BlackRock Inc., the world's largest money manager, said on Thursday that its fourth-quarter profit rose 24 percent, citing growth in markets, long-term net inflows and strong performance fees.
The New York-based company reported net income of $841 million, or $4.86 per share, up from $690 million, or $3.93 per share, a year earlier.
Excluding certain items such as long-term compensation expenses, earnings were $4.92 a share, above the analysts' average forecast, according to Thomson Reuters I/B/E/S.
Of the $40.5 billion that investors poured into long-term funds during the quarter, nearly half — $19.1 billion — went into the company's iShares exchange-traded funds business.
BlackRock ended the quarter with assets under management of $4.3 trillion, including new money and market gains.
The company also said its board had approved a 15 percent increase in its quarterly cash dividend to $1.93 per common share, payable in March.
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