BlackRock hits record $6 trillion in assets

BlackRock Inc charged past a record $6 trillion in assets, its profit beating Wall Street forecasts, as investors flooded into the relatively low-cost funds of the world's largest asset manager. A new US tax law, which sliced corporate and individual income rates, also helped the company's results in the fourth quarter ended December 31. BlackRock said it saw a $1.2 billion tax benefit related to the law and raised its quarterly cash dividend by 15 percent.
"We've been winning more share of wallet," Chief Executive Larry Fink told Reuters. "Fees are really important and are becoming more important." Fink said the tax reform was putting more money in his clients' pockets, which they would need to invest, and that the increased cash could allow him to invest more in the company's future. He declined to identify such investments but said they were discussed at the company's board meeting. The New York-based company's shares were up 2.3 percent in trading on Friday morning. Shares have gained 47 percent over the last year, including dividends.