BlackRock's assets under management hit a new high in the second quarter as global markets rallied, but its shares tumbled as much as 7% after a large Asian institutional client pulled money from an index strategy.

Shares of BlackRock Inc. shed 5.88% to $1,046.16 Tuesday, on what proved to be an all-around dismal trading session for the stock market, with the S&P 500 Index falling 0.40% to 6,243.76 and Dow Jones Industrial Average falling 0.

BlackRock's iShares ETF business achieved record first-half flows of $192 billion. - Adjusted earnings per share of $12.05 beat analyst estimates by $1.23. - ETF revenue climbed to $1.9 billion, representing 42% of total fee income.

Today's sell-off likely has more to do with profit-taking following the stock's near-40% recovery off of April's lows than anything else. BlackRock shares also came into the day trading around 27 times earnings, while paying a dividend yield just under 2%.

An Asian institutional client pulled $52 billion from the asset manager during the second quarter, crimping net client inflows into the investment firm.

BlackRock, Inc.'s Q2 earnings highlight modest revenue growth amid volatility. Click for my updated look at BLK stock and why I rate the shares as a Hold.

BlackRock said its assets under management reached a record $12.5 trillion in the second quarter, though its revenue missed estimates, sending shares lower Tuesday.

The private equity era in RIA M&A isn’t over but now faces entry from sovereign wealth funds and BlackRock-owned private credit firms. "They play a little bit different role than the traditional private equity investment,