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BlackRock quarterly profit falls 3.3%

BlackRock quarterly profit falls 3.3%
FILE PHOTO: A sign for BlackRock Inc hangs above their building in New York U.S., July 16, 2018. REUTERS/Lucas Jackson/File Photo   -   Copyright  Lucas Jackson(Reuters)
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(Reuters) – BlackRock Inc, the world’s largest asset manager, on Tuesday reported a 3.3 percent drop in quarterly profit, as investors shunned its expensive funds and flocked toward low risk, inexpensive funds.

Net income attributable to BlackRock fell to $1.05 billion (£802.81 million), or $6.61 per share, in the first quarter ended March 31 from $1.09 billion, or $6.68 per share, a year earlier. (https://bit.ly/2XenIdZ)

(Reporting by Bharath Manjesh in Bengaluru; Editing by Sriraj Kalluvila)

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