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

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

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.

Key Takeaways BlackRock's assets under management surged 15% year-over-year to $11.55 trillion.The asset manager beat estimates for earnings and revenue in the period.CEO Larry Fink noted that this was the second straight quarter of record inflows for BlackRock.