BlackRock grew its securities lending revenue to $157 million for Q2 2016, up from $151 million in the same quarter last year.
In its second quarterly report for 2016, the bank grouped its securities lending revenue alongside investment advisory and administrative fees, which brought in a combined revenue of $2.45 billion for Q2, down from the Q1’s $2.53 billion total.
According to the bank, this shift reflected the mix shift from equities to fixed income and cash products, partially offset by lower yield-related waivers on certain money market funds and the effect of AUM acquired in the BofA Global Capital Management transaction.
“Our clients are facing unprecedented challenges as they attempt to navigate the current investment environment,” said BlackRock chair and CEO Laurence Fink, on the asset management firm’s overall Q2 financial results.
“Political and macroeconomic uncertainty, historically low yields and elevated market volatility are leading clients to pause, as evidenced by more than $55 trillion in bank deposits in the US, China and Japan alone.”
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