BlackRock Inc.'s fourth-quarter profit beat analyst estimates on Friday, as the world's largest money manager's fee income rose with assets under management scaling a new peak of over $10 trillion.

Assets under management stood at $10.01 trillion at the end of the quarter, up from $8.68 trillion a year earlier.

A strong finish to the year by global financial markets helped boost the performance of asset managers in general, with BlackRock also benefiting from its large scale and wide reach.

Adjusted profit rose 2.5% to $1.61 billion, or $10.42 per share, in the quarter ended Dec. 31, from $1.57 billion, or $10.18 per share, a year earlier.

Analysts on average were expecting the company to report a profit of $10.16 per share, according to IBES data from Refinitiv.

Revenue rose nearly 14% to $5.1 billion.