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BlackRock sees lower fees in Q2 as asset mix tilts toward fixed income, cash

reported second-quarter netincome attributable to the company of $789 million, or $4.73 per share, downfrom $819 million, or $4.84 per share, in the prior-year quarter.

Thecompany's adjusted net income for the quarter came in at $797 million, or $4.78per share, compared to $838 million, or $4.96 per share, in the year-agoquarter.

TheS&P Capital IQ consensus normalized EPS estimate for the quarter was $4.78.

Revenuetotaled $2.80 billion, down from $2.91 billion in the second quarter of 2015.Investment advisory, administration fees and securities lending revenuedeclined year over year to $2.49 billion from $2.53 billion as clients shiftedto fixed income and cash products from equity.

Thecompany saw total long-term net inflows of $1.54 billion during the quarter.The iShares ETF business pulled in $15.68 billion in client money, but retailand institutional businesses saw net outflows of $6.29 billion and $7.85billion, respectively. Total long-term AUM stood at $4.505 trillion as of June30, compared to $4.435 trillion at March 31 and $4.437 trillion at June 30,2015.

Thecompany made $275 million of share repurchases during the quarter.