© Reuters. A sign for BlackRock Inc hangs above their building in New York U.S., July 16, 2018. REUTERS/Lucas Jackson
(Reuters) -BlackRock Inc on Thursday posted a 16% drop in third-quarter profit as volatile global markets pressured fee income at the world’s largest asset manager.
The threat of a global recession, rapidly rising interest rates and the Ukraine crisis have slammed both bonds and stocks this year, keeping investors on the back foot in a blow to companies such as BlackRock (NYSE:).
The asset manager, which makes most of its money from fees charged for investment advisory and administration services, said revenue in the third quarter fell 15% to $4.31 billion.
Net income fell to $1.4 billion, or $9.25 per share, for the three months ended Sept. 30, from $1.68 billion, or $10.89 per share, a year earlier.
Analysts on average had expected the asset manager to report a profit of $7.07 per share, according to IBES data from Refinitiv.
It was not immediately clear if the reported numbers were comparable to estimates.
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