BlackRock's quarterly results complete a banner year for the asset manager, which has sought to strengthen its position in rapidly growing private markets, spending about $25 billion last year on infrastructure investment fund Global Infrastructure Partners and private credit business HPS Investment Partners.

BlackRock’s profits rose and assets under management edged up to a record $11.55 trillion in the fourth quarter. BlackRock posted net income of $1.67 billion, up 21% from the same period a year earlier.

BlackRock said in its fourth-quarter earnings report Wednesday that assets under management jumped to a record $11.55 trillion, up from $10 trillion a year ago. Analysts surveyed by FactSet had expected BlackRock to report a record $11.