BlackRock Q1 earnings dropped today.

The world’s largest asset manager reported revenue s growth 11% compared to a year ago. However, profits fell slightly compared to the first quarter of 2019. The asset manager also said that they continue to reward shareholders as they bought back $400 million of share repurchases in the current quarter and increased the quarterly cash dividend to $3.63 per share, or 10%. Earnings of $5.15 a share fell short of the analyst consensus estimates of $6.61 per share.

More on BlackRock Q1 Earnings

The ETF business had a record first quarter as iShares ETFs took in a net $10 billion of capital inflows. It was also the best ever quarter for Blackstone’s illiquid alternative investing platform as it took in $7 billion of new assets. The firm raised a $5.1 billion energy private-equity fund, a record in its history of running so-called alternative investments. The fund should be well-positioned to take advantage of the current decline in oil and gas prices.

The flight to safety that developed as the spread of the coronavirus became headline news in the second half of the quarter send many investors fleeing to cash. As a result, Blackstone’s cash management business took in over $50 billion in net capital inflows.

BlackRock Q1 earnings said that total assets under management fall to $6.5 trillion. That figure is down from $7.43 trillion at the end of 2019. Many institutions and pension funds have scrambled to raise cash amidst the coronavirus crisis.

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