49ers rally for win over Bruins

first_imgDean Bittner totaled 21 digs and Paul Lotman added 17 to help the Long Beach State men’s volleyball team beat UCLA 30-23, 24-30, 26-30, 30-23, 16-14 in a Mountain Pacific Sports Federation match Wednesday night at the Walter Pyramid. The 14th-ranked 49ers improved to 7-8 overall with the win and 8-7 in the MPSF. Fifth-ranked UCLA dropped to 10-8 and 8-7. Long Beach State also got 14 kills from Teddy Liles, plus eight by Dan Alexander. Connor Eaton had 64 assists to lead the 49er attack, while Lotman and Tyler Caldwell each contributed 10 digs. The Bruins were paced by Steve Klosterman with 27 kills and Paul George with 19. Kevin Ker recorded 52 assists. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!center_img The 49ers had a hitting percentage of .331 for the match and the Bruins ended up at .295. Long Beach State will play host to second-ranked UC Irvine on Saturday night at 7 in the Gold Mine. last_img read more

BlackRocks assets slip under US6 trillion after market turmoil

first_img Reddit CEO Larry Fink: “We’re seeing the seeds of a global slowdown.”Bloomberg file photo BlackRock’s assets slip under US$6 trillion after market turmoil ‘The year was a year of records, good and bad records’: CEO Larry Fink said, of 5 per cent overall decline Comment Annie Massa Related Stories Bloomberg News What you need to know about passing the family cottage to the next generation 0 Comments advertisement BlackRock warns Canadian government borrowing is ‘crowding out’ companies “In the context of all this storm, we put up solid growth,” Shedlin said in a phone interview. “We saw a record on both sides of the barbell.”Yet the mounting market forces were hard for BlackRock to escape and ultimately contributed to firm reporting a 66 per cent decline in full-year net inflows. Active investments suffered, with clients pulling US$12.3 billion from those products in the quarter.BlackRock appears to be re-evaluating its business amid market uncertainty. Last week, the company announced plans to cut three per cent of its global workforce, or 500 jobs. That’s the firm’s largest round of dismissals since 2016. The decision resulted in a US$60 million charge in the quarter.Fink also made some key management shifts earlier this month in part to accelerate growth outside the U.S. Mark Wiedman, previously the head of BlackRock’s powerhouse ETF business, was appointed to new global strategy role and Fink said more leadership changes are on the way. More BlackRock CEO Larry Fink warns tariff war could trigger 15% market rout Join the conversation → ← Previous Next → Even the world’s largest money manager BlackRock Inc. felt pressure as markets convulsed at the end of 2018.The New York-based firm saw fourth-quarter assets under management dip below US$6 trillion as institutions and retail investors withdrew money from its wide array of products. That’s a five per cent decline from a year earlier and a drop from records BlackRock achieved earlier in 2018.“The year was a year of records, good and bad records,” Chief Executive Officer Larry Fink said in a CNBC interview. He noted that market volatility is weighing on the asset management industry. “We’re seeing the seeds of a global slowdown,” he said. RBC and BlackRock team up to form ETF powerhouse With $20 trillion between them, Blackrock and Vanguard could own almost everything by 2028 Corporate credit expected to tighten in 2019, but lenders not turning off the taps just yet Institutions withdrew US$34.6 billion from BlackRock’s active and passive investment products in the period, the firm said Wednesday in a statement. That was the third straight quarter of institutional outflows. And as the S&P 500 slid at year-end, retail investors also ducked for cover. They wrenched US$3.2 billion out of BlackRock’s funds, marking the first quarter of outflows since 2016. Overall, long-term net flows came in at US$43.6 billion for the quarter.Fink said that a resolution in global trade tensions could result in a surge of investing in 2019. The company has already seen customers putting money to work in January, he said.BlackRock shares closed Wednesday up 3.8 per cent in New York.The firm was buoyed by the strength of its massive exchange-traded fund business. Despite conventional wisdom that passive products look less appealing in market downturns, BlackRock’s iShares division shone with record inflows of US$81 billion in the fourth quarter. That result was achieved as its U.S. iShares products had two consecutive months of record inflows in November and December. ETFs account for about one-third of BlackRock’s assets under management. It is the world’s largest provider of the products.Gary Shedlin, BlackRock’s chief financial officer, said that he was encouraged by the performance of iShares, and in the firm’s alternatives inflows. Still a relatively small piece of the business, net flows into alternatives totaled US$4.9 billion in the fourth quarter.In the context of all this storm, we put up solid growthBlackRock CFO Gary Shedlin Share this storyBlackRock’s assets slip under US$6 trillion after market turmoil Tumblr Pinterest Google+ LinkedIn January 16, 20194:05 PM EST Filed under News FP Street Facebook World’s biggest money manager expects Bank of Canada to hit the brakes in 2019 Twitter Featured Stories Email Sponsored By: last_img read more