BlackRock-Assets under management reach $10 trillion | Photo credits: Blackrock
Jan 14 (Reuters) – BlackRock reported better-than-expected fourth-quarter profit on Friday, buoyed by higher fee income as assets under management hit an all-time high of $10 trillion.
At the end of December, the assets under management of the American group amounted to 10,010 billion dollars (8,730 billion euros), against 8,680 billion in the same period last year.
During the fourth quarter, the world’s number one asset management company saw its adjusted profit increase by 2.5% to 1.61 billion dollars, or 10.42 dollars per share, against 1.57 billion (10, $18 per share) a year earlier.
Analysts on average had expected quarterly earnings of $10.16 per share, according to IBES data from Refinitiv.
BlackRock’s revenue, meanwhile, rose 14% to $5.1 billion. (Reportage Sohini Podder, Saqib Iqbal Ahmed and Lewis Krauskopf, French version Juliette Portala, edited by Blandine Hénault)