The World’s largest money manager BlackRock Inc’s Q4 profit beat analyst estimates.
BlackRock fee income rose with assets under management scaling a new peak of $10 trillion.
BlackRock was propped by the global financial markets’ strong finish to last year that boosted the performance of asset managers in general.
Assets under management stood at $10.01 trillion at the end of the quarter, up from $8.68 trillion a year earlier.
Net inflows for the quarter were at $212 billion, of which long-term net flows accounted for $169 billion, up from $116 billion a year earlier.
BlackRock’s revenue from investment advisory, securities lending and administration fees, its biggest segment, rose to $3.9 billion in the fourth quarter, helped by global dealmaking volumes rising to a record high in 2021, crossing $5 trillion for the first time.
Adjusted profit rose 2.5% to $1.61 billion, or $10.42 per share, in the quarter ended Dec. 31, from $1.57 billion, or $10.18 per share, a year earlier.
Analysts on average were expecting the company to report a profit of $10.16 per share, according to IBES data from Refinitiv.
Revenue rose nearly 14% to $5.1 billion.
