Larry Fink, Chairman and CEO of BlackRock, speaks during an interview with CNBC at the New York Stock Exchange (NYSE) in New York, United States, April 14, 2023.
Brendan McDermid | Reuters
black rockAssets hit a record $11.6 trillion in the fourth quarter of last year as the world’s largest fund manager posted a 21% rise in profit, helped by fee income supported by stronger stock markets.
Assets managed by the New York-based company increased to $11.55 trillion, up 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 ended Dec. 31, from $1.38 billion, or $9.15 per share, a year earlier. early.
Client assets were supported by the U.S. stock market’s rebound following Donald Trump’s presidential election victory in November, with investors betting on lower corporate taxes and deregulation.
BlackRock’s quarterly results cap a record year for the asset manager, which has sought to strengthen its position in fast-growing private markets, spending about $25 billion last year on the infrastructure investment fund Global Infrastructure Partners and in the private credit company HPS Investment Partners.
