BlackRock Now Manages $10 Trillion in Assets

BlackRock posted an 8% jump in its fourth-quarter profit on Friday, helped by a rebound in markets that boosted the company’s assets under management.

BlackRock Inc. (BLK) on Friday reported fourth-quarter earnings of $1.38 billion.

Hopes of a soft landing – a scenario where inflation eases without a sharp rise in unemployment – have cheered markets in recent months.

The New York-based company , the world’s largest asset manager said that on an adjusted basis it earned $1.45 billion, or $9.66 per share, for the three months ended Dec. 31, compared with $1.36 billion, or $8.93 per share, a year earlier.  Earnings were adjusted for restructuring costs and amortization costs.

BlackRock’s assets under management climbed to $10 trillion in the fourth quarter, beating analyst expectations and roughly tying a record set in the fourth quarter of 2021.

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The world’s largest asset manager got a boost from rising U.S. markets and $96 billion of new client inflows to its investment products during the quarter.

The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $8.84 per share.

The investment firm posted revenue of $4.63 billion in the period, which met Street forecasts.

For the year, the company reported profit of $5.5 billion, or $36.51 per share. Revenue was reported as $17.86 billion.

BlackRock shares have fallen slightly more than 2% since the beginning of the year, while the S&P’s 500 index has stayed nearly flat. The stock has climbed almost 5% in the last 12 months.