Even as BlackRock posted per-share earnings for the second quarter that topped Wall Street’s forecasts, the firm’s shares fell meaningfully on Tuesday and underperformed the market. Shares fell 6% as the S&P 500 rose 0.

BlackRock Inc. dropped the most since April as revenue and performance fees missed estimates, even as the world’s largest money manager hit a record $12.5 trillion in assets.

Shares of Blackrock fell after the company's second-quarter revenue failed to meet Wall Street's expectations. The investment management company's stock was down 5.5% to $1,050.01 Tuesday, making it the second-largest decliner on S&P 500. The stock is up 1.8% so far this year.

An Asian institutional client pulled $52 billion from the asset manager during the second quarter, crimping net client inflows into the investment firm.

BlackRock topped Q2 forecasts with $5.42 billion in revenue and a record $12.5 trillion AUM, driven by ETF inflows, advisory fee growth, and strong client demand.

BlackRock Inc. said it expects to start offering its own target-date retirement funds that include private assets next year, the latest push by the $12.5 trillion money manager to bring alternatives to everyday investors.

Now celebrating 20 years in Chicago, the New York-based investment management firm is eyeing further growth through alternative investments.

ETFs that have tracked the S&P 500 have always been popular. The largest and most popular exchange-traded funds (ETFs) are those that track the performance of the S&P 500. In fact, the three largest ETFs as measured by assets under management are all ones that mimic the performance of this benchmark index.

Bitcoin rocketed past $120,000 for the first time in history to notch a new all-time high of nearly $123,000 early Monday morning, according to data from Binance. The cryptocurrency posted a daily jump of about 3% and a weekly gain of more than 12%.