BlackRock had a 3Q net inflow of about $2.57 billion as the asset manager recovered from $49 billion in quarterly net outflows from “lower-fee institutional index equity strategies, including $19 billion from a single international client.” CEO Larry Fink says the earning power of cash amid higher interest rates is weighing on flows across the industry. “For the first time in nearly two decades, clients are earning a real return in cash and can wait for more policy and market certainty before re-risking,” he says. The company is trying to position itself for share gains when investors are ready to put money back in the market, he says.