New York bond manager BlackRock reported second quarter diluted earnings per share two cents above analysts' estimates on Tuesday.

Diluted earnings per share for the second quarter were $0.73.

Total assets under management fell $11 billion from the end of the first quarter to $309.7 billion.

Mutual fund assets under management totaled $78.8 billion, down 11 percent from $88.5 billion at the end of the first quarter.

BlackRock officials blamed rising interest rates and market depreciation for the outflows in total assets.

"An additional $3.2 billion of outflows resulted from two client mergers and a macro-driven decision by a multi-billion dollar AUM client to substantially restructure their exposure to the fixed income markets. Excluding these three accounts, net new business totaled $4.4 billion in long-dated products. The pipeline also remained highly robust, including $10.8 billion of wins funded or to be funded since quarter-end," stated officials. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE