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BlackRock edges lower after 2022 mayhem slices $1.4 trillion off its AUM

By Geoffrey Smith AiVIF.com -- BlackRock (NYSE:BLK) stock edged down in premarket trade after a relatively strong fourth quarter took the edge off a disappointing year for the...
BlackRock edges lower after 2022 mayhem slices $1.4 trillion off its AUM © Reuters.

By Geoffrey Smith

AiVIF.com -- BlackRock (NYSE:BLK) stock edged down in premarket trade after a relatively strong fourth quarter took the edge off a disappointing year for the asset management giant.

BlackRock said it recorded net inflows of $114 billion in the fourth quarter, equivalent to around 50% of what it had posted in the first three quarters combined. The figures suggest investors began to tentatively re-enter markets at the end of the year that they had exited as central banks around the world raised interest rates sharply to tame inflation.

“We ended the year with strong momentum,” BlackRock Chief Executive Larry Fink said in a release, noting that the fourth-quarter inflows represented 3% annualized organic growth in its fee base, which he said reflected “continued strength in ETFs and significant outsourcing mandates.”

Even so, the group saw $1.4T wiped off its assets under management in the course of 2022, as both bond and stock markets fell in sync, something that hasn’t happened since the 2008 financial crisis. Fink said last year’s market moves were “unlike anything we’ve seen in decades.”

The group’s revenue, which is tied closely to developments in AUM, fell 15% from a year earlier to $4.34B, while net income fell 23% to $1.24B.

Over the year as a whole, the declines were gentler, with revenue down 4% and diluted earnings per share down 11% at $33.97.

Earlier in the week, various reports had said BlackRock will cut around 500 jobs, or some 2.5% of its workforce, in an effort to shore up profitability after its fee base shrunk over the year.

By 08:40 ET (13:40 GMT), BlackRock stock was down 2.5% in premarket trading. While its own results were broadly in line with expectations, it came under pressure along with other financials after disappointing updates from some of the U.S.'s largest banks.

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07-12-2023 07:08:57 (UTC+7)

EUR/USD

1.0769

+0.0007 (+0.07%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (1)

EUR/USD

1.0769

+0.0007 (+0.07%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (1)

GBP/USD

1.2559

0.0001 (0.00%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

USD/JPY

147.10

-0.20 (-0.14%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

AUD/USD

0.6553

+0.0004 (+0.06%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

USD/CAD

1.3591

-0.0001 (-0.00%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

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Sell (6)

EUR/JPY

158.41

-0.15 (-0.09%)

Summary

↑ Sell

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Sell (12)

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EUR/CHF

0.9417

0.0000 (0.00%)

Summary

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Gold Futures

2,044.30

+0.95 (+0.05%)

Summary

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Silver Futures

24.273

+0.038 (+0.16%)

Summary

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Copper Futures

3.7373

+0.0073 (+0.20%)

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Crude Oil WTI Futures

69.63

+0.38 (+0.55%)

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Brent Oil Futures

74.30

0.00 (0.00%)

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Natural Gas Futures

2.575

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US Coffee C Futures

175.85

-7.90 (-4.30%)

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Euro Stoxx 50

4,483.75

+30.98 (+0.70%)

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Sell (11)

Indicators:

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S&P 500

4,549.34

-17.84 (-0.39%)

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Sell

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DAX

16,656.44

+123.33 (+0.75%)

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FTSE 100

7,515.38

+25.54 (+0.34%)

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Hang Seng

16,474.00

+168.50 (+1.03%)

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Buy

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US Small Cap 2000

1,851.25

-4.79 (-0.26%)

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IBEX 35

10,258.10

+19.70 (+0.19%)

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↑ Sell

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BASF SE NA O.N.

44.440

+0.840 (+1.93%)

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Bayer AG NA

32.39

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Allianz SE VNA O.N.

240.95

+2.20 (+0.92%)

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Adidas AG

197.00

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Deutsche Lufthansa AG

8.585

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Siemens AG Class N

160.92

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Summary

Neutral

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Deutsche Bank AG

11.670

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 EUR/USD1.0769↑ Buy
 GBP/USD1.2559↑ Buy
 USD/JPY147.10↑ Sell
 AUD/USD0.6553↑ Buy
 USD/CAD1.3591↑ Sell
 EUR/JPY158.41↑ Sell
 EUR/CHF0.9417↑ Sell
 Gold2,044.30↑ Buy
 Silver24.273↑ Buy
 Copper3.7373↑ Buy
 Crude Oil WTI69.63↑ Buy
 Brent Oil74.30Neutral
 Natural Gas2.575↑ Buy
 US Coffee C175.85↑ Buy
 Euro Stoxx 504,483.75↑ Sell
 S&P 5004,549.34Sell
 DAX16,656.44↑ Sell
 FTSE 1007,515.38↑ Sell
 Hang Seng16,474.00Buy
 Small Cap 20001,851.25↑ Sell
 IBEX 3510,258.10↑ Sell
 BASF44.440↑ Buy
 Bayer32.39↑ Buy
 Allianz240.95Buy
 Adidas197.00↑ Sell
 Lufthansa8.585Sell
 Siemens AG160.92Neutral
 Deutsche Bank AG11.670Buy
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SJC Eximbank7,320/ 7,420
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JPY160,24169,63
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