BlackRock
Q3 2022 Earnings Call
Oct 13, 2022, 8:30 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good morning. My name is Jake and I will be your conference facilitator today. At this time, I would like to welcome everyone to the BlackRock, Inc. third quarter 2022 earnings teleconference.
Our host for today's call will be chairman and chief executive officer, Laurence D. Fink; chief financial officer, Gary S. Shedlin; president, Robert S. Kapito; and general counsel, Christopher J.
Meade. [Operator instructions] Thank you. Mr. Meade, you may begin your conference.
Chris Meade -- General Counsel
Thank you. Good morning, everyone. I'm Chris Meade, the general counsel of BlackRock. Before we begin, I'd like to remind you that during the course of this call we may make a number of forward-looking statements.
We call your attention to the fact that BlackRock's actual results may, of course, differ from these statements. As you know, BlackRock has filed reports with the SEC, which lists some of the factors that may cause the results of BlackRock to differ materially from what we see today. BlackRock assumes no duty and does not undertake to update any forward-looking statements. So with that, I'll turn it over to Gary.
Gary Shedlin -- Chief Financial Officer
Thanks, Chris, and good morning, everyone. It's my pleasure to present results for the third quarter of 2022. Before I turn it over to Larry to offer his comments, I'll review our financial performance and business results. While our earnings release discloses both GAAP and as-adjusted financial results, I will be focusing primarily on our as-adjusted results.
As a reminder, beginning in the first quarter of 2022, we updated our definitions of as-adjusted operating income, operating margin and net income. Year-over-year financial comparisons referenced on this call will relate current quarter results to these recast financials. Market conditions remained very challenged in the third quarter, with global equity and debt markets ending down 25% and 14%, respectively, for the first nine months of 2022. In total, these market declines, along with significant dollar appreciation against major currencies, reduced the value of BlackRock's assets under management by over $2 trillion since December 31.
Inflation, rising rates, liquidity, market volatility, and geopolitical uncertainty remain significant concerns for clients, but more of them are turning to BlackRock for comprehensive solutions to help build more resilient portfolios. They increasingly value our unparalleled breadth of investment products, styles and exposures, which allows them to customize portfolios to address the investment policies, return targets, and unique needs of their stakeholders. Our ability to deliver this customization at scale is a unique advantage, and it is during times of market uncertainty that the power of our platform becomes most evident. Despite the most challenging market backdrop in decades, BlackRock generated industry-leading long-term net inflows of $248 billion during the first nine months of 2022, demonstrating the strength and stability of our globally integrated multi-asset solutions-oriented platform.