BlackRock attracted a record amount of new money in each of the final two quarters of 2024, capping a year in which it brought in $641bn in net inflows.
The world’s largest asset manager reported assets under management of $11.55tn at the end of December, falling short of analyst expectations of $11.66tn.
But the inflows helped push revenues up 23 per cent to $5.68bn during the final three months of the year, surpassing analysts’ expectations, with full year revenues up 14 per cent.
BlackRock benefited from rising markets, which helped lift the value of its assets under management. It also managed to increase its base fees, however, and its $12.5bn purchase of Global Infrastructure Partners brought further assets to the group.
Net income for the quarter increased 21 per cent to $1.67bn.
BlackRock shares were up 3.7 per cent in pre-market trading in New York.
