BlackRock Inc. saw investors seek safety in the third quarter, as global trade tensions and geopolitical uncertainty continued to fuel fears of a slowdown.

The world’s largest asset manager posted fixed income flows of $35 billion in the three months ended Sept. 30, compared to $22.9 billion a year earlier. Clients also moved to cash and alternatives, with both business lines gaining, the company said in a statement Tuesday.

“People are shifting their focus toward de-risking,” said Kyle Sanders, an analyst at Edward Jones. “While some tiptoed back into the market, the general trend is people remaining cautious overall, especially in the third quarter.”

President Donald Trump’s ongoing trade war with China and the market anxiety he stirs up with a single tweet are keeping investors on edge. To cushion the firm from market cycles, BlackRock is working to build its range of offerings.

Adjusted earnings and revenue exceeded analysts’ estimates and key businesses showed strength. BlackRock gained 1.4% to $440.21 in trading in New York.

BlackRock’s iShares index business continued to be a driver of flows, bringing in $41.5 billion. Indexing is a crucial business for the company, accounting for two-thirds of its assets under management.

With online brokers cutting their trading commissions to zero on U.S. ETFs, Chief Executive Officer Larry Fink said BlackRock will benefit.

“If you could see my face, I’m smiling at the opportunities,” Fink said on an earnings call with analysts. He added that short-duration bond ETFs could work as a compelling substitute to money market funds for some investors. “Commission-free in the fixed income realm is a real opener for so many more participants,” he said.

Clients moving to safe havens brings risk for BlackRock. The fees earned from bonds and cash are generally lower than riskier assets. Equities accounted for nearly half of total base fees in the quarter versus 28% for fixed income and 5% for cash management.

“No one knows what’s going to happen at any point in time with tweets, and geopolitical risk,” said Gary Shedlin, BlackRock’s chief financial officer, in a phone interview. As clients re-balance to cash and fixed income, “the impact that has on us is it creates some fee rate pressure. At some point those clients will re-risk, and we’ll benefit.”

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