BlackRock's assets hit a record high of $11.6 trillion in the fourth quarter of last year as the world's largest money manager posted a 21% profit jump, helped by 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 is making key leadership changes and combining some teams internally, according to a memo to employees from CEO Larry Fink and President Rob Kapito. The changes follow several major private market-linked acquisitions at BlackRock in the past year: Global Infrastructure Partners,

The BlackRock veteran Mark Wiedman is planning his exit from the firm, shaking up the race to succeed CEO Larry Fink.

Mark Wiedman was most recently head of BlackRock’s global client business