Fink blasts BlackRock stock-picking performance

Mike Foster and Sophie Baker of the Financial News report that Larry Fink, chief executive of BlackRock, last week branded the recent performance of the asset manager’s stock-pickers as unacceptable and pledged to hire others to turn it round.

His criticism came after BlackRock’s equity advisory fees dropped 89% to $3m in the three months to June.

In the 12 months to June 30, 61% of BlackRock’s traditional equity products were below benchmarks and 56% of them fell short over three years.

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