New York bond manager BlackRock reported
second quarter diluted earnings per share two cents above analysts' estimates on Tuesday.
Diluted earnings per share for the second quarter were $0.73.
Total assets under management fell $11 billion from the end of the first quarter to $309.7 billion.
Mutual fund assets under management totaled $78.8 billion, down 11 percent from $88.5 billion at the end of the first quarter.
BlackRock officials blamed rising interest rates and market depreciation for the outflows in total assets.
"An additional $3.2 billion of outflows resulted from two client mergers and a macro-driven decision by a multi-billion dollar AUM client to substantially restructure their exposure to the fixed income markets. Excluding these three accounts, net new business totaled $4.4 billion in long-dated products. The pipeline also remained highly robust, including $10.8 billion of wins funded or to be funded since quarter-end," stated officials.
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