Global investment house BlackRock has reported results for the first quarter of 2020, which show net income fell from US$1.053 billion in the first quarter of 2019 to $806 million a year later.

Assets under management fell by 1 percent over the year, from $6.515 trillion to $6.466 trillion. The equivalent figure at the end of December 31 2019 was $7.429 trillion.

Performance fees increased $15million from the first quarter of 2019, primarily reflecting higher revenue from liquid alternative products. But they fell by $198 million from the fourth quarter of 2019, which BlackRock says is primarily due to a seasonally higher number of funds with a performance measurement period that ended in the fourth quarter of 2019.

Securities lending revenue of $158 million increased from $148 million in the first quarter of 2019.

Laurence D Fink, Chairman and CEO, made the following comments: "The coronavirus outbreak has transformed the world, creating unprecedented human and economic hardship. Everyone at BlackRock is humbled and inspired by the work of the first-line responders around the world, and we are deeply grateful for all that they are doing.

"Our overriding priority at BlackRock today is the health and safety of our employees and their families. Amidst extraordinary circumstances, they have rebuilt BlackRock beyond its walls delivering the operational resilience and support our clients depend on and need more than ever before.

"As our clients seek insights, advice and solutions, our diversified investment and technology platform is enabling us to have richer conversations with them even in this virtual environment, about all aspects of their portfolios. We believe BlackRock is more differentiated in this environment than ever before.

"The strategic investments we've made over recent years in key areas for growth continue to deliver. iShares ETFs (exchange-traded funds) have acted as a valuable market technology as investors once again turned to bond ETFs for price transparency and incremental liquidity in volatile markets. iShares sustainable ETFs had a record quarter with $10 billion of net inflows.

"We had one of our best quarters in illiquid alternative fundraisings ever, generating $7 billion in new flows and commitments. Our cash management business captured over $50 billion in net inflows as clients sought to de-risk rapidly. Aladdin continued to provide best-in-class portfolio and risk analytics, while facilitating record trading volumes and enabling remote operations. A

"And our Financial Markets Advisory group is again partnering with various central banks on programs to facilitate market efficiency and support the global economy.

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Global investment house BlackRock has reported results for the first quarter of 2020, which show net income fell from US$1.053 billion in the first quarter of 2019 to $806 million a year later.

Assets under management fell by 1 percent over the year, from $6.515 trillion to $6.466 trillion. The equivalent figure at the end of December 31 2019 was $7.429 trillion.

Performance fees increased $15million from the first quarter of 2019, primarily reflecting higher revenue from liquid alternative products. But they fell by $198 million from the fourth quarter of 2019, which BlackRock says is primarily due to a seasonally higher number of funds with a performance measurement period that ended in the fourth quarter of 2019.

Securities lending revenue of $158 million increased from $148 million in the first quarter of 2019.

Laurence D Fink, Chairman and CEO, made the following comments: "The coronavirus outbreak has transformed the world, creating unprecedented human and economic hardship. Everyone at BlackRock is humbled and inspired by the work of the first-line responders around the world, and we are deeply grateful for all that they are doing.

"Our overriding priority at BlackRock today is the health and safety of our employees and their families. Amidst extraordinary circumstances, they have rebuilt BlackRock beyond its walls delivering the operational resilience and support our clients depend on and need more than ever before.

"As our clients seek insights, advice and solutions, our diversified investment and technology platform is enabling us to have richer conversations with them even in this virtual environment, about all aspects of their portfolios. We believe BlackRock is more differentiated in this environment than ever before.

"The strategic investments we've made over recent years in key areas for growth continue to deliver. iShares ETFs (exchange-traded funds) have acted as a valuable market technology as investors once again turned to bond ETFs for price transparency and incremental liquidity in volatile markets. iShares sustainable ETFs had a record quarter with $10 billion of net inflows.

"We had one of our best quarters in illiquid alternative fundraisings ever, generating $7 billion in new flows and commitments. Our cash management business captured over $50 billion in net inflows as clients sought to de-risk rapidly. Aladdin continued to provide best-in-class portfolio and risk analytics, while facilitating record trading volumes and enabling remote operations. A

"And our Financial Markets Advisory group is again partnering with various central banks on programs to facilitate market efficiency and support the global economy.