02:17 PM EST, 01/15/2025 (MT Newswires) -- BlackRock ( BLK ) on Wednesday reported record assets under management for 2024 and said it expects this year to offer a "dynamic" investing backdrop.

The asset manager's full-year AUM grew 15% year over year to $11.551 trillion, following a record $641.35 billion of net inflows, including $281.42 billion in the fourth quarter.

"BlackRock ( BLK ) enters 2025 with more growth and upside potential than ever," Chief Executive Laurence Fink said on an earnings conference call, according to a FactSet transcript. "We've had strong momentum across our entire franchise."

The company exceeded Wall Street's expectations for flows, fee rate, base rate, as well as total revenue, margins and per-share earnings, according to Fink.

BlackRock ( BLK ) shares were up 4.8% in Wednesday afternoon trade.

"We expect 2025 to be a dynamic investing environment. As policies and economic questions play out, the most important factor will be the growth backdrop," Fink told analysts. "Mega forces like (artificial intelligence), an ongoing evolution in the debt financing and the low-carbon transition are transforming economies with their long-term growth trajectories. Capital markets will play a key role in this transformation."

BlackRock ( BLK ) expects its recent purchase of Global Infrastructure Partners and planned acquisitions of credit investment manager HPS Investment Partners and private markets data provider Preqin to "significantly scale and enhance" its private markets investment and data capabilities, Fink said in a statement.

The Preqin and HPS deals are expected to close in the first quarter and in mid-2025, respectively, Chief Financial Officer Martin Small said on the call.

The asset manager's fourth-quarter adjusted EPS jumped to $11.93 from $9.66 a year earlier, while revenue surged 23% to $5.68 billion. Analysts polled by FactSet were looking for $11.27 and $5.57 billion, respectively. Full-year adjusted EPS increased to $43.61 from $37.77 in 2023, while revenue grew 14% to $20.41 billion, topping the Street's $43.05 and $20.32 billion views, respectively.

"The diversified nature of the stock and bond relationship is under increasingly strong pressure, making resilient portfolio construction more critical than ever," Fink said on the call. "BlackRock ( BLK ) is well-positioned to capitalize in structural growth opportunities against the backdrop of economic and capital market evolution."

Fink said that Global Client Business Head Mark Wiedman is leaving BlackRock ( BLK ) to "pursue his next chapter" after almost 20 years with the company. Wiedman will remain with the asset manager through spring, according to Fink. Wiedman had been discussed as a potential successor to Fink at BlackRock ( BLK ), the Financial Times reported Tuesday.

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