The world's largest investment firm, Blackrock, posted a 21% jump in profit in the fourth quarter of 2024 as a buoyant equity market boosted fee income and pushed its assets to a record high of $11 trillion.
Assets managed by the New York-based firm rose to $11.55 trillion from $10.01 trillion a year earlier and $11.48 trillion in the third quarter.
The growth was partly driven by a rally in the U.S. stock market after Donald Trump's presidential election victory in November, which prompted investors to bet on corporate taxes.
Blackrock's quarterly results rounded out its annual totals and further strengthened its position in the private markets.
It spent about $25 billion last year on infrastructure investment fund Global Infrastructure Partners and private credit business HPS Investment Partners.
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.
BlackRock recorded $201 billion in long-term net inflows in the fourth quarter. Total net inflows reached $281.4 billion, up from $95.6 billion a year ago.
