BlackRock reports lower fourth-quarter profit while assets reach $14 trillion

BlackRock's fourth-quarter net income fell 33% to $1.13 billion, and assets under management topped $14 trillion for the first time.

BlackRock reported a decline in fourth-quarter net income while its assets under management reached a record level. The firm said net income was $1.13 billion, down 33% from a year earlier. On an adjusted basis, earnings per share exceeded the analysts' average estimate. The company also cited continued growth in its alternative and private-asset businesses. Key details: - Net income for the fourth quarter was $1.13 billion, a 33% decrease from the prior year. - Adjusted earnings per share were $13.16, above the FactSet analyst average of $12.24. - Net client inflows totaled $268 billion, below the reported estimate of $311.6 billion. - Assets under management surpassed $14 trillion for the first time, and alternative assets reached $423.6 billion; CEO Larry Fink noted ongoing private markets fundraising efforts toward a $400 billion goal by 2030. Summary: BlackRock reported lower quarterly net income alongside record assets under management, driven in part by growth in alternatives and private assets. Undetermined at this time.