BlackRock attracted a record $641bn (£523.44bn) of net inflows in 2024, including a quarterly high of $281bn in the last three months of the year.

This boosted the investment manager’s assets under management (AUM) to an all-time high of $11.6tn by the end of 2024.

The Wall Street behemoth posted a 14 per cent increase in full-year revenue to more than $20.4bn, capped off with fourth-quarter revenues of $5.7bn.

BlackRock has benefitted from rising equity markets, that buoyed its AUM and increased its earnings from client fees.

The US stock market rallied in November after Donald Trump’s presidential election victory prompted investors to bet on deregulation and corporate tax cuts.

BlackRock’s full-year operating income increased by 21 per cent, and the firm reported a 15 per cent increase in full-year diluted earnings per share (EPS). $4.7bn was returned to shareholders in 2024, including $1.6bn of share repurchases.

Read more: BlackRock predicts more performance dispersion in private debt

Laurence D. Fink, chairman and chief executive of BlackRock, said that 2024 was a “milestone” year for BlackRock, which saw the company making a number of strategic acquisitions including GIP, alternative fund research firm Preqin, and independent private credit manager HPS Investment Partners. The latter deal closed in December for $12bn. BlackRock intends to create an integrated private credit franchise with approximately $220bn in pro-forma client assets, as a result of the acquisition.

“2024 was also a milestone year for strategic acquisitions grounded in client service, technology and scale,” said Fink.

“Our closing of GIP and planned acquisitions of HPS and Preqin are expected to significantly scale and enhance our private markets investment and data capabilities.

“For many companies, periods of M&A contribute to a pause in client engagement. At BlackRock, clients are instead embracing and rewarding our strategy.”

Read more: BlackRock launches evergreen private markets platform

“Our record organic growth and financial results do not yet reflect the full integration or pending acquisitions of the high-growth businesses of GIP, HPS and Preqin,” added Fink.

Read more: BlackRock direct lending boss sees “hype” around ABF market