BlackRock Gets Record Client Cash, Revamps Leadership Team

BlackRock Inc. attracted an annual record of $641 billion in client cash, underlining the firm’s global reach across public and, increasingly, private assets as it integrates multibillion-dollar acquisitions and reshapes its leadership.

The tally included $390 billion flowing into its ETF business overall last year, $226 billion into equity funds and $164 billion into fixed-income, BlackRock said in a statement Wednesday announcing the full-year and quarterly earnings of the world’s largest asset manager.

Shares of BlackRock rose 3.4% to $996 at 10:43 a.m. in New York.

The yearly sum exceeds the entire assets of some smaller money managers, built over decades, and demonstrates BlackRock’s ability to continue to attract clients during volatile markets and intense industry competition and change.

BlackRock’s total assets stood at almost $11.6 trillion on Dec. 31 and are set to grow this year following a year of dramatic deal-making by Chief Executive Officer Larry Fink, who committed almost $30 billion in three transactions to transform the firm into a major player in alternative and private assets and data.

“This is just the beginning,” Fink said in the statement. “BlackRock enters 2025 with more growth and upside potential than ever.”