大客户巨额赎回拖累业绩 贝莱德季度财报逊预期股价重挫

华尔街洞察
Jul 16, 2025

全球最大资管机构贝莱德(BLK)周二股价暴跌5.9%,此前披露的财报显示单一亚洲机构客户在第二季度赎回520亿美元指数基金,导致季度营收未达市场预期。

尽管美国股市创纪录高位带来680亿美元资金净流入,推动贝莱德资产管理规模跃升至12.53万亿美元的历史峰值,但单笔巨额赎回仍使当季营收定格在542亿美元,低于分析师普遍预测的545亿美元。周二盘中该股重挫71.46美元(跌幅6.4%)至1040美元,创两周新低——这与其6月投资者日公布募资目标后持续攀升的走势形成鲜明对比。

财报关键数据显示: • 净利润同比增长6.5%至15.9亿美元 • 经一次性费用调整后每股收益达12.05美元,超越FactSet调查预期的10.78美元 • 资管规模同比增幅达18%

公司虽未透露具体客户名称,但将此次赎回定性为"部分撤资"。爱德华琼斯分析师凯尔·桑德斯指出:"市场担忧这可能是系列资金流出的开端。"值得关注的是,贝莱德正加速布局私募市场,7月初刚完成对私募信贷机构HPS Investment Partners的收购。

"随着传统旺季下半年到来,HPS的加入将深化客户合作,"董事长兼首席执行官拉里·芬克强调,"这仅是新一轮强劲增长的开端。"不过投资者显然更关注眼前波动——就在财报发布前日,贝莱德股价刚创下历史新高。

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