BlackRock reported a record high of $11.55 trillion in assets under management at the end of the fourth quarter, up 15% from $10 trillion in the period a year ago and an increase from $11.48 trillion in the third quarter, according to a Jan. 15 earnings release.
Laurence D. Fink, chairman and CEO, partly attributed growth to client activity accelerating “into the fourth quarter, resulting in 7% organic base fee growth and 12% technology services ACV growth,” according to the news release. The firm also pointed to the positive impact of markets on assets under management.
BlackRock reported $641 billion of full year net inflows in 2024, including $281 billion during the fourth quarter, according to the release.
In the fourth quarter, long-term net inflows totaled $201 billion. By client type, ETFs saw total net inflows of $143 billion, institutional attracted $53 billion and retail had $5 billion in net inflows during the final quarter of 2024. Cash management strategies attracted $81 billion in net inflows during the fourth quarter.
By investment style, ETFs accounted for 37% of assets under management followed by index products at 30%, active products at 25% and cash at 8% at the end of the fourth quarter.
In 2024, BlackRock was on an acquisition spree to build up its capabilities in private markets. The firm finalized its acquisition of Global Infrastructure Partners and announced it would acquire private credit firm HPS Investment Partners and private markets data provider Preqin.
Fink noted in the earnings release that 2024 was “a milestone year for strategic acquisitions grounded in client service, technology and scale. Our closing of GIP and planned acquisitions of HPS and Preqin are expected to significantly scale and enhance our private markets investment and data capabilities.”