July 14 (Reuters) - BlackRock Inc (BLK.N), the world's biggest asset manager, handily beat second-quarter profit estimates but showed a slowdown in money inflows, sending shares down about 2%.
Net inflows for the quarter were $80 billion, down from $89.6 billion a year ago and $110 billion in the first quarter, amid heightened economic uncertainties.
"The firm's flow mix remains skewed toward lower fee strategies, which continue to weigh on organic base fee growth," Goldman Sachs said in a note to clients.
Citigroup described the results as "a bit of a mixed quarter," given BlackRock's profit beat but lower-than-expected inflows.
Shares in BlackRock are up 2.85% this year, underperforming the S&P 500 index (.SPX), which is up almost 18%.
Persons:
Refinitiv IBES, Kyle Sanders, Edward Jones, Goldman Sachs, BlackRock, Larry Fink, Fink, Martin Small, Jaiveer Singh, Chizu Nomiyama, Mark Potter, Anna Driver
Organizations:
BlackRock Inc, BlackRock, Citigroup, CNBC, Thomson
Locations:
New York, BlackRock, Bengaluru