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Friday, July 23, 2004|
BlackRock Earnings Do Not Disappoint
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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