American fund manager BlackRock has reported a net income of $2.30bn for the fourth quarter of 2017, compared to $851m in the corresponding quarter of 2016.
The company’s revenue for the quarter ended 31 December 2017 was $3.47bn, a surge of 20% over $2.89bn reported in the year ago period.
The fund manager’s quarterly operating income was $1.49bn, an increase of 22% compared $1.22bn in the fourth quarter of 2016.
The group’s assets under management (AuM) at the end of December 2017 totalled $6.28 trillion as against $5.97 trillion a year ago.
Commenting on the performance, BlackRock chairman and CEO Laurence Fink said: “BlackRock’s record 2017 results reflect the long-term investments we’ve consistently made in our business to better serve clients. $367 billion of total net inflows for the year were the strongest flows in BlackRock’s history, and included $103 billion in the fourth quarter.
“Full year net inflows represented 7% organic asset growth and were positive across client types, asset classes, major regions and investment styles.”