LONDON (ShareCast) - (Sharecast News) - US asset manager BlackRock fell short of estimates on the Street in its last trading quarter as investment advisory and lending revenues dropped amid a rise in costs.
Revenues fell 2.2% to $3.52bn and net income attributable to the group dropped to $1bn, or $6.41 per share, from the $1.07bn reported a year earlier as expenses rose almost 4% to $2.25bn.

Analysts had expected a profit of $6.50 per share.

BlackRock\'s institutional funds added $87.36bn in the second quarter, up from the $29.12bn added in the three months ended 31 March.

The firm wrapped up the quarter with $6.84trn in assets under management, up from $6.30trn a year earlier as investors put more money into BlackRock\'s actively managed funds aimed at beating the market over the low-fee passive-investment products.

As at 1300 BST, BlackRock shares were broadly flat, down just 0.029% in pre-market trading at $475.

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