BlackRock's 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% profit jump, with fee income buoyed by stronger equity markets.

With impressive growth in assets under management (AUM), which reached a record $11.6 trillion, BlackRock ended the quarter and fiscal 2024 on a high note.

BlackRock said in its fourth-quarter earnings report Wednesday that assets under management jumped to a record $11.55 trillion, up from $10 trillion a year ago. Analysts surveyed by FactSet had expected BlackRock to report a record $11.

BlackRock's assets reached a record in the fourth quarter of over $11 trillion, driven by a more than 20% profit increase. The world's largest money manager saw assets rise from nearly $10 trillion a year ago.