BlackRock has reached a record $14tn of assets under management after a surge in inflows into exchange-traded funds and continued expansion into private markets.

The asset manager attracted $342bn of total client cash in the fourth quarter, bringing full-year inflows, including money-market and cash products, to $698bn. Net inflows into long-term investment funds reached $268bn, comfortably ahead of analyst expectations, with $181bn flowing into ETFs alone.

BlackRock said the results reflected growing client demand across both public and private markets, as well as the integration of recent acquisitions aimed at scaling its private credit and infrastructure capabilities.

Adjusted earnings per share rose 10% year on year to $13.16, beating consensus estimates, while quarterly revenue increased 23% to $7bn. Operating expenses also rose as the firm continued investing in private markets growth.

Chief executive Larry Fink said BlackRock’s pipeline now spans public and private markets mandates, technology, and data. Over the past year, the firm spent about $28bn acquiring Global Infrastructure Partners, HPS Investment Partners, and Preqin, accelerating its transformation into a diversified private markets platform.

The firm took in $15.6bn of liquid alternatives and private assets during the quarter, highlighting the growing role of private equity, private credit, and infrastructure within diversified portfolios.

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