(Reuters) - Asset manager BlackRock Inc has had $48 billion in net new flows into its fixed income funds this year, Chief Executive Officer Larry Fink told CNBC on Wednesday morning.
The company has seen an uptick in investors' moving money into its fixed income funds over the past few weeks and expects that to continue into the fourth quarter and beyond, he said.
BLACKROCK (BLK.NY)has been one of the beneficiaries as investors pulled money out of Pacific Investment Management Co after Bill Gross announced on Sept. 26 that he had quit the fixed-income fund company to join Janus Capital Group Inc
Fink told CNBC that he did not believe bond markets had been roiled by Gross' exit.
He also said BlackRock had not seen more than one sovereign wealth fund sell out of equities in last six weeks despite the global market volatility.
Overall, Fink said he would like to see the U.S. Federal Reserve take action and raise interest rates to between 1 percent and 1.25 percent, which he believes would be good for the U.S. economy.
New York-based BlackRock reported a 10 percent increase in assets under management and a 26 percent increase in earnings from the third quarter of last year.
(Story corrects flow number in first paragraph to $48 billion from $45 billion)
(Reporting by Jessica Toonkel; Editing by Lisa Von Ahn)
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