NEW YORK (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 (NYSE:BLK)’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.
