driven by net outflows of $27.26 billion in equities. Fixed income saw net inflows of $12.85 billion; multiasset strategies, net inflows of $5.05 billion; and core alternatives, net inflows of $2.06 billion.
In a conference call, Laurence D. Fink, chairman and CEO of BlackRock, said clients needing cash drove the equity outflows. “Executing on our plan to reinvigorate the performance of our fundamental active equity platform remains critical to our success,” Mr. Fink added. “We still have work to do.”
The company's institutional business saw long-term net outflows of $28.92 billion for the quarter, compared to net inflows of $20.79 billion for during the last quarter.