by Florian Hielscher, Euro on Sunday
The challenging market environment did not leave the world’s largest asset manager untouched. Poor market sentiment drove investors away from riskier asset classes, with BlackRock’s assets under management in the second quarter down 11% year-on-year. That hit earnings: For the three months, BlackRock had reported a six percent decline in sales, and adjusted earnings per share had fallen by a full 30 percent.
However, the recent weakness also offers opportunities: The Ishares ETF brand, a growing range of technology services with the risk and investment platform Aladdin and assets still worth $8.5 trillion make BlackRock a promising prospect. With the share, investors are counting on a broad recovery, and BlackRock remains interesting as a dividend stock. In view of recent price gains, the editors are adjusting the price target.
Industry: wealth management
Headquarters: New York (United States)
market value: €99.7 billion
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