Fourth-quarter earnings of BlackRock Inc., PNC Financial Services asset management arm, jumped 43% from the year earlier, to $24.5 million, the company said Tuesday.
The profit was 6% higher than in the third quarter. Assets under management totaled $203.8 billion, up 24% for the year and 7% from the third quarter.
Net income for the year was up 47%, to $87.4 million. Revenue rose 28%, to $128.5 million, for the year.
Paul Audet, BlackRocks chief financial officer, said last years revenue increase was driven by internal growth.