January 15, 2020 / 2:30 PM / 14 days ago

BlackRock CEO Fink sees no extreme client positioning in equities

NEW YORK, Jan 15 (Reuters) - Even as the stock market enjoyed a sharp rally recently, many of BlackRock’s clients were under-invested in equities and remained heavily oriented towards fixed-income securities, BlackRock Inc Chief Executive Larry Fink said on Wednesday.

“We still don’t see extreme positioning by clients in equities,” Fink said.

A thawing in U.S.-China trade tensions during the fourth quarter supported global equity markets, especially U.S. stocks. The benchmark S&P 500 index climbed 8.5% during the period, taking the year’s surge to 29%.

The U.S.-China trade war is set to enter a new, quieter phase as U.S. President Donald Trump and Chinese Vice Premier Liu He sign an initial trade deal later on Wednesday.

Concerns regarding trade have probably moderated and investors are likely to be focused more on the impending U.S. presidential election, Fink said.

BlackRock, the world’s largest asset manager, beat analysts’ estimates for quarterly profit on Wednesday, and its overall assets under management to a record $7.43 trillion. (Reporting by Saqib Iqbal Ahmed; Editing by Bernadette Baum)

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