BLACKROCK TURMOIL

BLACKROCK chief Larry Fink said markets are ‘unlike anything we’ve seen in decades’ after the value of assets managed by the fund manager dropped by £1.2 trillion last year.

The boss of the world’s biggest investment firm said ‘negative markets had a substantial impact’ on its performance. The New York-based group said the value of its assets fell by 14pc in 2022, from £8.2 trillion to £7 trillion. In the last three months of the year revenue fell 15pc to £3.5bn.

Blackrock said this week it would cut 500 jobs after a year in which US stocks had their biggest fall since 2008.