BlackRock reported a better than expected quarterly profit on Tuesday, as more people poured money in its low-risk funds amid heightened trade tensions between Beijing and Washington.
More investors, however, pulled out money from the asset manager's institutional index funds, while putting in more money into its low-risk iShares exchange-traded funds. The inflow and outflow of funds also show an ongoing shift in investor preference for low-cost funds that make it easier for them to move in and out of market compared with passive stock investing. The company makes money on every transaction in the form of advisory or distribution fees.
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Uncertainty in global markets due to an escalating US-China tariff war and a rout in the Turkish lira kept market volatility elevated through most of the third quarter.
The company's iShares ETFs took in $33.67 billion in new money, down from $52.31bn, a year earlier, while investors pulled out $24.76bn from its portfolio managed index funds.
BlackRock's total long-term net flows were down $3.1bn.
Net income attributable to the world's biggest asset manager rose to $1.22bn in the third quarter ended September 30 from $944 million a year earlier.
On a per share basis, BlackRock earned $7.54, compared with $5.76 a year earlier.
Excluding items, the company earned $7.52 per share, while analysts had expected $6.84 , according to I/B/E/S data from Refinitiv.
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Our legal advisor
Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.
Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation.
Education: Sagesse University, Beirut, Lebanon, in 2005.
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Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
FIXTURES
Thu Mar 15 – West Indies v Afghanistan, UAE v Scotland
Fri Mar 16 – Ireland v Zimbabwe
Sun Mar 18 – Ireland v Scotland
Mon Mar 19 – West Indies v Zimbabwe
Tue Mar 20 – UAE v Afghanistan
Wed Mar 21 – West Indies v Scotland
Thu Mar 22 – UAE v Zimbabwe
Fri Mar 23 – Ireland v Afghanistan
The top two teams qualify for the World Cup
Classification matches
The top-placed side out of Papua New Guinea, Hong Kong or Nepal will be granted one-day international status. UAE and Scotland have already won ODI status, having qualified for the Super Six.
Thu Mar 15 – Netherlands v Hong Kong, PNG v Nepal
Sat Mar 17 – 7th-8th place playoff, 9th-10th place play-off
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh132,000 (Countryman)
The specs: Rolls-Royce Cullinan
Price, base: Dh1 million (estimate)
Engine: 6.75-litre twin-turbo V12
Transmission: Eight-speed automatic
Power: 563hp @ 5,000rpm
Torque: 850Nm @ 1,600rpm
Fuel economy, combined: 15L / 100km
