Larry Fink, Chairman and CEO of BlackRock, speaks during an interview with CNBC on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., April 14, 2023.Â
Brendan McDermid | Reuters
BlackRock‘s assets hit a record high of $11.6 trillion in the fourth quarter of last year as the world’s largest money manager posted a 21% profit jump, helped by fee income buoyed by stronger equity markets.
Assets managed by the New York-based company increased to $11.55 trillion from $10.01 trillion a year earlier and $11.48 trillion in the third quarter.
Net income rose to $1.67 billion, or $10.63 per share, in the three months to Dec. 31, from $1.38 billion, or $9.15 per share, a year earlier.
Client assets were buoyed by a U.S. stock market rally after Donald Trump’s presidential election victory in November, with investors betting on lower corporate taxes and deregulation.
BlackRock’s quarterly results complete a banner year for the asset manager, which has sought to strengthen its position in rapidly growing private markets, spending about $25 billion last year on infrastructure investment fund Global Infrastructure Partners and private credit business HPS Investment Partners.
