NEW YORK (AP) — Investment manager BlackRock Inc. said Wednesday that its second-quarter net income fell 11 percent, hurt by declines in markets that weighed on fees.

CEO Laurence Fink said the April-June quarter was marked by "market headwinds" and the "growing defensive posture of investors."

Stock markets declined during late spring and early summer due to worries about the European debt crisis and a slowdown in Asia. The Standard & Poor's 500 index fell 3.3 percent. And investors are wary. They withdrew $7.7 billion from U.S. stock funds in June — the fourth straight month that money was pulled out of such funds.

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