BlackRock Clients Pull $13 Billion From Long-Term Funds
- This marks first outflow since onset of the pandemic
- Clients added $15 billion to cash management, money market
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BlackRock Inc. clients pulled a net $13 billion from long-term investment funds, the first outflows since the onset of the pandemic in 2020.
The redemptions are a sign that investors have preferred to keep cash on hand in money-market funds or in certain bond strategies while interest rates remain elevated.