BlackRock’s (BLK.N) assets hit a record high $11.6 trillion in the fourth quarter of last year as the world’s largest money manager posted a 21 per cent profit jump, with fee income buoyed by stronger equity markets.

Assets managed by the New York-based company increased to $11.55 trillion from $10.01 trillion a year earlier and $11.48 trillion in the third quarter.

Net income rose to $1.67 billion, or $10.63 per share, in the three months to Dec. 31 from $1.38 billion, or $9.15 per share, a year earlier.

Client assets were buoyed by a US stock market rally after Donald Trump’s presidential election victory in November, with investors betting on lower corporate taxes and deregulation.

BlackRock’s quarterly results complete a banner year for the asset manager, which has sought to strengthen its position in rapidly growing private markets, spending about $25 billion last year on infrastructure investment fund Global Infrastructure Partners and private credit business HPS Investment Partners.

“For many companies, periods of M&A contribute to a pause in client engagement. At BlackRock, clients are instead embracing and rewarding our strategy,” CEO Larry Fink said in a statement.

BlackRock registered $201 billion in long-term net inflows in the fourth quarter. Total net inflows hit $281.4 billion, up from $95.6 billion a year ago.

A majority of the long-term inflows were captured by exchange-traded funds (ETFs), at $142.6 billion. C

Assets under management mainly depend on two factors – the performance of investments, and money flowing in and out of the funds.

The benchmark S&P 500 index (.SPX) gained 2.1 per cent in the fourth quarter and finished the banner year up 23.3 per cent, marking its second straight year of gains exceeding 20 per cent.

Elsewhere, the MSCI’s gauge of stocks across the globe (.MIWD00000PUS) fell 1.2 per cent in the fourth quarter but finished up 15.7 per cent in 2024, marking its second straight yearly gain.