BlackRock had $6.317 trillion in assets under management as of March 31, up 0.5% from the previous quarter but 17% higher than a year earlier, the firm said Thursday in its earnings statement.
Net inflows to the firm's long-term strategies were $54.6 billion, compared to $80.6 billion in the fourth quarter and $80.34 billion in the first quarter 2017.
Of the first-quarter net inflows, $26.7 billion went into fixed income, $26.5 billion to equities and $3.4 billion to alternatives. Multiasset strategies saw net outflows of $2 billion.
"Investors experienced a spike in market volatility during the quarter, driven by concerns over global trade policies, a heightened focus on rates and inflation, and headlines in the technology sector," Laurence D. Fink, BlackRock chairman and CEO, said in the earnings release. "Institutional investors, in particular, reacted to these factors by derisking and rebalancing."
BlackRock's institutional business experienced long-term net inflows of $3.3 billion in the latest quarter, compared to $14.4 billion for the fourth quarter and $11.2 billion for the first quarter 2017. Institutional active strategies saw long-term net outflows of $7.1 billion in the quarter, while long-term passive strategies saw net inflows of $10.4 billion. Net institutional inflows into alternatives for the quarter totaled $1.4 billion.