(Bloomberg) -- BlackRock Inc., the world’s biggest money manager, said second-quarter profit fell 11% as slumping markets worldwide eroded fees for overseeing client assets.

Net income decreased to $554 million, or $3.08 a share, from $619 million, or $3.21, a year earlier, the New York-based company said today in a statement. BlackRock’s net income compared with the $3 a share average estimate of seven analysts surveyed by Bloomberg.

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