Shares in BlackRock Inc (NYSE:BLK) climbed 5% in early trading on Wednesday after the giant asset manager reported results that benefitted from its second record quarter of inflows in a row.
The world's largest money manager scooped a record $641 billion of net inflows over the whole of 2024, including $281 billion in the fourth quarter.
Assets under management ended the year at $11.6 trillion.
Chairman and CEO Larry Fink said it was "a milestone year for strategic acquisitions grounded in client service, technology and scale", pointing to the completion of the purchase of Global Infrastructure Partners and the agreed deals for credit investment manager HPS and private market data provider Preqin, as well as surpassing $20 billion of annual revenue for the first time.
Fink said the period of M&A did not contribute to a pause in client engagement but saw client activity accelerate into the fourth quarter, resulting in 7% organic growth in fees and 12% in technology services contract values.
The higher AUM saw revenue grow 23% in the fourth quarter and adjusted operating income 36% to $2.3 billion, with earnings per share rising 23% to $10.63 per share.
Fink said the integration of the acquisitions will add to the record growth seen in the year, and said the group has made "organic investments ahead of structural trends that we expect to drive outsized growth in the years ahead".
"In the 25 years since our IPO, BlackRock has delivered a 21% compounded annual total return for our shareholders, compared to 8% in the S&P 500.
"BlackRock enters 2025 with more growth and upside potential than ever. This is just the beginning."