BlackRock quarterly profit falls 3.3 percent

BlackRock quarterly profit falls 3.3 percent

FILE PHOTO: The company logo for BlackRock is displayed on a screen on the floor of the New York Stock Exchange in New York, U.S., March 30, 2017. REUTERS/Brendan McDermid/File Photo

(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, or $6.61 per share, in the first quarter ended March 31 from $1.09 billion, or $6.68 per share, a year earlier. (bit.ly/2XenIdZ)

Reporting by Bharath Manjesh in Bengaluru; Editing by Sriraj Kalluvila

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