fourth quarter earnings plunged 84 percent as the downturn in equity markets
weighed on AUM. The New York investment manager reported net income of $59.2 million or 40 cents a share. Analysts polled by Thomson Reuters expected
earn $1.02 a share.
BlackRock generated revenues of $1.06 billion, down 26 percent from $1.44 billon in the year-ago period.
Investment advisory and administration base fees came in at $853 million during the quarter, down 21 percent from the third quarter due to the market-driven reduction in equity and balanced AUM.
BlackRock ended the year with AUM of $1.31 trillion, down from $1.36 trillion at the end of December 2007 and up from $1.26 trillion at the close of September 2008.
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