Despite continued consolidation in the asset management business, a titan is not looking to participate.
| Laurence D. Fink|
"We are not focused on asset management M&A in the developed markets," Larry Fink
, chairman and CEO of BlackRock
], told analysts yesterday morning on the firm's Q1 2019 earnings call (as transcribed by Seeking Alpha
). Fink was responding to a question from Michael Cyprys
, executive director of equity research (covering asset managers and discount brokers) at Morgan Stanley
Yet Fink is on the hunt for other kinds of deals ... in the technology space, for instance to support or package with BlackRock's Aladdin
risk management system.
Yesterday the BlackRock team reported
$6.61 of diluted EPS for Q1 and $3.35 billion of revenue, beating
estimates by $0.48 and by $50 million, respectively. AUM rose three percent year-over-year to $6.515 trillion as of March 31, 2019.
Neil Anderson, Managing Editor
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