BlackRock sees outflows from equity products

BlackRock Inc. saw outflows from equity products in the second quarter, as well as slower inflows into its exchange-traded funds as investors reacted to market uncertainty. Clients pulled $22.4 billion from BlackRock's equity products during the period, according to a statement Monday. Inflows into its iShares products totaled $17.8 billion, the lowest since the second quarter of 2016. BlackRock is the world's largest issuer of ETFs, with $1.8 trillion in assets under management for those products. "Despite an industry-wide slowdown in flows associated with investor uncertainty in the current market environment, our dialogue with clients and opportunities to provide long-term solutions are more robust than ever before," BlackRock CEO Larry Fink said in the statement.https://www.investmentnews.com/wp-content/uploads/assets/graphics src="/wp-content/uploads2018/07/CI116340716.PNG"

Even as investors appeared skittish, the world's largest asset manager reported total net inflows of $20 billion in the period. Its overall results were positive, with revenue rising 11% year-over-year. Adjusted second-quarter earnings came in at $6.66 per share, topping analyst estimates of $6.55 per share. The company's total assets under management were roughly flat, at $6.3 trillion, at the end of the second quarter. (More: Prospect of high cash distribution has investors chasing dividends through ETFs)