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 The New York-based company ended the fourth quarter with $4.65
trillion in assets under management, up 8 percent from a year
earlier.
The firm had $87.8 billion in net inflows for the quarter. Long-term
net inflows for the year came to $181.3 billion for an organic
growth rate of 4.5 percent, up from 3.5 percent in 2013.
The 2014 net inflows represent a 55 percent jump from the prior year
and a record for BlackRock.
"While the magnitude of the flows was quite large, it is the
composition of the flows that was really interesting," BlackRock
Chief Executive Officer Larry Fink told Reuters. "There was more
than $1 billion of flows from 13 different countries, and we now
manage over $1 billion in 41 different countries across the world."
Net income for the quarter fell to $813 million, or $4.77 per share,
from $841 million, or $4.86 per share, a year earlier.
Excluding a compensation program associated with shareholder PNC
Financial Services Group Inc, earnings were $4.82 a share, beating
the analysts' average estimate of $4.68, according to Thomson
Reuters I/B/E/S.
BlackRock's fourth-quarter flows went largely into its fixed income
funds, making up 55 percent of long-term flows for the period.
Investors poured $48.4 billion into BlackRock's fixed income funds
in the quarter and $67.8 billion into them all of 2014.
Half of the quarter's long-term inflows for the quarter went into
BlackRock's iShares exchange-traded fund business, which ended the
quarter with $1 trillion, a record for the company.
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BlackRock's active retail business posted inflows of $23 billion and
$55 billion for the year, ending with $534.3 billion. The
institutional business posted inflows of $20.7 billion for the
quarter and $25 billion for the year, ending with $2.8 trillion.
BlackRock's equity funds posted $28.7 billion in inflows for the
quarter, while its multi-asset funds had $9.7 billion in inflows,
and its alternatives funds posted $1 billion in inflows.
BlackRock's equity investment strategies posted $18.6 billion in
outflows as the funds have underperformed.
"We never said this was going to be a one- or two-year process,"
Fink said of the firm's efforts to turnaround its active equity. "I
expect more from our team in the future."
(Reporting by Jessica Toonkel; Editing by Lisa Von Ahn)
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