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.

Asset manager BlackRock's senior executive Mark Wiedman, who was touted to be a potential successor to CEO Larry Fink, is departing the firm, said two sources familiar with the matter.

BlackRock Inc. is elevating several senior executives to expand its business in the Americas and with key institutional clients, following the announced departure of Mark Wiedman, once seen as a potential successor to Chief Executive Officer Larry Fink.