Key Takeaways BlackRock's assets under management surged 15% year-over-year to $11.55 trillion.The asset manager beat estimates for earnings and revenue in the period.CEO Larry Fink noted that this was the second straight quarter of record inflows for BlackRock.

BlackRock's assets hit a record high $11.6 trillion in the fourth quarter of last year as the world's largest money manager posted a 21% profit jump, with fee income buoyed by stronger equity markets.

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.

With impressive growth in assets under management (AUM), which reached a record $11.6 trillion, BlackRock ended the quarter and fiscal 2024 on a high note.

BlackRock's stock climbed 4.4% in premarket trading after the asset manager's Q4 earnings beat estimates with record inflows and revenue growth.

OpenAI has appointed BlackRock Inc. executive Adebayo Ogunlesi to its board of directors, drawing on his experience investing in infrastructure as the startup pushes for more data

As OpenAI pushes toward a for-profit structure, the company is adding Adebayo Ogunlesi, founding partner of Global Infrastructure Partners, to its board.

OpenAI includes Blackrock Inc. executive Adebayo Ogunlesi on its board of directors. The AI startup is hoping to use his expertise to advance the development of its AI infrastructure.