BlackRock Q4 net income down 16%
BlackRock has reported a net income of $555m, or $3.05 per diluted share, for the fourth quarter of 2011, compared to $657m, or $3.35 per diluted share, for the same period in 2010.
The latest results included restructuring charges of $32m related to a 3.4% reduction in the fourth quarter work force.
The total revenue for the fourth quarter of 2011 was $2.22bn, a decrease of 11%, compared to $2.49bn for the same period a year ago.
Operating income was $808m, down 14%, compared to $940m for the same period in the previous year.
Assets under management at 31 December 2011 were $3.51 trillion, down from $3.56 trillion a year earlier.
BlackRock chairman and CEO Laurence Fink said that their mix of businesses, together with unparalleled risk management capabilities and a sharp focus on execution, have allowed them to deliver strong results through highly challenging market cycles.
"This momentum was reflected in the fourth quarter as we generated net inflows of $23.8 billion in long term net new business," added Fink.
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