Assets under management and operating earnings at BlackRock declined in the third quarter because of market turmoil as chief executive Laurence Fink expressed optimism about the firm’s business model in light of his prediction of a major consolidation among asset managers.

BlackRock reported third quarter earnings of $218m (€167m), down 15% from the same quarter last year. Net profits for the first nine months of the year were $733m, which is still 9% higher than it was a year ago.