BlackRock, one of the world’s biggest fund management companies, suffered an 84% annual drop in Q4 earnings, as investors pulled money from hedge funds and performance fees plunged. BlackRock, which is 49% owned by Merrill Lynch, said Wednesday its Q4 net income fell to $53m from $322.4m a year go. It was BlackRock’s second consecutive quarter of falling profits. Performance fees also dropped by 84%, falling to $23.7m in the quarter compared with $152.7m last year. The results were due to steep declines in alternative investment products. Larry Fink, chief executive, noted that as property and private equity markets tended to lag public markets, further declines might be expected this year.

This entry was posted by Gwen Robinson on Thursday, January 22nd, 2009 at 5:47 and is filed under Capital markets. Tagged with blackrock. Edit this entry.