BlackRock Inc.’s quarterly profit rose 19% as investors turned to the money-management giant’s funds through November’s election uncertainty, vaccine breakthroughs and a year-end rally.
The investment company posted fourth-quarter profit of $1.5 billion, or $10.02 a share, up from $1.3 billion, or $8.29 a share, a year earlier. BlackRock’s revenue rose 13% to about $4.5 billion from roughly $4 billion in the year earlier period.
The firm beat Wall Street analysts’ profit and revenue estimates.
The world’s largest money manager scaled a new milestone in assets under management, breaching the $8 trillion mark to $8.68 trillion in assets.
The company brought in $126.9 billion in new investor money, down from $128.8 billion in the year-earlier quarter. Many rival companies are expected to lose money in the uncertain economy, struggling to stand out in a competitive industry with smaller scale and less brand recognition.