American fund manager BlackRock has registered attributable net income of $1.05bn in the first quarter of 2019.

This is a fall of 3% from $1.09bn in the previous year.

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The firm’s total revenue dropped 7% to $3.34bn from $3.58bn a year ago.

However, the firm’s technology services revenue increased 11% on a year-on-year basis.

This was said to be due to BlackRock’s Aladdin risk management platform.

Operating income on an adjusted basis stood at $1.23bn in the three months through March 2019, versus $1.38bn last year.

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The group’s assets under management at the end of March 2019 totalled $6.52 trillion, up 3% from $6.32 trillion in the previous year.

Total net flows were $64.67bn, an increase of 14% from $56.94bn a year earlier.

BlackRock chairman and CEO Laurence Fink said: “BlackRock’s broad investment platform generated $65 billion of total net inflows in the first quarter, representing 4% organic growth.

“The breadth of our investment capabilities, spanning index, alpha-seeking, alternatives and cash, coupled with our industry-leading technology and portfolio construction capabilities, allowed us to generate strong flows and continue to meet the evolving needs of our global clients.

“iShares once again captured the number one market share of global ETF industry flows, paced by a record $32 billion of net inflows into fixed income ETFs.”