On Friday, BlackRock's fourth-quarter profit was above analyst expectations, as the world's largest money manager's fee income increased as assets under management surpassed $10 trillion for the first time.

The success of asset managers, in general, was boosted by a good finish to the year by global financial markets, with BlackRock benefiting from its massive scale and wide reach.

At the conclusion of the quarter, assets under management totaled $10.01 trillion, up from $8.68 trillion a year earlier.

"It's a significant milestone, and it demonstrates their supremacy in the industry's fastest-growing areas," said Kyle Sanders, an Edward Jones analyst. "They continue to amass assets at an incredible rate."

Long-term net flows accounted for $169 billion of the $212 billion in net inflows for the quarter, up from $116 billion a year ago.

In a statement, Chief Executive Officer Larry Fink said, "Our company is more diversified than ever before — active strategies, including alternatives, provided over 60% of 2021 organic base fee increase."BlackRock (BLK) earnings Q1 2021

The largest sector of BlackRock's revenue, investment advice, securities lending, and administration fees, increased to $3.9 billion in the fourth quarter, aided by global dealmaking volumes reaching a new high in 2021, surpassing $5 trillion for the first time.

In the quarter ended Dec. 31, adjusted profit increased 2.5% to $1.61 billion, or $10.42 per share, up from $1.57 billion, or $10

.18 per share, a year earlier.

According to Refinitiv's IBES data, analysts expected the company to make a profit of $10.16 per share on average.

Revenue increased by approximately 14% to $5.1 billion.

"Looking ahead, they're getting back into investment mode," Edward Jones' Sanders said. "They're going to spend a lot, which will make it difficult for them to expand their profit margin and EPS meaningfully in 2022."

In premarket trade, BlackRock shares were slightly moved. Last year, the stock gained about 27%, compared to a 32% increase for the S&P 1500 asset management and custody banks index.