BlackRock posts 30% fall in second-quarter profit

BlackRock Inc posted a 30% drop in second-quarter profit on Friday as the turmoil in the global markets discouraged investors, shrinking the world's largest asset manager's fee income.

Adjusted profit fell to $1.12 billion, or $7.36 per share, for the three months ended June 30, from $1.61 billion, or $10.45 per share, a year earlier.

Analysts on average had expected the asset manager to report a profit of $7.90 per share, according to IBES data from Refinitiv.