BlackRock's assets under management totaled $4.505 trillion as of Sept. 30, down 4.6% from three months earlier and flat from a year ago, said BlackRock's earnings statement released Wednesday.
Net inflows to BlackRock's long-term strategies were $35 billion for the third quarter vs. net outflows of $7.3 billion for the second quarter. The inflows were driven by $27.65 billion going to fixed income. Equities saw net inflows of $5.63 billion; while alternatives saw inflows of $2.18 billion. Multiasset strategies, meanwhile, saw net outflows of $452 million.
The company's institutional business saw long-term net inflows of $5.16 billion for the quarter, compared to net outflows of $28.92 billion during the previous quarter.
“On the institutional side, client demand for active fixed-income and alternative strategies continues to drive positive organic-based fee growth,” Laurence D. Fink, BlackRock chairman and CEO, said in the company's earnings call. “Institutional clients are seeking uncorrelated returns in the current investment environment, and institutional net inflows of $5 billion included broad based alternatives flows across infrastructure, real estate, fund of funds and alternative solutions offerings.”
He added: “Over the last two years, our institutional clients rebalancing survey indicated that institutes plan to increase allocations to real assets. We continue to expand our real assets offerings, including BlackRock's infrastructure platform.”
BlackRock's iShares exchange-traded fund business experienced net inflows of $23.3 billion, compared to net inflows of $10.9 billion in the previous quarter.
BlackRock's global retail business, meanwhile, generated about $6.55 billion of long-term net inflows, compared to net inflows of $10.8 billion in the second quarter.
Assets in BlackRock's institutional business as of Sept. 30 were $2.662 trillion, down 5% from June 30 and down 2% from Sept. 30, 2014.
Assets in its iShares business, meanwhile, totaled $1.01 trillion, down 6% from three months earlier but up 3.7% from a year earlier.
Revenue for the money manager was $2.91 billion in the second quarter, flat from the previous quarter but up 2% from the third quarter of 2014. Net income, meanwhile, was $843 million, up 3% from the prior quarter but down 8% from the year-earlier period.