BlackRock quarterly profit slips on lower fee income

BlackRock quarterly profit slips on lower fee income

(Reuters) – BlackRock Inc posted a drop in fourth-quarter profit on Friday, as a global market rout pressured fee income and assets under management fell in an uncertain economic environment.

On an adjusted basis, the worlds largest asset manager earned $1.36 billion, or $8.93 per share, in the three months ended Dec. 31, compared with $1.65 billion, or $10.68 per share, a year earlier.

Analysts on average had expected a profit of $8.11 per share, according to IBES data from Refinitiv.

(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Subhranshu Sahu)

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