BlackRock Inc. posted a drop in fourth-quarter profit on Friday, as a global market rout pressured fee income and assets under management fell in an uncertain economic environment.

On an adjusted basis, the world's largest asset manager earned $1.36 billion, or $8.93 per share, in the three months ended Dec. 31, compared with $1.65 billion, or $10.68 per share, a year earlier.

Analysts on average had expected a profit of $8.11 per share, according to IBES data from Refinitiv.