BlackRock Inc. reported $1.12 trillion in assets under management as of Dec. 31, up 4.6% from Sept. 30 — the day after the firm completed its acquisition of Merrill Lynch Investment Management — and up 13.4% from the combined assets of BlackRock and MLIM at the end of 2005.
In a news release, Chairman and CEO Larry Fink noted that BlackRock attracted $17.1 billion in net inflows for the quarter ended Dec. 31, and $20 billion in new wins, either funded or pending, during the first weeks of 2007. For all of 2006, net inflows for the combined firm came to $60.5 billion.
For the latest quarter, revenue came to $1.019 billion, up 215% from the previous quarter and up 176% from the year-earlier quarter.
BlackRock had fixed-income assets of $455.9 billion on Dec. 31, up 1% from the prior quarter; equity and balanced assets of $392.7 billion, up 10%; cash management assets of $227.8 billion, up 3%; and alternative assets of $48.1 billion, up 10%.
Bank of America Corp. also reported $542.9 billion in assets under management for its global wealth and investment management division as of Dec. 31, up 4.9% from the prior quarter and up 12.5% from the year before. The asset growth was the result of $37.9 billion in net inflows, as well as market appreciation, according to a news release.
Revenue in the wealth and management division totaled $7.8 billion as of Dec. 31, up 6.3% from last year. Net income was $2.3 billion at year end, up 3.7% from 12 months earlier.