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From Kirsten Bischoff, Opalesque New York: "These are the best of times and worst of times" was how a somber, but optimistic Laurence Fink, Chairman and Chief Executive of BlackRock started the third quarter earnings call with investors. Posting a -14.7% drop in third quarter profits Fink told investors that the losses were felt across all asset classes.

According to Reuters analysts had expected earnings of $1.88 per share as BlackRock's final quarter numbers fell to $1.62 per share. (Source)

$66m loss in seed and co-investments in hedge funds Third quarter 2008 non-operating expense, net of non-controlling interests, was $119 million compared to non-operating income, net of non-controlling interests of $47 million in third quarter 2007. The $119 million non-operating expense, net of non-controlling interests, includes losses of $66 million from seed and co-investments in hedge funds/funds of hedge funds (including the impact of distressed credit products), $13 million from real estate products and $39 million related to assets associated with certain deferred compensation plans. (Source)

Future of alternatives Although Fink said not a single product in the alternatives sector had ......................

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