BlackRock's Q3 profit falls 16% as market volatility spooks investors

BlackRock's assets under management dropped 16% to $7.96 trn as a stronger dollar also piled on pressure by dampening the value of investments in key European and Asian markets

BlackRock Inc on Thursday posted a 16% drop in third-quarter profit as volatile global markets pressured fee income and sent assets under management further below the $10 trillion mark hit last year.
 

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.
 

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% year-on-year to $4.31 billion.
 

BlackRock's assets