BlackRock posted a 21% fourth quarter jump in profit after buoyant equity markets increased income from fees and drove its assets to a record high of $11.6 trillion, the world's largest money manager said on Wednesday.

BlackRock ( BLK) shares rose 4% Wednesday morning as the asset manager posted better-than-expected quarterly results on record assets under management (AUM).

With impressive growth in assets under management (AUM), which reached a record $11.6 trillion, BlackRock ended the quarter and fiscal 2024 on a high note.

BlackRock is making key leadership changes and combining some teams internally, according to a memo to employees from CEO Larry Fink and President Rob Kapito. The changes follow several major private market-linked acquisitions at BlackRock in the past year: Global Infrastructure Partners,

Mark Wiedman was most recently head of BlackRock’s global client business

Asset manager BlackRock's senior executive Mark Wiedman, who was touted to be a potential successor to CEO Larry Fink, is departing the firm, the Financial Times reported on Tuesday, citing four people close to the company.