Fee Pressure Trumps Positive Flows in BlackRock's 2Q; Keeping Our $495 FVE in Place
There was little in wide-moat-rated BlackRock's second-quarter results that would alter our long-term view of the firm. We are leaving our $495 fair value estimate in place. BlackRock closed the June quarter with a record $6.842 trillion in managed assets, up 5.0% sequentially and 8.6% year over year, with positive flows, foreign-exchange gains, and market gains all contributing to assets under management. Net long-term inflows of $125.4 billion during the second quarter were fueled by $74.7 bil...BlackRock is an investment management firm. The company provides a range of investment and technology services to institutional and retail clients worldwide. Products are provided directly and through intermediaries in a variety of vehicles, including open-end and closed-end mutual funds, iShares? exchange-traded funds, separate accounts, collective investment trusts and other pooled investment vehicles. The company also provides technology services, including the investment and risk management technology platform, Aladdin?, Aladdin Wealth, eFront, Cachematrix and FutureAdvisor, as well as advisory services and solutions to a base of institutional and wealth management clients.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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