BlackRock (NYSE:BLK) beat earnings estimates in the fourth quarter and saw revenue and earnings rise by double-digit rates.
Revenue was up 13% year over year in the quarter to $4.5 billion, while net income jumped 19% to $1.5 billion, or $10.02 per share.
The asset manager had $127 billion in net inflows into its investment products in the quarter, led by its iShares exchange-traded funds (ETFs), which had $78 billion in inflows. Retail mutual funds had $35 billion in inflows. Overall, fixed income products saw $62.7 billion in net inflows while equity funds had $48.1 billion in inflows.
Investment advisory fees accounted for $3.4 billion of the $4.5 billion in quarterly revenue.
For the year, BlackRock saw assets under management climb 17% to $8.6 trillion. Revenue surged 11% year over year to $16.2 billion, while net income rose 10% to $4.9 billion. Investment advisor fees were up 7% to $12.6 billion while BlackRock had a record $1.1 billion in performance fees and 17% growth in technology services revenue. And the firm reported $391 billion in net inflows for the full year, reflecting 5% asset growth and 7% fee growth.
The company also said it is seeking board approval to increase its quarterly dividend later this month. It paid out $3.63 per share last quarter, or $14.52 per share annually.
"We begin 2021 well-positioned and intend to keep investing in our business to drive long-term growth and to lead the evolution of the asset management industry," CEO Laurence Fink said. To that end, the company announced a minority investment in Clarity AI, a sustainability analytics firm.
BlackRock's stock was up 47% in 2020 and is up 4.4% this year.