BlackRock ( BLK) shares rose 4% Wednesday morning as the asset manager posted better-than-expected quarterly results on record assets under management (AUM).

BlackRock posted a 21% fourth quarter jump in profit after buoyant equity markets increased income from fees and drove its assets to a record high of $11.6 trillion, the world's largest money manager said on Wednesday.

BlackRock said in its fourth-quarter earnings report Wednesday that assets under management jumped to a record $11.55 trillion, up from $10 trillion a year ago. Analysts surveyed by FactSet had expected BlackRock to report a record $11.

Rising stock prices tend to bode well for BlackRock, the world’s largest money manager, as inflows boost the hundreds of funds it offers. The past quarter was likely no exception. Analysts tracked by FactSet expect the New York-based firm to report a record $11.

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.

BlackRock's assets reached a record in the fourth quarter of over $11 trillion, driven by a more than 20% profit increase. The world's largest money manager saw assets rise from nearly $10 trillion a year ago.

BlackRock’s shares rose 3.3% in premarket trade on Wednesday after the company’s assets hit a record $11.6 trillion at the end of the fourth quarter. The world’s largest asset manager said it garnered a record net inflow of $641 billion in 2024,