Improved Equity and Credit Market Conditions Would Lift BlackRock’s Flows and Profitability

For much of the past 15 years, we've bemoaned the fortunes of the US-based traditional asset managers, noting that they would face significant secular headwinds (from aging baby boomers to the growth of passive investing) and cyclical headwinds (leading to more-volatile equity and credit markets) that would pressure their top and bottom lines.