(Reuters) -BlackRock posted an 8% jump in its fourth-quarter profit on Friday, helped by a rebound in markets that boosted the company’s assets under management.
Hopes of a soft landing – a scenario where inflation eases without a sharp rise in unemployment – have cheered markets in recent months.
A dovish tilt from the U.S. Federal Reserve, which has left interest rates unchanged since July, also boosted sentiment, helping BlackRock end the fourth quarter with $10.01 trillion in assets under management (AUM), up from $8.59 trillion a year earlier.
On an adjusted basis, the world’s largest asset manager earned $1.45 billion, or $9.66 per share, for the three months ended Dec. 31, compared with $1.36 billion, or $8.93 per share, a year earlier.
Analysts on average had expected a profit of $8.84 per share, according to LSEG data.
(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Krishna Chandra Eluri)
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