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    BlackRock’s profit exceeds expectations as assets hit record highs

    (Reuters) – BlackRock Inc, the world’s largest wealth manager, posted a better-than-expected quarterly profit on Thursday, as increased activity in financial markets resulted in higher fees and pushed its assets under management to levels record.

    The company’s adjusted net income of $ 10.18 per share in the fourth quarter ending December 31 exceeded Wall Street’s estimates of $ 9.14, according to Refinitiv’s IBES data.

    Assets under management grew to $ 8.68 trillion at the end of the quarter, from $ 7.43 trillion a year earlier.

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    Increased volatility in the quarter from the US presidential election and the release of several COVID-19 vaccines – saw investors build up in BlackRock’s exchange-traded funds, as well as active funds aiming to beat the market.

    The asset manager earned higher investment and advisory fees, his main source of revenue, during the quarter.

    BlackRock’s stock traded at record highs as investors bet on the company taking advantage of it from improve market conditions.

    A mix of accommodative monetary policy and optimism about more stimulus measures have seen global equities climb to record highs since late 2020, with investors betting on a steady economic recovery in 2021.

    The company’s total net inflows during the quarter were $ 126.93 billion, slightly down from last year’s $ 128.84 billion.

    Reportage by Ambar Warrick in Bengaluru, edited by Maju Samuel

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