BlackRock honcho Larry Fink wasn’t over-excited when his firm hit $10 trillion in assets to start 2022 . That’s for the best: It didn’t last long. Stimulus-rich retail traders and hunger for active management are receding, leaving BlackRock a mere $8.5 trillion to manage. Executives think clients will bring dollars back – but possibly in less lucrative products.
to manage. Executives think clients will bring dollars back – but possibly in less lucrative products.
For BlackRock, not all dollars are created equal. Money that goes into active strategies, for example, generates more fees. Yet that, and cash from retail clients, saw outflows this quarter. Big investors, at least, stuck with stocks. They may shift more dollars around soon. Clients are pulling back from private equity to favor public markets. The trouble is that Fink’s crew thinks bonds are the next big thing for these investors as rates rise, and fixed income generates fewer fees for BlackRock than stocks. Bonds count for 29% of assets but only 24% of fees.This may be why BlackRock sounds so focused on keeping costs in check, promising slower, cheaper hiring.
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