BlackRock Inc.’s (BLK.N) Chief Executive Larry Fink said most investors are under invested in the markets globally.

The world’s largest asset manager has seen clients put money to work by moving from cash to fixed income, Fink said in an interview on CNBC Tuesday after his company reported earnings.

"We’re seeing huge excitement in fixed income,” Fink said. But investors aren’t rushing into equities.

“We have a risk of a melt up, not a melt down,” he said.