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BlackRock Profit Falls 3.7% as Market Swings Curb Asset Growth

  • China scare, Brexit vote hurt assets and fees in first half
  • Clients shifted money from equities to bonds, cash products

BlackRock Inc., the world’s largest money manager, said second-quarter profit fell 3.7 percent as performance fees declined and clients shifted money from stocks to lower-fee fixed income and cash investments.

Net income in the three months through June declined to $789 million, or $4.73 a share, from $819 million, or $4.84 a share, a year earlier, the New York-based company said Thursday in a statement. Adjusted earnings of $4.78 a share beat the $4.77 average estimate by 16 analysts surveyed by Bloomberg.

BlackRock is the first big U.S. money manager to report second-quarter earnings, giving a glimpse of how firms navigated financial markets that were rattled by Britain’s vote to leave the European Union. Chief Executive...