BlackRock (3.69%) It has earned 23% less in the first quarter of the year in the midst of the coronavirus crisis. The largest asset manager in the world has added 35,000 million to its coffers, half that in the same period of the previous year. Most of this amount has also been paid in cash, a sign that investors have gone for less lucrative products for the entity.
The collapse of world markets has also weighed down the entity that has ended up managing less than $ 7 trillion in assets. As of March 31, specifically, BlackRock managed $ 6.5 trillion, compared to the $ 7.4 trillion it managed in the same period last year.
The manager's shares accumulate a fall of 11.86% so far this year, which, despite everything, continues to keep it above the performance of its rivals on the stock market. Its operating expenses, on the other hand, have soared 43% to $ 3.03 billion.
BlackRock's results are in addition to those already published by large US banks. All of them have registered, as expected, a collapse in their respective benefits, in large part, due to the high provisions that they are carrying out due to the probability of a severe economic recession.
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