Asset management behemoth BlackRock reported a fourth quarter earnings that beat analysts’ expectation, thanks to higher fees (its biggest source of revenue) on greater activity in financial markets.
The company’s adjusted net income came in at $10.18 per share in the quarter ended Dec. 31, exceeding the Street estimates of $9.14 ( according to Refinitiv IBES data)
BlackRock's assets under management grew to $8.68 trillion as of the quarter’s end, from $7.43 trillion a year earlier.
Investors poured money into BlackRock’s exchange-traded funds, as well as active funds, amid increased market volatility due to the U.S. presidential elections and the release of some Covid-19 vaccines. As a result, BlackRock earned higher investment and advisory fees, through the quarter.