BLK - BlackRock's Q1 Equity Fee Rates Were Light Across All Product Types Analyst Cautions On Fee Rate Dynamics | Benzinga
BlackRock, Inc. (NYSE:BLK) shares are trading lower on Friday.
The company reported revenue growth of 11% year over year to $4.728 billion in the first quarter, beating the consensus of $4.676 billion.
According to Goldman Sachs analyst Alexander Blostein, the company’s management fees of $3.778 billion missed consensus by 1% on worse-than-expected fee rate dynamics.
Blostein writes equity fee rates were light across all product types, and the Alts fee rate declined three bps quarter on quarter as catch-up fees rolled off, and Tech/risk management fees were also a bit light (-1% versus Street).
The analyst adds that flows were driven by ...