BlackRock missed analyst estimates on total net inflows, bringing in $84.2 billion in the third quarter. Its cash management net flows reached $32 billion, compared to withdrawals of $14.6 billion a year earlier.
The firm’s burgeoning alternatives business posted strong quarterly inflows of $7.9 billion. BlackRock last year announced a private equity-style vehicle called Long Term Private Capital, which takes stakes in private companies. The project is behind schedule: the business raised $2.75 billion as of April. Last year, BlackRock said it was seeking to raise up to $12 billion. The fund struck its first deal in August, backing a company that manages brands including Sports Illustrated, Marilyn Monroe and Juicy Couture.
This article was provided by Bloomberg News.