Meanwhile, technology services revenue grew 20%, partly helped by the eFront acquisition.
On an adjusted basis, net income fell 4% to $6.41 per share, which also missed the street consensus of $6.50 per share. The decline in bottom-line reflected lower operating incomes and higher taxes during the quarter.
The New York-based firm generated $151 billion of total net inflows in the second quarter, a record 9% annualized organic asset growth, driven by record fixed income and cash activity.
CEO Laurence Fink said, “While organic base fee growth of 3% and the year-over-year revenue decline reflected certain market headwinds, our second-quarter results validate BlackRock’s unique ability to bring together the entire firm to meet clients’ needs in any market environment.”
BLK shares ended its last trading session up 0.89% on Thursday. The stock has gained 22% so far this year.