BlackRock Inc.'s fourth-quarter earnings increased 90% from a year earlier, to $322.4 billion, or $2.43 a share, beating analysts' estimates.
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The New York investment manager, in which Merrill Lynch & Co. Inc. owns a 49.8% stake and PNC Financial Services Group Inc. owns 34%, said Thursday that hedge fund fees quadrupled, and that acquisitions bolstered assets.
The average estimate of analysts called for earnings of $2.18 a share, according to Thomson Financial.
BlackRock's performance fees nearly quadrupled, to $153 million, driven by non-U.S. accounts and fixed-income hedge funds. The company's mutual funds had $30.7 billion of inflows during the quarter, including $22.2 billion into its money market funds.
