BlackRock Inc. Chief Executive Officer Laurence D. Fink said the world’s largest money manager had “one big net seller” during October’s market rout that saw more than $3 trillion in value erased from global equities.

Fink, 62, told central bankers including Bank of England Governor Mark Carney and German Bundesbank President Jens Weidmann at a policy conference that the majority of outflows in the market last month came from leveraged hedge funds. BlackRock, based in New York, oversees about $4.3 trillion.

“There was lot of concern from regulators who called me about the volatility” in October, Fink said in Paris today. “Long-term investors did not change their behavior.”

Global equities tumbled last month and bond yields fell by the most since 2009 as concern deepened that global growth is faltering. Fink today said the correction was both “healthy and necessary.” Hedge-fund manager David Einhorn said earlier this week that he wished the turmoil was longer so that he could have made more investments at bargain prices.

Fink said the market operated “quite well with relatively little disturbance” during the selloff, with exchange-traded funds acting as a “buffer” to volatility. In October, ETFs had their largest month of inflows this year, he said.

“Behavior in the world and markets seemed quite perilous,” Fink said. “There is a big reason why the market is back where it was -- it’s because long-term investors were back there.”