Revenue for the first quarter of 2010 increased to $1.99bn from $987m in the corresponding quarter of 2009.

Operating income in the first quarter increased to $654m from $271m in the comparable period of 2009.

Laurence Fink, chairman and CEO of BlackRock, said: “Following last year’s sharp rally in global equity markets and significant tightening of credit spreads, institutional investors stepped back to reassess their asset allocation strategies. As a result, institutional ‘re-risking’ activity slowed down and reallocations focused primarily on shifting from active to passive and from money market funds to deposits.

“Our new business results reflected these trends. Long-dated inflows from retail investors globally were notable, as were iShares flows, which have historically exhibited seasonal weakness in the first quarter.

“The integration is proceeding on schedule. The Aladdin implementation is well underway, synergy targets are being met, and we are reinvesting in our business to reinforce our existing capabilities and to pursue growth initiatives. Although we experienced some significant merger-related outflows during the quarter, dissynergies are running below deal projections and new business momentum reflects strong client interest in our broader capabilities. Our new business pipeline is robust, with $35.2bn of net wins funded or to be funded and continued demand for BlackRock Solutions products and services.”