Asset manager BlackRock grew its assets under management by 5% in the three months to June 30 amid challenging conditions as the company extended for another four years its shareholder relationship with Merrill Lynch.

BlackRock now manages about $1.43 trillion (€902bn). However, Laurence Fink, the asset manager’s chief executive and chairman, said market conditions for investing this money remain “highly unstable... The credit crunch and sharply deteriorating global equity markets continue to take a toll on investors worldwide.”