BlackRock, the world’s largest asset manager, has won the top ratings in a Reserve Benchmarks 2023 survey, even as the firm’s stock performance has undergone a sharp drop.
The firm gained recognition as “best overall asset manager,” ahead even of such market leaders as Goldman Sachs. But the survey does not acknowledge significant market headwinds that affect BlackRock’s performance.
BlackRock Earns Top Rank in Spite of Fluctuations
In the Reserve Benchmarks survey, respondents had to name their first, second, and third choices in the category of best overall asset manager. Plus, they offered nominees in the categories of benchmarking, equities, and fixed income.
In the survey’s methodology, firms won three points for a nomination for first place, two for second, and one for third. BlackRock came away with 29.5% of all points.
Interestingly, the survey’s highly positive assessment came out just a day after news of one of the most disappointing BlackRock performances in months.
According to Dow Jones figures released Monday, BlackRock stood at $655.74 in midday trading. Placing BlackRock on track for its lowest close since hitting $655 on May 24.
BlackRock was down for seven straight days and eight of the nine past days, Dow Jones noted. Dow Jones also reported that BlackRock had its worst seven-day stretch since March and was down 7.46% year-to-date.
A MarketWatch report highlighted BlackRock’s “underperformance” compared to rivals JPMorgan Chase, Wells Fargo, and Morgan Stanley. The first two enjoyed modest rises, of
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Author: Michael Washburn
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