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Fund Firms Tally Bearish Year Most Saw Earnings Fall Right product mix and distribution were key to those posting growth.(MUTUAL FUNDS)
Byline: CLAIRE MENCKE
Some fund companies led a round of applause for employees when they reported earnings recently. Others breathed a sigh of relief that the year was over. Yet others had a lot of explaining to do.
The bear market has posed challenges for all of them. Most have seen earnings growth slow or disappear. But, as has been the case through the entire slump, none of these companies suffered a loss.
In the upbeat group was BlackRock. It boosted earnings 16% to 44 cents a share in the last quarter of 2001 from 38 cents a year before. For the whole year it earned $1.65 vs. $1.35 a year ago.
"In the fourth quarter, the markets were among the most volatile in our history," said CEO Lawrence Fink. "We fared well throughout. For 2002, we have the staff, we have a plan to increase equity offerings in place, we have growth potential and we have a strong platform. We just have to keep blocking and tackling."
BlackRock Leads
BlackRock was in the catbird seat much of last year, with much of its business in bonds. Now, as investors start to rebalance into more equities again, the firm has hired a new small- and mid-cap value team and is moving further into European and global stock funds.
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