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Asia clients offset BlackRock growth

Asia-Pacific clients withdrew $11.9 billion from BlackRock in the second quarter of the year, the company reported today, though total assets under management (AUM) increased 3% over the previous quarter.

The world’s largest asset manager said long-term net inflows of $4.1 billion from clients in the Americas and $9.3 billion from clients in Europe, Middle East and Africa (Emea) were partially offset by net outflows of $11.9 billion from clients in Asia-Pacific.

At June 30, 2016, BlackRock managed 63% of its long-term AUM for investors in the Americas and 37% for clients in Emea and Asia-Pacific.

Total AUM stood at $4.9 trillion at the end of the second quarter, up 4% year-over-year and 3% over the previous quarter.

“Our clients are facing unprecedented challenges as they attempt to navigate the current investment environment,” said chairman and chief executive officer Laurence D. Fink. “Political and macroeconomic uncertainty, historically low yields and elevated market volatility are leading clients to pause, as evidenced by more than $55 trillion in bank deposits in the US, China and Japan alone.

BlackRock generated $2 billion of long-term net flows in the quarter and $126 billion of inflows over the last twelve months.

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